Most of the time amateur bidders lack the skill, experience, and knowledge necessary to win high priced auction items. In fact, entering any penny auction can be scary and overwhelming to the novice bidders. However, mid-level bidders have most likely developed their own strategies within a certain comfort level, while seasoned bidders are more aggressive and hostile with their bidding approaches. To determine what approach you should take while bidding in penny auctions, you have to determine what you are willing to lose in terms of money and time.
You need to determine what items you want. Are you looking for general items such as name brand electronics, video game consoles, or gift cards? If so, general penny auctions such as Swizzie and Swoopo have great deals on these items. For designer handbags and shoes, check out OohILove and Penny Purses.
What is your estimated budget? Can you afford to spend a dollar every time you bid? If not, look for penny auctions that have low bid fees or consider purchasing bid packages for discounted prices. Some penny auctions give bonus bids if you purchase bid packages in larger denominations.
What reward programs are available? If you spend a certain amount of money, will the site give you complimentary bids? Every time you refer a friend or family member, will the site give you something in return? Before signing up, check out all of the sites that offer different reward programs and factor that into your approach.
Novice bidders should participate in auctions that offer the “Buy-it-Now” feature because it will get your name out in the open and your fellow bidders will become familiar and start to trust you.
To become acclimated to the penny auction process, watch a couple of auctions. You will want to know who the seasoned bidders are, so you do not enter those auctions until you have developed your own strong set of bidding strategies.
Know what you want out of penny auctions. Bid with respect for your follow bidders. Do not make rash decisions about placing bids repeatedly.
Interesting research info about penny auctions here.
If you are like many of the other millions of people that like to save when it comes to buying products such as laptops, computers, cameras, designer handbags or clothing, and other items that you find at penny auctions, using a successful penny auction strategy will more than likely be your ultimate goal. Now, it’s important to note that this post is not going to go into great detail about penny auctions in general, because if you’re looking for a strategy, you will more than likely know what they are and how to get started. Here you will discover some important information that pertains to using a successful penny auction strategy so you can save more, and spend less.
How to win Penny Auctions
Many people have been trying to discover the best strategies for penny auctions that will suit their specific needs. The reason for this is – some specific strategies people use will not work for every individual. But if you understand the basics, you will more than likely create a strategy that will teach you how to win penny auctions. Developing a sound strategy will ultimately make the difference between scoring on some fantastic deals, and watching your bids vanish into thin air.
Now, discovering how to win when it comes to penny auctions will require you to decide whether or not you want to be a bully or a thief. It’s important to realize that these terms are not used in the sense of hurting someone or actually stealing. They are used in terms of whether or not you want to sneak in at the last second and win an item that is thought to be won by an expected winner (thief), or bid the maximum bid right out of the gate to discourage other bidders (bully).
Now it’s important to realize that each of these will be a specific strategy within their own. And each of these will take time to master. As with any type of strategy, there are potential risks involved. In terms of being a thief, you will tend to extend an auction longer which allows more people to bid on that particular item. When it comes to being a bully, you are potentially spending more than you would need to if the penny auction were to play itself out. So, each of these techniques will require time on your part in order to master when it comes to winning penny auctions for pennies on the dollar.
Penny Auction Tips
Important tips you should take into consideration will be to find people that are proven to be successful at penny auctions, and learn some of the strategies they use in order to do so. Now, these people aren’t going to go out and write books about how to win penny auctions, but you can see by the way they bid – how they win, why they win, and what they win.
Using a successful penny auction strategy will ensure that your bids are not wasted and you win many of the specific items you target. If you enjoy purchasing a vast number of products for pennies on the dollar, it will be important for you to learn specific strategies on how to do so.
BidRivals is an online penny auction website that auctions for products such as cameras, HDTVs, iPods, iPads, Nintendo devices, bid packs, gift cards, and more. They occasionally release a BidRivals coupon code to pass on even more savings to new members. If you’re thinking about trying BidRivals, don’t wait, start today.
BidRivals Coupon Code
The BidRivals coupon code is yet another amazing chance the BidRivals penny auction website provides new players such as you to assist you with those great awards you’re after, at great discounts.
For anybody reading this article who hasn’t had an opportunity to feel the exhilaration of bidding and the excitement of winning at a penny auction site such as BidRivals, the idea is straightforward: just look at the massive stock of great products, sign up, purchase bids, and start bidding on your product. As soon as the timer begins, {every|every single} bid positioned raises the cost of the item by a penny, and a few seconds of time gets added to the clock. The idea is to be the last individual to place a bid before the timer runs out. If you are the last bidder you win the auction.
BidRivals Coupon Codes
Use the code FOR40BIDS to get 40 extra bids.
Use the code 10SALE for 10% off your next bid pack purchase.
The reason why this BidRivals coupon is so thrilling is that receiving those added bids free of charge helps to tip the odds in your favor. Also, if you don’t win the product or have to leave you can always purchase it for the Buy Now retail price, without getting rid of the price of the bids you purchased. That way, regardless of your auction performance you can still be a winner at BidRivals penny auctions.
It’s clear that there are many benefits to using BidRivals coupon and promo codes when you sign up and even when you decide to buy your first pack of bids.
Here are a few tips to start you on your way:
- Don’t start big
Learn how everything works by bidding in a small - Have patience
As with anything involving money, take your time and learn how to play first. Read about different strategies and learn as much as you can before jumping in. - Be prepared
Be sure that you have enough bids purchased for the product that you are trying to win. As a general rule, the greater the value of the product, the more bids will likely be needed. - Study closed auctions
Have a look at auctions that are closed of the same or a similar type of product you want to buy. You can find out the numbers of bids that other users have placed in these auctions and get a better idea of what to expect. - Start slow
If you are a newbie, practice your tactics on cheaper items because they will generally draw less users, so there will be less competition. - Focus on one auction at a time
Don’t spread out your bids too thin. Keep the bids you have for winning the auction you really want.
Welcome to the BidCactus Coupon Codes page. BidCactus.com is a penny auction website that offers users great deals on a variety of items. In order to win an item, bidders must first purchase a bid pack and use those bids to hopefully win items such as gift cards, appliances, electronics, bidpacks, video games, grills, e readers, and more at lower than retail prices.
Bidcactus Coupon Code
Before you start it is recommended to read the BidCactus FAQ and learn how it works. Remember to be patient and learn as much as you can before you start placing bids, perhaps even try to learn how other successful auctioneers bid. Also, it’s better to bid late in the auction, and the early morning is generally the time with the least amount of competition. Of course, be sure you have enough bids before you begin bidding as well. No one wants to run out of bids right before they win something.
BidCactus Coupon Codes
Use PROMO for $10 OFF your first winning auction.
Use 4CEC-4JJT for one free bid.
Below are the Top 10 tips for success from the BidCactus FAQ.
- Before you get started, be sure to check out How Bidcactus Works and our FAQs section.
- Be patient and observe the site before you bid. Watch a few auctions as they come to an end and develop your own strategy.
- Don’t spread your bids too thinly. Focus on one or two auctions at a time to maximize your chances of winning.
- It’s better to bid late in the game. Wait until there are ten seconds or less on the clock before you place a bid.
- Watch for our slower times and take advantage of them. When everyone is off enjoying their morning coffee or stuck in rush hour traffic, you can walk off with great deals.
- Arm yourself with enough bids to win the item that you want.
- Always keep an eye on the number of remaining bids in your account and purchase more if needed. You don’t want to run out of bids at an inconvenient moment.
- Look for hidden opportunities. If everyone is buzzing around the TV, then scoop up the $50 Visa card and splurge on something wonderful.
- Take advantage of the great Bidcactus promotions - refer a friend to earn 5 free bids, or join us for Happy hour Fridays.
- Have fun!!!
Searching for skoreit promo codes? You’ve come to the right place!
SkoreIt is an online penny auction website that provides members with a chance to win a wide variety of products at a much lower cost than retail. The site boasts a user friendly bidding interface and an excellent auto bidding function. Their customer service is top notch, as is their shipping time, most orders are shipped within a couple days.
Skoreit Promo Codes
Enter the following promo codes to claim your free bids on SkoreIt:
- ESPN – 16 free bids
- COAST- 16 free bids
- DAN PATRICK – 16 free bids
- BIDNOW – 10 free bids
From the SkoreIt FAQ:
How do I redeem my promotional code?
First, sign in to your account. After signing in, click the “Redeem” link in red letters near the top right side of any page.A dialog will then appear which will ask you to enter your promotion code. Enter your promotion code and click Submit.
You may be asked to provide a valid cell phone number at this point for some promotion codes. After entering your cell phone number, you will be automatically sent a special code via SMS/text message that will allow you to continue. After you receive the message with the code, simply enter it into the textbox and click Submit again.
The bids will be immediately added to your account!
If you do not have a cell phone or cannot receive SMS/text messages, please contact our Customer Service team and they will be happy to assist you.
As previously mentioned, SkoreIt has auctions for a wide variety of products. Everything from gift cards, laptops, ipods (and other mp3 players), digital cameras, video games (Nintendo, Xbox, Playstation), jewelry (rings, necklaces, watches), precious metals (gold, silver), and more.
Skoreit Promo Codes
If you’re new to SkoreIt it’s recommended that you take a moment and read these beginner tips.
Study winners – You might notice that some bidders win more auctions than others. Study their habits and try to find out why they are so successful. Do you see any patterns?
Use BidAgents – BidAgents is a tool that can automatically place bids for you if you aren’t at your computer or if your internet connection has problems. This tool can be very helpful in a pinch, so keep it in mind.
Timing is important – Keep in mind the fact that competition is higher in the daytime, especially the evening, and plan accordingly. If you play during lower competition times you are more apt to win auctions with fewer bids. Obviously there will be exceptions, but in general, playing late at night or early in the morning is best.
Every second counts – Don’t make the mistake of waiting too long to place your bid. It’s recommended to place a bid with no less than 5 seconds to go to be sure that your bid will count. If you wait too long you run the risk of the auction ending without your bid counting. This is especially true if you have a slow internet connection, as the lag may take a moment to transmit the information.
Start small and work your way up – It’s not recommended to begin by bidding on a big ticket, popular item. While a new TV or fancy computer may be enticing, the competition will be much greater than something such as a gift card. Learn on the easier auctions before you make the plunge into more competitive products.
Pick your auctions carefully – Bear in mind that you are limited to 12 items within any 28 day period, and 3 items in a 24 hour period of time.
Use promo codes and coupons – You’re already here, so you probably know this one. Free money is always a good thing!
There you go! Now use those SkoreIt promo codes and tips and start winning.
This advertisement has been around for a few months, but check it out if you’re looking for more insight into SkoreIt.
Check out our Beezid Bonus Codes!
Beezid is a great source for exciting, some might even say addicting, auction shopping and wonderful deals on brand new, brand name products, each and every day!
Beezid carries items such as Apple iPads, Samsun Blu-ray players, Toshiba Notebook PC, Oakley Sunglasses, Nintendo 3DS, Walmart gift cards, and more!
Beezid Bonus Codes
Here are some tips to use with your Beezid Bonus Codes:
Look around for a little while and find out how stuff works.
Take a look at auctions which have finished and have a look at pricing to figure out a average selling price, or anticipated sale price. The time of day is essential to get the purchase price you desire and reducing down the number of competitors. Search for patterns on current auctions. Choosing your auction meticulously is essential for your good results. Try to get more comfortable with Beezid. Read the Frequently Asked Questions and watch the video tutorials. Place your bids utilizing a particular tactic; bid early, late or constantly on top. Keep your eyes constantly centered on the countdown timer.
Don’t place a bid too late and miss out! (If you do, keep your attention open for that merchandise again, it’ll be back again.) Established a reasonable amount of money you are prepared to spend to get an item. Determine your winning price so you don’t step across the line. Have a bidding price range and be sensible with it.
Bidding on a single item at a time gives you increased power in this auction and you are more likely to end up being the victorious one as compared to if you use your bids in numerous auctions. Each item on Beezid sells at rock bottom discount prices, but it is much better to begin on several of the lower priced items and work your way upwards.
Less expensive items are likely to have less bidders and consequently are more likely to win. As soon as you get the hang of Beezid and produce your technique, you’re a lot more likely to win the main items. Try to focus your bidding on one or a couple of items. Putting bids at random is not a great strategy.
When bidding from the details page, check out the bidding record to see the previous 10 bids positioned and what kind of bid they are. Do not use the AutoBeezid to begin with. Be cautious when utilizing the AutoBeezid function. Prepare and carry out the AutoBeezid strategy with care. The AutoBeezid is a effective tool, not only does it allow you to place bids without being seated in front of the computer, but it unnerves the competitors who keep observing the AutoBeezid matching their bids one after the other. The AutoBeezid can often outsmart its adversaries simply because they tire and give up on fighting against it. Research the best Beezid bonus codes and take advantage of them.
Use the AutoBeezid to your benefit; leave it on at periods when you are apart from your PC. It is also a helpful device to tire out the competitors. When scheduling an AutoBeezid, think very carefully about when to utilize your Sniper in order to make it count. Your Sniper can save you from giving up an auction, use it wisely. There are better times to bid, and better days of the week to get better deals. The amount of users online at any time changes a lot from moment to moment, hour to hour and day to day. Use this to your benefit. Realize that winning is all about good timing. Buy large Bid Packs and pay much less per bid. Having a large amount of bids in your account will make sure you don’t run out of bids when you are in auction and miss out on getting the deal you were bidding on.
Observe the competition. Follow certain users and take notes on who they are, when they bid, why they don’t bid, what they bid on and exactly where they are bidding.Watch the timer and bid no later than the last 4 seconds to be sure your bid has time to register in the site. If the counter seems to be reaching zero pretty often, it can mean that there are couple other users are bidding on that item and this gives you an edge by helping your chances of winning.
Beezid Bonus Codes
More items to use those Beezid Bonus Codes on Beezid auctions: LG TVs, Amazon gift cards, PS3 games, Xbox 360 games, diamond earrings, Panasonic headphones, Cisco wireless routers, Kindle 3G, cordless wine openers, iPod Nanos, HP Minis, Sony VAIOs.
Quibids Promo Codes for 2012! QuiBids doesn’t use your conventional online auction marketplace model. It’s a distinctive, enjoyable, thrilling way to make use of the standard auction model that’s existed for 100’s of years and spruce it up a little. Having said that, sometimes there may be some uncertainty as to exactly how the online auctions operate. So, we’ve chosen to compose an in depth description for those who may be unclear.
Quibids Promo Codes
Use the code WINTODAY to get 10 free bids with your first bid purchase.
How To Get Started
Before you begin on the bidding, you’ll need to first sign-up an account on QuiBids. On the home webpage just click the “Register” tab on the main tool bar or click the Orange Button which says “Register Now” on the banner. Once you finish the entire process of signing up, an e-mail is going to be sent to the e-mail account you supplied. Through this e-mail you are able to verify your account. If you haven’t noticed the e-mail from QuiBids, look at your Junk mail folder to be sure that your e-mail program didn’t incorrectly recognize it as unwelcome. In the event that your verification e-mail did end up in your junk mail folder, set aside a second to include QuiBids on your trusted senders listing. As soon as you’ve verified your account you are prepared to purchase bids and get going!
Purchase Bids
The next phase is to purchase bids. There are two methods to purchase bids. You may either buy bids right after you register, otherwise you can click on the “Buy Bids” tab on the main menu another time. Your first bid package buy is a set price, but following your first bid pack purchase, you will see 5 sizes of bid packages from which to choose. The majority of users will begin with a Novice Bid Pack while they experiment with their first couple of auctions. As soon as you’ve picked a size of bid pack, simply add your charge card and payment details and you’re nearly ready to take part in your first auction! Keep in mind, when buying bids you’re purchasing the right to put bids and every bid is worth $0.60. Buying bids doesn’t ensure you’ll win, nonetheless we now have the “Buy Now” function which we’ll talk about in a little bit.
Mastering the Rules
Once you’ve managed to get this far you will notice bids are displayed in the upper left-hand part of the display screen. This will refresh each time you set a bid on QuiBids. Right now before you decide to just start putting in a bid, we strongly suggest that you just take a couple of minutes to look at a couple of auctions and become acquainted with the tempo and the mechanics of the auctions. On the homepage you will notice an Ending Auctions area that contains all the auctions nearest to finishing. Every one of these online auctions includes a timer, an amount, a bidder name, an image of the item, and a colored title along with a cent amount in the top left spot. Below is exactly what everything means.
The Countdown Timer
The timer counts down uninterruptedly until it gets under 0:20 seconds. From that time on the timer will totally reset to 0:20 seconds presenting the other bidders the opportunity to choose to make a last bid. At first the timer will reset to 0:20 seconds every time a person bids in the auction. If the auction continues to be going after a specific quantity of bids, we decrease the timer to when it will reset to 0:15 seconds every time a user places a bid in the auction. Lastly, if we notice the auction is taking place for too much time, we’ll decrease the timer to when it’ll reset to 0:10 seconds every time a person bids on the auction. Once the timer gets to 0:00 the auction finishes and the final individual to put a bid wins the ability to buy the product for the selling price.
The Price Tag and the Colorful Banner with a Penny Number
Every auction includes a certain amount that the amount increases every time a bid is put. On a 1 cent auction the end sale price increases by $.01 each time that a bid is placed. On a 2 cent auction the sale price will go up by $.02 every time someone places a bid. The price represents what the person who wins the auction will pay if the auction were to end at that point.
Bidding
There are two different ways that you can bid. The first way to bid is to simply place the mouse cursor on the bid button and click the mouse. Your bid will be logged and your name will be listed as the highest bidder. Each time you are outbid by another user you will need to manually click the bid button again in order to place another bid.
Sometimes situations may occur where users need to temporarily focus on something other than an auction but would like to instruct QuiBids to keep bidding for them. The Bid-O-Matic feature is designed just for these situations. Simply tell the Bid-O-Matic how many bids you are want to spend and in what price range you would like it to bid for you.
Check back for more Quibids Promo Codes 2012.
Quibids Promo Codes
Introduction to Penny Auctions
Since the emergence of Swoopo in 2005, Penny Auctions have popped up around the net at alarming rates. The majority of them follow the same format. A website advertises they are selling expensive products such as iPods, Macbooks, HDTVs, etc for up to 99% off retail. At first glance this may come across as just another scam. Anything that seems too good to be true must be…right? Not exactly. Under the right circumstances the penny auction business model successfully allows a supplier to provide high end products for very low prices.
Let’s assume a penny auction site such as IShop4Cheapis offering a 42 inch Vizio high-def television for around . This item retails for around 0 which means they probably purchased it from a Vendor at approximately 0. The auction starts at and moves up by 1 cent with each bid. Therefore it takes 2,700 bids for this auction to reach its selling price of . If IShop4Cheap charges 60 cents per bid that means they earned (2,700 bids X 60 cents each) ,620 on a TV that cost them 0. Ishop4Cheap makes a large profit and the buyer only spends . Well not exactly. The buyer spends PLUS shipping PLUS however many bids they used on the product. So if the buyer went all in and used 300 bids to win this item he or she paid (300 bids X 60 cents each) 0 PLUS the sales price PLUS shipping. Still a pretty solid deal for an item that retails at 0. Keep in mind though that many other customers placed bids on this auction and came away with nothing. Therefore a clever bidding strategy combined with a little luck is critical.
Strategies Penny auction customers use a wide variety of bidding strategies however I’ll bullet some of the more advantageous ones.
- Use Penny Auction sites with low user traffic. High traffic means there are too many bidders going against each other driving the prices up. This drastically decreases your chances of winning.
- Bid during late night/early morning hours when fewer users or online.
- Create multiple user names and buy bids on each account. In my experience, most users like to monitor a product and only bid when there are just 2 or 3 other users bidding on it. Therefore if you can make it appear as if 3 or 4 more users are interested (by creating multiple accounts) this may cause the others to back away.
- Go all-in on the product you want. Placing 1 bid here and there is essentially the same as playing the lottery. If an item sells after 8,000 bids and you placed 10 random bids here and there, your odds of winning are officially.0125% or 1 in 800. Pick a range where you think the product may sell then start a bidding marathon.
- Do not bid at the last second. For one, you risk your bid not registering on sites with slower servers or high user traffic. Secondly, you do not come across as an intimidating or aggressive bidder doing that. No one is going to be scared of you and back away from the auction (which is what we ultimately want them to do).
Now that we are armed with some bidding strategies lets put them to the test by visiting some of the top penny auction sites.
The top 5 list below is based on several attributes such as server speed (is the site fast), navigation (is it easy to find what you are looking for) and products (are the products something worth your investment). However nothing weighs more heavily than odds of winning. If you have a higher probably of winning products on a certain penny auction site then it is going to rank higher.
Here is what we have come up with:Top 5 Penny Auctions Sites
1. IShop4Cheap.com – This aforementioned penny auction site is relatively new, so it hasn’t had a chance to become over-saturated with users competing for items, meaning you have a higher probability to win something. The electronics are all top notch and up to date. The site runs very smooth and has a navigational bar at the top showing where all categories/winners are. The Deal of the Week aspect is a nice touch, and I may personally add that shipping on items is blazing fast. I won two items, both of which were delivered within 3 days.
2. Beezid.com – One of the Penny Auction classics. There are literally tons of items to choose from. The layout is incredible and sometimes even overwhelming. The overabundance of users may decrease your chances of winning but do not let that take away from this penny auction juggernaut.
3. Quibids.com – With a massive marketing campaign Quibids has managed to catapult to the top of the penny auction competition rather quickly. Their Buy It Now feature is the big seller here. Once a user has reached the retail value of the product in terms of how many bids they used on it, they then have the option to Buy It Now. This prevents anyone from spending more than what the product actually costs. However, this can be frustrating for other users who just started bidding on the product as they never really had a chance to win, because that one user exercised the Buy it Now option and snatched it out from under them.
4. Bidzilla.com – Not much to say here other than this one makes the list strictly based on the fact that it is simple to win on Bidzilla. I easily won a couple items cheap. The product selection is small but who cares if you are winning the good ones.
5. BigDeal.com – BigDeal constantly updates their products so they always have some of the best items available. One of the neat features on here is that customers who placed bids and did not win the item, get a certain percentage of bids back for the next time they want to try to win that particular auction.
Penny Auctions, or pay-to-bid auctions, are becoming wildly popular as consumers continue to recognize the opportunity and possibility of amazing deals and incredible savings. Hundreds of penny auction sites already exist. Some of the more established sites include Swoopo, Quibids, BidCactus, BidRivals, Beezid, and more. New auction sites keep popping up all the time as the business model tends to favor the business owner, and of course one lucky winner of each auction.
A penny auction is not the same as or in any way similar to an ebay auction. In an ebay auction you can bid as many times as you want and will never be charged a dime unless you are the high bidder and win the auction. This is not true for a penny auction. In this type of auction you pay before you can even participate. You have to pay for the opportunity to bid on the item.
Penny auctions are just what they sound like: An auction where you can only bid one penny at a time. The price of the item starts at .00 and each bid increases the price of the item by one cent. Each bid also extends the time of the auction, typically by 10, 15, or 20 seconds. In this type of auction it isn’t the highest bidder, but rather the last bidder who wins the item. Usually the winning bidder snags a pretty good deal, enjoying savings of between 75%-95%.
How can these sites afford to give away pricey electronics and other great items at such huge discounts? Well there is a small catch to consider. As you may recall, the first sentence of this article also refers to these auctions as pay-to-bid. Thats right. You have to purchase the bids before you can use them towards a given item. Typically bids will cost between .50 to .00 per bid depending on the site.
Lets look at an example of a gift card that sells for a final price of . That means that 100 bids were placed during this auction. If each bid was purchased for .50, the website made off bids alone which will easily cover the cost of the gift card. This is precisely how these auction sites can afford to stay in business.
Now just because the auction site stands to make a decent amount of money doesn’t necessarily mean it is bad for the consumer. Certainly the winner of the auction made out like a bandit getting a gift card for only (plus the cost of any bids used). This is a significant savings for the winner.
Beware though, all of the other bidders just lost some money. If another bidder placed 10 bids in that same auction but did not win, they would have spent and receive nothing in return. This is why penny auction sites can be quite risky.
Some penny auction sites try to limit this risk by offering a “Buy it now” option to those bidder that did not win the auction. By employing the “Buy it now” option a losing bidder can apply the cost of the used bids towards to full purchase price of the item. That means the losing bidder in the example above could apply the worth of used bids towards the full price () of the gift card and purchase the gift card for only additional dollars. This way the losing bidders never actually lose as long as they were willing to purchase the item at full retail price from the getgo.
Penny auction sites can be a great place to pick up some amazing deals on some of the most popular consumer items. However it is important to remember the financial risks involved in this type of auction and to fully research and prepare before you embark on your endeavor to achieve ultimate savings. By full researching a penny auction site before you decide to start bidding you will be able to determine the likelihood of your success as well as sort out which sites are reputable and which sites may be scams.
Penny auctions are pay-per-bid auctions where consumers are able to purchase gift cards, iPads, Apple Computers, iPods, flat-panel TV’s and other big-ticket products, for as much as 99% off the retail price. They are great for anyone that wishes to have fun while shopping. In addition to having the best product values on the Internet, these sites are highly entertaining as participants compete with other shoppers for the great deals on fabulous products. However, there is no use of entering a penny auction without having a clear understanding of how they work or knowing which options are available to you. The more you know, the better your chance of being successful at winning the best products at the best possible price. Today, I will discuss the different types of them available online, and one that is rapidly emerging as the leader within the auction category.
Traditional Pay-Per-Bid: This is when you purchase a bid package for a specific number of bids. The average bid package consist of fifty bids, and the largest number of bids offered at most sites is two hundred. After you have purchased your bids you can proceed to the auction arenas and begin shopping for the product you would like to purchase. However, there is an inherent flaw with the architecture of nearly every such site and that is that the auctions are not monitored by the moderators of the site to look for fraud. Bidders can sign on anonymously and remain hidden within the specific auction room. Other bidders who are bidding in good faith have no idea how many other bidders are standing by to step in when the bidding slows down. As a result, it is not uncommon for traditional pay-per-bid auctions to experience runaway prices. This is one indication that some of these sites work against the average consumer instead of for them. You must also be aware of the various scams associated with traditional pay-per-bid sites. These scams include the following: Shill bids, anti-delivery, identity theft and bidding robots.
Shill bids are when people that have a corporate connection with the penny auction site participate in auctions in an attempt to have a bid battle ; making it almost impossible for the average bidder to take home their item at a reasonable value.
Anti-delivery this is where the penny auction site is a con-site. This is precisely why you should do your diligent research on the various such sites, so you will have the guarantee that after you win the bid battle you will take your desired item of value home.
Identity-theft is one of the highest crimes on the net, and is frequently used at charlatan or con penny auction sites. Protect yourself and do your research.
Bidding Robots or auto-bids are robots that act like humans behind the computer. These programs place bids that appear authentic to the average consumer’s eye. Bidding robots are partially the reason why these sites have experienced relatively slow growth over the past few years. However, the more reputable penny auction sites are fighting back against this reputation. Some sites have been accredited through the Better Business Bureau in an effort to reassure bidders. While this type of association accreditation can be helpful, other sites have completely changed the bidding mechanics and site features providing the highest level of site integrity. The result of these changes has led to an exciting new innovation among penny auction sites called tournament auctions.
The tournament penny auction dramatically increases the entertainment value of penny auction shopping while reducing costs and risk to the consumer. Tournament auctions do not allow runaway pricing, limit the number of bids per auction, and encourage creativity like no other penny auction site on the planet. Most importantly, tournament auctions provide the consumer with complete site transparency. There are no “hidden” bidders waiting to step in at the end. Everyone who wants to participate in an auction is listed and the quantities of bids they want to bring into that auction are listed as well. So everyone knows where everyone stands. These auctions rely more on your bidding strategy and creativity than the size of your wallet. For traditional penny auction sites we like http://www.quibids.com and http://www.bidzillion.com and for tournament auction sites we like http://www.bidonx.com . Each of these sites offer top brand name retail products at wholesale prices while offering the maximum protection to consumers.
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Penny Auction News- NailBidder Acquired by Penny Auction SolutionsPenny auction site Nailbidder.com, launched in 2010, has just been acquired by Corey Parks’ Penny Auction Solutions company. With this acquisition NailBidder states that they plan on becoming the “#1 penny auction site in the world.” In June of last year NailBidder acquired luxury penny auction site ScoreLuxe.com‘s userbase. “NailBidder.com is proud to annou […]
- BidRivals is BackIn case you’ve been following, BidRivals.com, an international penny auction site, went down a few weeks. We heard rumors of liquidation, found a document stating they were going into voluntary dissolution, and then later heard from BidRivals that they were not shutting down but would soon re-open under new management. While we do not yet […]
- NailBidder Acquired by Penny Auction Solutions
