One condition must be satisfied for a bid retraction. Only the user with the highest bid can do it. The platform ensures that each bidder has the opportunity to decide whether to continue or to get out once he or she becomes the highest bidder.
From the Bid Retraction (Admin Control Panel -> Settings -> Listing Settings -> Auctions & Products -> Auction Settings) section:
If enabled allows users to retract posted bids from auctions.
Important: Only the highest bidder will be allowed to retract his / her bid.
Set the minimum time left of an auction to allow Bid Retraction.
Note: When Bid Retraction is enabled the Bid Retraction Limit field cannot be empty.
Buyer1 placed a $50 bid.
Buyer2 outbid Buyer1 with a $52 bid.
Note: Proxy Bidding is also enabled.
At this point Buyer2 has two options:
When clicking Retract Bid users will see the following message:
The final screen will display a message confirming the bid retraction:
Now, the auction continues with Buyer1 being the highest bidder
Note: At this point, Buyer1 can also retract the bid.