If I pre-bid $1,000 and the second highest bid is $500, what do I pay?

If you place a pre-bid or live bid for $1000 and that ends up being the highest offer then you would pay $1000.

If you place a $1000 automatic bid and the next highest bidder bids $500, then the system will automatically place a $525 bid on your behalf. If no one else bids then you would win the vehicle for $525.