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Thursday, February 3, 2011

What is Quibids? What is a Penny Auction?

What is Quibids? Quibids is one of the largest penny auction sites in the US. To understand Quibids you must first understand penny auctions.
I am going to first explain what a penny auction is. Most of you are familiar with a traditional auction. An auctioneer will lead the auction starting at a specified price and the person to bid the highest price on the auction wins. 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. At Quibids each bid is $0.60 each and are sold in incremental bid packs. To view Quibids prices click here. 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 increase the auction time with each bid placed. Penny auctions are unique to online auctions like eBay, in the price of a penny auction starts at $0.

Why shop online penny auctions like Quibids? 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, toys, tools, jewelry, event tickets and more at rates as low as 5% the retail price. It is not atypical to see people win auctions on penny auction sites for as little as one penny. 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. You can view my Quibids Strategy tips by clicking here. 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. Quibids sells hundreds of brand new items every day including electronics, computers, tools, toys, home goods, fashion items, gift cards and more.

To read my 5 step process on how to participate in penny auctions please click here.

To contact Quibids click here.
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