What is minimum bid in SAP SRM-LA - Live Auction?

SAP Term: minimum bid

• Component: SRM-LA

• Component Name: Live Auction

• Description: The bid amount entered by a bidder in the cockpit interface when proxy bidding is enabled. This bid value is used by a proxy to submit bids on behalf of the bidder--once the minimum bid is reached, that proxy ends and no more bids are automatically submitted on behalf of the bidder. The bidder may enter a new minimum bid at any time must be lower than the existing minimum bid for that bidder, which will create a new proxy and end the current proxy, if one exists.

Smart SAP Assistant

• Key Concepts: 
  Minimum bid is a feature of SAP SRM-LA Live Auction that allows buyers to set a minimum bid amount for an auction item. This ensures that the item will not be sold for less than the minimum bid amount. The minimum bid amount is set by the buyer and can be changed at any time before the auction closes.
  
  How to use it: 
  To set a minimum bid for an auction item, buyers must first log into their SAP SRM-LA Live Auction account. Once logged in, they can select the item they wish to bid on and enter the minimum bid amount they are willing to pay for it. The minimum bid amount must be greater than or equal to the current highest bid. Once the minimum bid is set, it cannot be changed until the auction closes.
  
  Tips & Tricks: 
  When setting a minimum bid, buyers should consider their budget and how much they are willing to pay for the item. It is also important to remember that setting a high minimum bid may discourage other bidders from participating in the auction. 
  
  Related Information: 
  For more information about SAP SRM-LA Live Auction, please visit https://help.sap.com/viewer/product/SRM_LA/7.0/en-US