Below is an article that I found on prweb.com:
Bid2Free launched a first known penny auction website of its kind in
the United States this holiday shopping season. Bid2Free.com starts all
items on its auctions at between 90% and 95% off retail prices and
allows users to bid until the items reach $0.
“We have had a great response from consumers since we launched the
site,” said Jon Ruprecht, an owner of Bid2Free.com. “The iPods and
iPads, in particular, have built a lot of interest because members are
getting them for a fraction of the price they’d pay in the store.”
Individuals create a secure account, choose a bid bundle and begin
participating in auctions. Each time members click on an auction item,
they pay to lower the price until it reaches $0 or the timer expires.
The person who clicks the bid to zero or is the last to bid before time
expires, wins the item. If the item reaches zero, the member receives 1
account credit. Shipping is free.
A patent is pending for the new bidding system. The first seven-day
auction filled with the season’s top Christmas gifts ends Sunday.
Since launching, Bid2Free.com has steadily increased its membership.
The company is giving away an iPod nano for every 100 people who sign up
and place a bid, an iPod touch when 500 members are reached, and an
iPad when membership reaches 1,000.
Bid2Free, headquartered in St. Cloud, was founded on philosophy to
not only make shopping easy, but also to give back to the community. The
company donates 10 percent of its monthly profits to charity. Learn
more at Bid2Free.com.
