Proxy bidding lets you set the most you are willing to pay, then bids for you so you do not have to sit and watch the auction. You enter your maximum once, and ReefnBid raises your bid just enough to keep you in front, up to that maximum.
A quick example
Say the current bid is 50 dollars, the increment is 5 dollars, and you set your maximum at 100 dollars. ReefnBid places 55 dollars for you. If someone else bids 60, ReefnBid answers with 65 automatically. It keeps going like that until you are back in front or your 100 dollar maximum is reached.
Who wins when there is more than one proxy bid
The highest maximum wins. The price only climbs to just above the second highest maximum plus one increment, so you often win for less than your limit. If a proxy bid and a regular bid are tied, the proxy bid wins. If two proxy bids are for the same amount, the one placed first wins.
Reserve prices
If your maximum is above a reserve that has not been met yet, the current bid jumps straight to the reserve. For example, with a current bid of 10 dollars, a 1 dollar increment, and a 20 dollar reserve, setting a 40 dollar maximum moves the current bid up to 20 dollars.
Why a bid sometimes rises by an odd amount
If you see the bid go up by less than the usual increment, that is a sign a proxy bid was just outbid by a higher one. The system only moved as far as it needed to.
The short version
Set your true maximum and let it run. You will never pay more than your limit, and usually you pay less.