OK, I'm confused. I've not bought anything on ebay before (I know, I know...)

I just submitted a bid for an item that was sitting at 404.06, and I was told I had to bid at least 416.06, so I bid 430... but the minute I submitted the bid I was informed I'd been outbid... here's the bid history...

Bidders:4Total Bids:6Time left:3 days 18 hours 6 mins
You've been outbid. Bid again before it's too late.
Only actual bids (not automatic bids generated up to a bidder's maximum)
are shown. Automatic bids may be placed days or hours before a listing ends. Learn more about bidding.

Bidder 3 £440.00 20-Oct-07 08:50:06 BST
Bidder 3 £440.00 20-Oct-07 08:47:27 BST
macc _ladd £430.00 20-Oct-07 22:08:08 BST
Bidder 1 £404.06 18-Oct-07 18:43:02 BST
Bidder 2 £380.00 18-Oct-07 21:37:31 BST
Bidder 2 £360.00 18-Oct-07 21:36:57 BST
Starting Price £350.00 17-Oct-07 16:14:25 BST
So how does this work?... bidder 3 bid this morning, but it didn't show up... some kind of automated bid?...