I looked in FAQs for 5 seconds and don't see the answer, so I'm asking.

Opening bid = $125, I bid $155, shows up the only bid at $155 - I'm assuming this isn't like eBay where my bid wouldn't go above the opening one until someone bid against me.

Is my assumption correct? If no else bids will I pay $155 not the opening bid of $125?

If this is the case (and once again I see no rules) is there a way to retract my bid? (not that I want to in this case),

Thanks in advance for any information, sorry if I'm missing where the rules are set out (let me know please).