I had a bid on a 250LM, not sure how long was/is supposed to be left but at the time of writing it is over 38 minutes as it’s below a bid I have for a Lightweight E-Type that is on that.
My bid was 1M, buyout was 2.884M yet the auction was completed by a 1.101M bid.
Somebody else beat you by a higher bid. After this you could raise your bid and the next step would be approximately 1.22 M . I think each bid raises by 10%.
So if you want to get a car cheap, you´ll have to exercise this a couple of times. If you desperately want a car, don´t mess with bidding - buyout instantly.
Sorry for misunderstanding you first time. We had a similar incident, when a Rossion was put in the auction house for min 400.000 / 500.000 buyout price. In the end it was sold for 138.000 !!!
So I guess it is an issue with the broken auction house pricing, the system lowers the price when there are too many cars available for the demand and then this happens. What a mess…