Teletrade's Maximum Bidding System lets you enter the highest amount you
are willing to bid for a particular lot. The computer records this amount.
Then, during the auction, it bids for you, up to your max bid amount. Our
computer analyzes your bid one increment at a time and bids for you only
when necessary. So, you may win the lot at a price lower than your maximum.
Max bids can be placed at virtually any time, 24 hours a day, from the
moment the catalog is available (via postal mail or WWW). This helps
you avoid the "heavy traffic" that often develops late in an auction.
At periodic intervals in an auction our computer determines if there is a maximum
bid higher than the current bid. If there is, it will raise the bid on
behalf of the maximum bidder to one bid increment above the current bid.
Therefore, you may not always see the flashing "Your Bid" indicator throughout
the auction, even if your max bid is the highest bid. Eventually, however,
the highest bid will take the lot.
Maximum bidding is a strategy as well as a convenience. There can be only
one max bid at any given price. So you can "own" a specific bid level for
the entire auction. Also, Teletrade's max bid program runs one final time
after active bidding stops at 10 PM, so any maximum bid that has not been
reached at that point will have the final bid.
