What
is a Penny Auction?
Penny auctions are similar to a traditional auction,
where items are purchased through a bidding system. A penny auction is an
online auction where bidders make bids in increments of one cent with every bid
raising the price of the item by just one cent. Unlike traditional online
auctions, bidders must pay for bids or bid packs. Also unlike traditional
auctions, penny auctions are timed. The last person to place a bid is
determined the winner of the auction. The timed auction concept is very similar
to the online auction model of eBay. However, unlike eBay, online penny auction
sites usually increase the auction time with each bid placed.
Why
Shop Online Penny Auctions?
Many people are attracted to penny auctions because
of the tremendous savings they offer on brand new products. Penny auction
sites offer electronics, computers, household items, gift
cards, and more at rates as low as 5% the retail price. Much like a traditional
auction, there is a possibility of another bidder bidding on the same item that
you are. However, this is the thrill of the online auction game. Many people
are attracted to penny auctions for the thrill they receive during the bidding
process. Penny auctions have an advantage over other auction sites like eBay
because all items are brand new and from a trusted source.
