What are some common terms used in bidding?
An example of an AI chatbot conversation about bidding terminology.
What are some common terms used in bidding?
In bidding, some common terms include "reserve price," "bid increment," and "proxy bidding." Would you like to know more about any specific term?
What is a reserve price?
A reserve price is the minimum price that a seller is willing to accept for an item. If bidding does not reach this price, the item may not be sold.
Can you explain bid increment?
Bid increment is the minimum amount by which a bid must increase in order to be considered valid. It ensures that bids are raised by a certain amount.
What is proxy bidding?
Proxy bidding allows a bidder to set a maximum bid amount, and the system automatically increases their bid incrementally up to that limit.
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