Mr. Pennyworth allows you to participate by setting up the system to auto bid for you while you are away. The first phase release of Mr. Pennyworth will have two variable settings that you must establish if he is to be used.
First - Starting Price = is the price the auction reaches when you want Mr. Pennyworth to take over and begin bidding for you.
Second - Max Number of Bids = is the maximum number of bids that you are willing to spend on the auction.
Mr. Pennyworth will be come one of our most popular tools and will play a very important role in establishing your bidding strategy.
Q. What is Mr. Pennyworth Autobid?
A. This symbol icon is your indication that Mr. Pennyworth can be used in this auction. allowing you to configure your auto bid features.
Q. How Mr. Pennyworth Works?
“Bid From $” is the amount the auction must reach before you want Mr. Pennyworth to begin bidding on your behalf. This amount that you set should be at least equal to or greater than the current price because it doesn’t make sense to go back in pricing to waste your bids for no reason.
CAUTION: Having Mr. Pennyworth enter too soon will waste your bids and entering too late may
cause you to miss out on winning the auction. Find the right strategy that works for you.
“#Bids”. This is where you enter the number of bids you are willing to spend to win the auction.
Q. When will Mr. Pennyworth submit a bid?
A. Mr. Pennyworth will only submit a bid within the last 5 seconds of the auction timer.
Q. Why will Mr. Pennyworth only submit a bid within the last 5 seconds remaining on the clock?
A. Mr. Pennyworth mimics the mentality of a typical bidder. Most bidders will hold their bids until the last 5 seconds or so. Therefore, to reflect this strategy, Mr. Pennyworth functions in a way to reflect a real human bidder; and will not waste any of your bids.