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This is not really correct. We have developed a workaround so you can use the classifieds as an auction. There is a template for you to c&p into your classified. Bids need to be posted. If you want to follow an auction closely, there is the instant email feature for replies to subscribed posts, which you can select at the bottom of the page below any thread / reply box.
Nifty posted quite a bit about making this decision, before this change, and talked about some of the tradeoffs involved, as well as the pressing need to make a change.