The hype of penny auctions has generated a lot of interest and has online auction enthusiasts in bidding wars. Right now people are logged into online auction websites and are competing for high end items selling for just pennies on the dollar. The penny auction name is given because each bidder can only increase the price by one cent per bid. Types of products that are in penny auctions include must have products such as brand new iPads, 3D TVs, Smart TVs, HDTVs, Computers, Digital Cameras, X Box, PS3 and Wii Game Consoles and more for literally up to 98% off the retail price
How many items a site is auctioning simultaneously depends on the number of people signed up to bid on the website. Some sites may auction only one item per day and other websites may be auctioning an item every hour. Bidders will need to purchase bid packages in order to be able to bid on any item up for grabs.
iPad
The winning bid is determined not by the number of bids a bidder places but instead by whom places the final bid. Auction lovers can bid on everything from designer handbags to a new car. Yes, there has been new cars won in an online penny auction.
The end time of penny auctions is ever changing; varying based on the hosting website. Whenever a new bid is placed on an item it will increase the time remaining to bid by seconds. When it comes to bidding in these types of auctions a different type of bidding strategy should be used. Luck can be a factor but being a winner also requires understanding the auctioning process.
- Each bid placed raises the price and adds time to the clock
- If you are the bidder when the clock hits 00:00:00 you win
One thing people always want to know is how do online auction sites make their money if they allow bidders to win expensive items for ridiculously low bids. It’s a reasonable question anyone would ask and here is how it works. The website is auctioning off a highly promoted item and generates as any website would profit from advertising, and each bidder is purchasing bid packages to bid on items for sale.
A predefined number of bids come in your selected bid package determining the price you pay for an individual bid. The average price of a bid is approximately fifty cents. Take for example a $50.00 gift card to a favorite restaurant. The penny auction for this item has a total of ten bidders. Each bidder having purchased two bids for one dollar. Say five bidders use both bids and five uses only one bid; the maximum end price would be is fifteen cents. The auctioning site though has sold a total of ten dollars worth of bidding packages.
Penny Auction Steps
Bidding in penny auctions gives you the chance to win an item for much less than the item would cost. You could end up spending as little as one bid and winning. You could also spend all of your bids and still lose. While there is a degree of risk the auctions are enjoyable and exciting; providing bidders with opportunities not available in store locations. There is not any chance of winning unless you bid.
An example of a Penny Auction site is ZBiddy who use sophisticated enable them to offer prized products at huge discounts. Premium items include Nintendo Wiis, PlayStations, Flatscreen Televisions, Laptops, Desktops, Cameras, Sports Tickets, Event Tickets, and even Cars.
Example Penny Auctions
Unlike other penny auction sites Zbiddy offers a shopping experience like no other their prices on top-of-the-line products are out of this world. They have exciting events, deals, and a thrilling online atmosphere. They combine the benefits of e-commerce and online auctions to create an exclusive shopping environment.
They have a fun website with a wide range of products and excellent customer service. Everyday many winning customer are receiving fantastic deals which are shipped out to the lucky winners.
Here is a small selection of some of the deals that are available:-
Example Penny Auction
Examples of the types of prices that products have been sold at in the past
- 32G Apple iPod Touch Sold for $6.20
- Samsung SMX-C20 Digital Camcorder Sold for $6.36
- Apple iPad Wifi 32G Sold for $18.71
- Sony Bravia 55 inch 3D TV Sold for $19.61
As you can see the savings achieved are often as high as 95% of normal retail prices.
On ZBiddy each bid cost just $0.60 each and come in packs of all sizes starting as little as $13.50!.
When peoples finances and the economy are as tight as they are it is always good to find ways to make your money stretch as far as possible. This is especially the case on expensive desirable and increasingly ‘essential’ items where the best deals are especially important. Sites like ZBuddy provides away of making sure that your money can stretch as far as possible if used sensibly. On top of this they are great fun to play and well worth trying if you haven’t done before.
To find out more about penny auction and to play a game click here
Below is a testimonial of a previous ZBidder winner
To find out more about penny auction and to play a game click here
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