Why does my proxy bid not match the minimum bid?
While bidding on LabX Auctions, minimum bid increments are required to ensure the auction is closed in a reasonable amount of time. The minimum bid increment during regular auction time is 2%. Should the auction be extended into overtime, the minimum bid increment is increased to 5%.
When proxy bids reach their final bid amount, they will be entered regardless of the minimum bid increment amount. New proxy bids entered must meet the minimum bid requirement currently stated in the auction.
In the event of a tie, the first bid entered is always considered the high bid. If a newly placed bid matches a previously placed proxy bid, the first entered bid will be honoured as the primary bid and the newly placed bid will be reduced by one dollar placing it in the second position.