Small Fortunes At Penny Auctions
One of the latest developments online these days is the popularity of penny auction websites. These sites offer incredible bargains on items such as gift cards, computers, cameras and more. Why should you pay the retail price if you can purchase these items for just a penny? There is no doubt that you are thinking that all you are required to do is place a bid and then win. Well, it would be in your best interest to have an understanding of how the penny auctions work to determine whether or not you are getting a good deal.
How it works
This is actually an online auction that allows consumers to bid on a variety of items which range from computers, designer clothing to gift cards. If you are only looking at the sold price, you might think that you are receiving these products for a small fraction of the actual retail value. However, you have to purchase each and every bid that you want to place. The price for bids can range from 50 cents to $1.00. A few auctions will impose a fee of 10 bids for a cost of 50 cents or more for each bid. All the bids will increase the price of the product by one penny.
Additionally, if a person bids during the last seconds before the auction closes, this will increase the timer anywhere between ten and twenty seconds. Therefore, this kind of auction could last for longer hours than the time that was introduced because people will continue to bid on the item. The auction will end and the winner will be declared once there are no more bids for the item on sale as soon as the timer reaches zero.
Basically, a penny auction can bring in small fortunes simply by selling more bids to consumers. As a result, the profits made are not in accordance with the cost of the product, but based on the bids bought and made by the consumers.
To find out more about Penny Auctions visit http://www.bidstick.com
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