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How Do I Get Involved In Penny Auctions?

Author : Michael Nunn

It is most likely you have heard about the new form of online auctions known as Penny Auctions that allows regular people to buy top quality products at prices way below retail. These people are participating in a new sales process called Penny Auctions, where bidders place bids to get amazing deals and save hundreds of dollars off the standard retail price of high quality items.

So how do Penny Auctions work?

A prospective bidder signs up for an account with a Penny Auction site and purchases bids to use in the auctions. The cost of bids differs on each Penny Auction site, and is also different for each country. For example, in the US, a bid on a particular Penny Auction site might cost 60 cents, whereas visitors from New Zealand may pay 90 cents per bid. This is due to currency exchange rates. In the end, all visitors pay approximately the same amount for each bid. For the purpose of simplicity, all figures used here will be in US dollars.

How much does it cost?

Penny Auctions differ from standard auctions in that you do not necessarily bid what you think you want to pay for the item. There are several auction formats, but the general idea is to try to bid as late as you can in order to lead the bidding when the countdown timer runs out. The winning bidder is then able to buy the product for the Final Price of the auction, which is often hundreds or even thousands of dollars below the retail price. In some cases, you can even win a product simply by placing the last bid, and have nothing else to pay to get the product, not even shipping!

Auctions start at $0.00, and each bid increases the final price by 1 cent. So an auction that receives 50 bids will have a final price of 50 cents.

Auctions have a countdown timer, that is generally set to start at 10 or 20 seconds, depending on the auction format. The timer is bumped up by 10 or 20 seconds respectively each time a bid is placed. So that on an auction that begins with 10 seconds on the clock, if that timer has run down to 4 seconds and a bid is placed, the timer will be bumped back up to 14 seconds, and the countdown will resume from there.

The auction finishes when the countdown reaches zero seconds and there are no more bids.
What happens at the close of a Penny Auction?

If you are the winning bidder of a Penny Auction, you generally have two options.

1. You can go ahead and pay the Final Price of the item, as determined by the auction, at which point the product you bought will be shipped direct to you. In special cases, there is nothing to pay, and your item will be shipped to you automatically;

2. OR, you can swap the item for more bids, and then bid for something else.
Who may participate in Penny Auctions?

The specific eligibility terms of each Penny Auction site vary, but generally speaking the criteria on each site are pretty much the same. Here are some general guidelines.

You need to be 18 years old or older and able to legally enter a contract. This is a standard rule for any online auction site. What this means is that if you are 17 years old you may not join, but once you turn 18 you may.

Only people living in approved countries may bid. Most Penny Auction websites are only viewable in the counties where participation is allowed, i.e. The USA, Europe, Australia and New Zealand plus others. For various reasons, some countries are currently excluded from most Penny Auction sites.

Every Penny Auction site has their own terms and conditions, so make sure you read them before signing up.

How to Stay Safe When Bidding on Penny Auction Sites.

As with any type of shopping on the internet, it is important to know how to stay safe when shopping on Penny Auction sites. Join sites that absolutely guarantee that they do not use their own automated bidders to swing the outcomes of auctions, and also those that do not allow their own employees and their families from participating in auctions. It is important to identify and steer clear of scams. Sticking to the larger sites is one way to do that.

So, next time you are considering buying some top quality products on the internet but are sick of eBay, consider the benefits of using Penny Auction sites, and have some fun while you save hundreds of dollars on great products.

Author's Resource Box

Michael Nunn is a former eBay user who now believes in the power of Penny Auctions. For more information on Penny Auctions, visit - The Source of Everything

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Tags:   penny, auction, auctions, online, shopping, buying, ebay, alternative

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Submitted : 2010-10-26    Word Count : 870    Times Viewed: 587