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Originally Posted by Dollarmansteve
Its basically a lottery. From how I understand it, unlike a regular auction, if you bid $10.05 for something - you are committed to paying $10.05 whether you 'win' or not. That's why their reserve auction is based on a minimum number of bids.
For the 350Z for example, the max bid is $720. Let's say that the winning big is $585.20 - there are a ton of bids for less than that amount, and the aggregate of those bids makes up for the selling price of the item. If you bid $520.82 you basically bought a $520.82 'ticket' for a chance to win the 350Z.
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I don't think it works that way.. the way I understood it is: you can get any number of bids in, but each bid costs you $$$. For example, to get 1 ticket for 350z will cost you $10, and you can strategically pick tickets. You will pay the winning price at the end, but they make money on people buying those $10 tickets.