These are good for this type of bit but the SpeedBore type blow this style away. Screw tip starter and auger body. They fly through wood but you need a torquey drill, the add on handle helps, and hang on like crazy. Make sure you keep your hands where they won't get smashed. These would be better if there's a chance you might hit a nail so you don't wreck the SpeedBores.
This is actually a pretty excellent price. Bosch makes good tools. I do recommend Forstner bits for most people over *****, though. More $$$ but make much cleaner holes.
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Thank you!