Sunday, June 14, 2009

There are great deals to be had on penny auction sites but it’s all about timing and who and how many bidders you are bidding against.

Sometimes you can luck out and get a deal by only placing as few as 1 bid on an auction. A few minutes ago a children’s ATV auction ended over on Rocky Bid with only 6 bids placed total, the winner only placed one bid. I just looked on there, I was ten minutes late. It’s all about timing and patience.

You can’t always bid on every item you see, but sometimes it’s a good idea to place even one bid on an auction as you may be the only one there bidding, especially on penny auctions that have recently launched and are still looking for more bidders to register.

On Rocky Bid there has been a total of 831 completed auction since March. Some items receive hundreds of bids before the item is awarded to a winner and other times, like on the child’s atv auction with as few as 6. I was watching a VIZIO VO37LF 37-inch 1080p LCD HDTV for auction over on YottaBid, so I wasn’t paying attention to Rocky Bid and it just now ended with Yotta bid  receiving 3,739 bids, the winner was so deep into the auction that they spent  $1,338.40 not including shipping! Almost double the MSRP. They could have just purchased it for $557.89  over at a1books.com. Due to a new rule over at Yottabid when the cost of the item (with most items the cost on top increases by $0.10 with each bid) gets up to 1/2 MSRP there will be two of the same items awarded, one to the winning bidder and one to the non-winning bidder who has spent the most amount of bids. So in the case of the LCD HDTV, two there would automatically be two winners as soon as the item reached about 3,649 bids. The higher the bids, the more of the same item will be awarded over at Yottabid . Pretty good idea I think, it gets more people to bid on items.

It really is all about timing and great deals are still to be had with all of the up and coming penny auctions.

Stay tuned for more penny auction news, tips and reviews!  Please join the forums and help expose scam penny auction sites.

Thank you and, as always, remember to use your own discretion and do some research before bidding on penny auctions.

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