A Max Bid is how you can tell the platform the most you are willing to bid on an auction item so it can bid on your behalf until that amount. If you place a Max Bid, you can lay back and relax as the platform will bid for you incrementally whenever another bidder makes a bid!
If your max bid is outbid you will receive an automatic email notification that you have been outbid. The email will contain the link to return to the bidding page, so you can bid again or set another max bid!
If two individuals place the same max bid, priority will go to the individual who placed it first, and the second individual will be notified that they were outbid.
You can see in-depth instructions on how to place a Max Bid here!