Proxy Bidding Process Sample Clauses

Proxy Bidding Process. OL’s proxy bidding process allows a bidding Dealer to enter a maximum price that such Dealer is willing to pay for a particular Vehicle under the box labeled “Your Maximum Bid Amount” (the “Maximum Bid Amount”). In the event such bid is greater than the current bid, then the Maximum Bid Amount is not visible to the Seller or other bidding Dealers. OL’s auction system will automatically increase such bidding Dealer’s bid up to such Maximum Bid Amount as follows: i. OL’s system will only increase the bidding Dealer’s bid by the particular dollar increment that applies to that particular Vehicle or group of Vehicles. However, in the event there are no other competitive bids above the Reserve amount a t t h e c o n c l u s i o n o f t h e a u c t i o n f o r t h a t V e h i c l e , and the Maximum Bid Amount is at the Reserve Amount or higher, then the Vehicle will be sold at the Reserve Amount to the Customer that placed said Maximum Bid Amount. OL will never increase the bidding Dealer’s bid above such Dealer’s Maximum Bid Amount. ii. If more than one bidding Dealer designates the same Maximum Bid Amount for a Vehicle, then the bids will be given priority in the order of the time that the Dealers designated their Maximum Bid Amount, with the earliest designated bid deemed the highest. iii. A Seller may pre‐configure the auction cycle of a Vehicle prior to release of the Vehicle to have the auction cycle automatically extend beyond the original close time in order to prevent bidding Dealers from “sniping” (i.e., placing a bid immediately before the auction close in order to prevent a competing bid from being placed). iv. In the event of an error in the Reserve, Vehicle must be withdrawn from the sale and relisted in a new sale.