What is an autobid?

With an automatic bid you indicate the maximum price that you are willing to pay for the lot. The system will automatically increase your bid if you are outbid by a third party. This continues until your aximum bid is reached.
It's not possible to delete your auto bid, but you can cancel it by placing a static bid at the amount of the next minimum acceptable bid

When another bidder places a static bid equal to the maximum of your earlier placed automatic bid, the automatic bid beats the static bid.