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What are AUTO bids?
Auto-bidding (sometimes referred to as max bidding) allows bidders to set their “highest limit” on an individual package, and let the system bid for them up to that “maximum” amount without needing to interact with the system as other people start bidding against them.
For example, you could set your maximum bid to $500 for a package. Your initial bid will be the lowest amount possible (let's say $200) for the time being. Now when another bidder comes along and attempts to outbid you at $250, the auto-bid kicks in and brings your bid up to match theirs, and you are still winning (because you bid first). This continues until your maximum of $500 is reached and the other bidder surpasses you, or the other bidder stops bidding against you.
What are EXACT bids?
This package is only accepting exact bids, which means that the auto-bid functionality has been disabled here.
On this package, a bid will be received immediately for the exact amount entered, as long as the bid is higher than the previous high bid plus the set bidding increment.
This type of bidding is similar in nature to a live auction, where bidders compete directly without the assistance of the system placing auto-bids for them.