Penny Auctions

[Willowbilly3]

Anyone want to shed some light on penny auctions? I had a relative call today promising great riches if I wanted to get involved.

 

[Sam_Fear]

I made 20 dollars once gambling. Only took me 100 dollars to do it. Same thing. Maybe if you spent the time to really research it and play the system. Keep in mind I haven't bothered to get involved in them so it is an outsiders view.

 

[Dirtyrat]

sites that do this actually make money by selling you bids at whatever per bid, so if you are buying bids at 20c ea, and when you bid it only increases the bid 1c, then they have made money selling high dollar items for low auction prices...

At least thats how I understand it.

 

[maverickmk]

On quibids.com each bid costs $.60 & you have to pre-pay $50.00 into an account before you can bid. If you bid 20 times on an item you will pay $12.00. If you do not win the auction you are out the $12.00. Now, you can buy the item at their predetermined price after the bidding and apply your $12.00 towards that purchase. So you need to look at their price before you bid & decide how much you're willing to bid up to and then decide to buy at full price if you don't win the auction. The auction site wins all the way around. What a great gimmick - if it's your site.

 

[donsrods]

And from what I can tell, it looks like there is no ending date on an item. As long as people keep bidding they keep the auction going. Is that right ?

Don

 

[tattoodfreak]

Yea the one I checked into-went something like every time someone bid it added 5 minutes to the auction. The item usually sells for way more than it's worth-if you figure all the bids up.