We recently interviewed the founder of the new seat auction site SitnBid.com to learn more about their ‘tournament style’ penny auction and what got them started.
What do you think about seat auctions, have you tried SitnBid? Discuss this in our penny auction forum!
Penny Auction Watch: What got you interested in the entertainment shopping industry?
SitnBid: We have participated for month on different lowest unique bid auction websites and what we liked was that if you’re a good strategist, you can easily win great items!
But after several months observing the various online reverse auction websites, we came to a clear conclusion: playing on a reverse auction site can be an expensive business.
Why? Because when a participant has to pay for each bid placed, the costs mount up very fast.
So we put our minds to creating a lowest unique bid auction website that would allow everyone to participate for a very reasonable outlay and where the best strategist wins not the one with the biggest wallet.
Penny Auction Watch: When did SitnBid.com open?
SitnBid: We have been open since July 20 and running 24/24 7/7.
Penny Auction Watch: What kind of items do you have lined up? Will your auctions run on a schedule?
SitnBid: Actually, we have a particular functioning on SitnBid.com: each player can choose the item he wants to win.
Here is how it takes place: SitnBid.com auctions have a specific structure, operating on the tournament principle. So when you bid in our auctions, you’re playing the tournament auction game. This game structure ensures that all participants start on an absolutely equal footing. Here are the specific features of a tournament auction:
To register, you first must pay an entry fee: this is the only cost before you start participating
This entry fee entitles you to a bid package: these bid opportunities allow you to participate in the auction
The bid package is the same for each participant, so that each player has the opportunity to place exactly the same number of bids.
In a tournament auction, all participants pay the same entry fee and can place the same number of bids. Their chances of winning are therefore exactly the same, the player with the best strategy being the winner.
You can participate in 2 types of tournament auctions: SitnGo auctions and Scheduled auctions.
SitnGo auctions start as soon as the requisite number of players has been reached. For example, an auction that requires 5 registered players will only start once the fifth player has registered. It is usually easy to find auctions ready to start on SitnBid.com.
Scheduled auctions start on a specific day and time (based on GMT hour). They are announced in advance (24 hours before it starts) and players must register to participate. Scheduled auctions require a minimum number of registered players to start at the scheduled time, and the number of players may be limited.
The winnings for each auction depend on the number of participants and the amount of the entry fee. The winner receives the sum total of entry fees paid for that specific auction. Credits can be accumulated and finally be exchanged against an item through the SitnBid.com store. If your dream lot is not available in the store, let us know. We will look into your request and do our utmost to help you to get it.
Penny Auction Watch: How much are your bids?
SitnBid: We work on a credit basis, each credit is $1.00. We regularly propose special offers in order to give bonus credits to our member. To celebrate the opening, we offer a 50 % bonus to the first 50 members who purchase a credit package.
We also give 3 bonus credits when a member create an account, 5 bonus credits for referring a friend and we organize a weekly contest on Twitter and Facebook where each participant can try to win 5 credits per week.
Penny Auction Watch: What are your shipping costs?
SitnBid: When you choose an item in the store, you will receive an Amazon gift card equivalent to the product price in your email address along with instructions how to redeem your product in Amazon. You can then completely control the shipping process.
Penny Auction Watch: Are there any win limits, limits /household?
SitnBid: There is no number of wins a single person can have in a day. The only limit concerns beginner auctions. These auctions are only available for members who won less than 5 auctions since they are registered on SitnBid.com.
Penny Auction Watch: Is there a story behind the name/theme?
SitnBid: We chose the name SitnBid.com because the concept we offer is very similar to the type of game you find on online poker sites: sit-n-go. When you play on SitnBid.com, you don’t pay each time you place a bid: you only pay to access the auction. This principle allows you to play within your own personal limits and avoid running up excessive costs.
Penny Auction Watch: Is there anything else you’d like to tell our readers?
SitnBid: We welcome anyone to log on and try the site, we have 2 free scheduled auctions running per day (17:00 GMT/1pm EST and 23:00 GMT/7pm EST) and so people can give the site a try at no cost and win 3 bonus credits.
Please post your reviews of SitnBid either here in the comments section or in our forum!
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