Its the same thing as Ebays maximum bid. You put it what you are willing to spend at the maximum and it enters the minimum amount needed to win the auction up to the price you stated as maximum. Clear as mud? 
Gun Broker Autobid, explain it better than they do
I'm bidding on something and got that autobid on. I'm still not the top bidder though?? I've bought a few things off there but first autobid. Doing something good today, educate the ignorant.
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