So if I put a max bid of $250 down that is not necessarily what I will end up paying. But if someone else bids over me that just means they have bid more than $250. But it doesn't show what anyones max bid is. So the current bid is just the amount the item is currently at, not necessarily what the maximum someone has bid on that item.
So lets say I place a bid of $250 on the same item mentioned above. The page may still only show $205. And then say another guy comes along and bids $275. Then the amount on the page will only show $210? But then would the sytem automatically place another bid by me to increase it to $215. And then it keeps going back and forth like that until one of our max bids is reached or the auction ends?