When this forum first started Luke Moulton, then marketing manager at Flippa, asked what features would improve Flippa. Several of the suggestions we made were implemented. Today they've announced that they're implementing another suggestion - proxy bidding.
Sellers need to be aware that they are no longer approving a buyer's bid, they are approving the buyer. Once they've approved one bid from a buyer, all his future bids will be automatically approved so, if you're one of those who approves first bids prior to checking the buyer out, stop now!(There are lots of non paying bidders in Flippa so do your research on the buyer before approving any bids of his)Say goodbye to the hours spent outbidding other interested buyers for a great website. With maximum bidding, the auction is won by the approved buyer who is willing to bid the highest, not by the one who is able to stay up the longest
You can unapprove a bidder mid-way through the auction, but you can't unapprove his bids already placed.
Buyers would need to bear in mind that they're trusting Flippa to bid on their behalf. Most buyers won't have a problem with that but some would recognise that up to the point where the success fee maxes out, the higher your bid the more profit Flippa makes via the success fee (which is a percentage of the sale price).
The proxy bidding feature does not remove the four hour extensions to avoid sniping.