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

SAP Term: proxy bid

• Component: SRM-LA

• Component Name: Live Auction

• Description: The bid submitted by the proxy on behalf of the bidder; technically, all bids in a proxy bidding auction are proxy bids.

Smart SAP Assistant

• Key Concepts: 
  Proxy bidding is a feature of SAP SRM-LA Live Auction that allows buyers to set a maximum bid amount for an item. The system will then automatically bid on the buyer’s behalf up to the maximum amount, as long as the current bid is lower than the maximum amount. This allows buyers to bid without having to constantly monitor the auction and manually adjust their bids. 
  
  How to use it: 
  To use proxy bidding, buyers must first set a maximum bid amount for an item. This can be done before or during the auction. Once the maximum bid is set, the system will automatically bid on the buyer’s behalf up to the maximum amount, as long as the current bid is lower than the maximum amount. 
  
  Tips & Tricks: 
  It is important to remember that proxy bidding does not guarantee that a buyer will win an auction. It simply allows buyers to set a maximum bid and have the system automatically adjust their bids up to that amount. It is also important to remember that once a buyer has set a maximum bid, they cannot change it until after the auction has ended. 
  
  Related Information: 
  For more information about proxy bidding in SAP SRM-LA Live Auction, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SRM_LA_LIVE_AUCTION/7.0/en-US