Right. It's an auction site, not a flea market, regardless of how it's often perceived. Goods go to the highest bidder, not to the one who wants them the most.
Besides, one would be foolish to end an auction when there are people begging to buy something RFN if you'll just stop offering it to everybody else. All that says is it's worth more than the current bid.
The thing to do when bidding is to decide what the absolute highest price is that you'd pay for something, then bid that. The automatic bidder will not apply that bid, only that part of it that will beat the last bid. If anybody bids past that after the fact, it gets refused until somebody beats your highest bid. Once somebody beats your highest bid, whaddaya gonna do? You could raise your bid, but you're defeating the purpose of buying used goods, which is to get a good deal. All too often you see people paying as much or more than they would have to had they bought what they wanted new.