I’m sure in your travels on the internet you’ve ventured across one or two “Penny Auction Sites” and wondered “Hmmm, is this for real?”. Simple answer, yes, they are for real. Or it would appear. Actually many of these sites are constantly being blamed for “shilling” or “autobidding” etc. from site owners. This is the process of the owner or owners agent bidding on items to run the price up or keep bidding open. All of course in an attempt to garner more money from users.
But perhaps I’m getting ahead of myself. A Penny Auction site is basically a “social” auction site. You pay for bids then use these bids to bid on items up for sale. Every bid (usually) raises the cost of the item by 1 cent (thus the name). The last person to bid on an item wins that item at the current price. Great, the current price may be only a few dollars, but remember you also paid for every bid you made. These sites use a “ticker” which counts down. As soon as a bid is received the ticker resets. Bidding will go on as long as the ticker is reset. So as long as people keep bidding, the auction will stay active. This can take a long time.
Now I dare to say that this method of auctioning is ripe with ways site owners can skew results. That ticker is a ripoff thing if I’ve ever saw one. It always seems that magically that ticker resets itself in the last second or so. Never fails. Very interesting. Also, the fact that they show a “price” is misleading. This current price is nothing but fluff – the real “price” is in the bids you are using to bid for an item. There are complaints that “bidders” have actually spent over $10,000.00 for a $500.00 item! Now this is either a very non-informed and rich user, or a corrupt site owner.
With this all in mind, there is a new Penny Auction site on the block. This site was supposedly written by a Penny Auction site bidder sick of the way site owners rip people off. He build a site that gets rid of the ticker and “current price” completely.
Instead he uses a straight bid process. You pay for your bids and bid on items you want. Period. The person who places the MOST bids on an item wins that item, not the last person to bid. Much more fair. Also, each item has a reserve bid amount. This is to allow the site to make enough money to cover expenses etc. But after this reserve is met the auction goes into a 15 minute “battle it out” mode where bidders can get final bids in to try and win. The current high bidder is shown as well as the number of bids. Nothing Hidden. After the 15 minutes the auction is OVER! No never-ending auctions here.
All items are brand new, unopened in the box with full manufacturer and retailer guarantees. Shipments are made directly from a national very well known retailer.
Want to get that hot electronic item for a fraction of the cost? Try PennyWizeAuction.com. Pretty sure you will love it!