Thanks, Craig! I've got it now. Just wanted to be sure I was understanding it correctly.
And, by the the way, I was lucky enough to find and purchase the item I was bidding on through a Buy It Now listing - at less than the max price I was willing to pay! So I've removed everything from the Bid Group folder I had set up. But now, thanks to your help, I will know a little more about what I'm doing the next time.