When you first found penny auctions what was going on in your head? Obviously you were curious, maybe that ad you found for a hot gadget for pennies was what reeled you in, or maybe it was an advertorial in the form of a “consumer tips website,” (questionable form of marketing, in our opinion), maybe a friend or relative was bragging about their cheap items, but what were your initial thoughts?
Did you think for sure these penny auctions would save you money and let you obtain those sought after electronics & designer handbags, or did you think they were a scam? Penny auctions have even taken the fashion world by storm, now fashion bloggers are talking about them and compiling directories.
Needless to say, our first impression of penny auctions wasn’t a very good one.
We found our first penny auction site back in March of 2009, from a local newspaper ad, we thought it had to be a scam. But like you our curiosity was piqued and this didn’t stop us from trying it out. We spent many hours bidding late into the night on our first penny auction, it was for a Nintendo Wii. Winning items on those free promotional bids, they were given out to everyone daily just for signing in was what helped hook us.
Maybe it’s the thrill of the chase, the thought that we could win anything for little to nothing, was what kept us going [and still does]. Sometimes this thought is assured, but not always.
Later on, many months after the site had closed, we found out that they had been manually shill bidding against us a number of times. Is there any legal recourse? We’d, as well as many of our readers would like to think so, it just doesn’t seem like there is anything that can be done to stop this and it is hard to detect. The people behind a penny auction site could be as professional and courteous as possible and still be bidding against us and it’s frustrating.
First impressions are important, but sometimes we start out with a few prejudices or expectations and then later we find that we were wrong to make a judgment call about someone or something based on a first impression. Other times first impressions are unchangeable and will cause someone to believe and form conclusions around something even if it’s untrue.
So tell us, what was your first impression of penny auctions?
“Must be a scam,” or “cool – sign me up!”?
Image credits: WOW!, I Won! & Thinking: 
Some rights reserved by Search Engine People Blog; Our favorite “Scam truck” photo, 
Some rights reserved by jepoirrier
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letsplay August 31, 2010, 4:36 pm
Confessions of a penny auction bidder…
It was about 3:00am and I was doing one of my never-ending searches of new companies to invest in. I had found an article of Project Fair bid recieves Millions in funding, and how they are creating a ligitimate Penny Auction Site in comparison of Swoopo. My first thought was Penny what? and what is a Swoopo?
I immediately typed swoopo.com into the address bar and I watched…and watched…and watched…all the flashing bids being placed randomly, all the money being spent, all the math in my head, my eyes fluttering back and forth across the screen, breathless. I felt a little dizzy and I had butterflies in my stomach, it was now about 4:30 and all I could think of was how they were PURE GENIUS! Was this all real? another 30min passed and I purchased a small bidpack to place a few bids. An hp laptop was coming up and my eyes opened a little bigger like I was a kid in a candy store. letsplay was on top for about…. a micro second. Then, another micro second. $1.40 down the drain, but who cares it's only $1.40…little did I know I would be spending over $200k within the next year on penny auction sites.
So I took a few deep breaths and said to myself, "I'm gonna need some strategy for this, for now I'll start small." It was a PC game called Borderlands, and I placed a few bids to win it for .40 cents- It came to like $5.69 with shipping. I waited for it to arrive in the mail- of course my itchy trigger finger was wanting to use the mouse to press the bid button, but I had to see the follow through before I reached into my back pocket again. It took 11 days.
I felt as if I almost said my goodbyes to my family within those 11 days because shortly after I had dissappeared and was stuck to the monitor and lucky for me Project Fair Bid announced thier site to be named Bigdeal.com opening in November. What a head start I had to be a new user on a new pennyauction site that had claimed and proven all the Honesty and Integrity before they even officially opened, by looking at thier company profile and reading about thier owners and employee lineup to get this thing going. Many big name hotshots involved with impressive portfolios. I was convinced this was my start, and it was.
What's most funny is the borderlands Pc game I won, I had sold it to someone. then after winning an xbox 360 and deciding to check it out…I had to go to the store to buy Borderlands for retail because it wasn't on the site any longer. Now I feel like smacking anyone that walks into a best buy or similar.
With the above being stated I would say that It was love at first sight.