For an Auction campaign, you will enter a Bid total for the line item. This is the CPM that will be used to win the inventory in the auction.
When you are entering the bid, you will see a minimum bid floor. That is the lowest price that you can bid.
Remember, other brands may be bidding on the same inventory, so bidding above the minimum improves your chances of winning the auction and serving on the inventory.
After you’ve entered the bid amount, click Next on the bottom right side of the page to move to the review process.