If the bid was at $24.00 at anytime before the close, then the next bid can be $24.50 OR MORE say $25.01, thus defeating you by the .01
Most experienced bidders will add in "odd" cent amounts to do exactly this. Next time, bid with a few odd cents thrown in: $25.04, $25.11 etc. to avoid being caught. Even then sometimes you'll still loose by .01, but a dead flat bid ending in .00 (or .25, .50, .75) has just a bit less of a chance.