Looking at buying a car on eBay...
How do the reserve limits relate to bids?
In this case, I happen to know what the seller's reserve is. Other people are bidding on the car, but one bidder stays ahead because of the proxy bidding. I don't know what his maximum bid is, but since the bid increment is $100, he is staying $100 ahead of others that are bidding, but the reserve still has not been met.
The question is if his maximum bid was higher than the reserve price, would the auction automatically go up to that amount or would it take two bidders in competition to achieve that price?
One would think that if his maximum bid was higher than the reserve, the proxy bidding would increase the auction amount to at least the reserve price, but you never know.