Have you had a chance to bid on penny auction site 1pennywin.com yet? This week I had the pleasure of interviewing the founder of the 1-week old penny auction site, Tim Russell.
1PennyWin opened on September 31st, and so far Tim tells me that all of the winners’ items have either been shipped or received already. Tim is a business owner in Florida in Florida with a number of successful businesses, including FL pawn shop Big Tim’s Pawn (bigtimspawn.com) and eBay store. He tells us that his pawn shop is the largest privately owned pawn shop in Central Florida. Tim also holds a degree in mathematics, game theory (Check out our article “Penny Auctions a Mix of Game Theory and Psychology)to be exact, so after his wife found penny auctions over 2 years ago and tried her hand at bidding to win designer purses Tim analyzed penny auctions. Penny auctions intriged him, and his thesis was actually about John Nash.
Tim told me that his main focus, in choosing a developer to help with the software of 1pennywin.com, was to find a script without bots in it and Aj Rosner’s penny auction script didn’t have bots, so he was really happy about that (so are we).
Unique Referral System
1PennyWin.com has a unique 2 level referral system. For instance, say I refer you to 1PennyWin (link to join) like I just did, if you purchase bids from my link, same goes to you, if you promote 1PennyWin by referring a friend, we will receive 10% on all of their bid purchases for life, then whoever our friends refer, 5% of what they purchase. The referral commission can be redeemable either as bids or a cash payout. There will soon be a special promotion (check back here next week) to the person to refer the most bidders to the site.
Items Always on Hand First
Tim says that all items that are offered on 1pennywin.com are all brand new and already in stock before the items are listed for auction. He also ships the gift cards electronically. “The main problem with penny auctions is customer service, same goes for pawn shops, I care about how my business is perceived, so I care about providing a good customer experience and even offer a telephone support number for anyone that has questions.”-Tim Russell.
Buy it Now: 100% (for now)
Right now 1pennywin’s auctions all have 100% buy it now eligibility up to 1-hour from auction close time. This means that you can purchase the item at the posted price (which is the Amazon.com price) with the bids you’ve spent + any extra money if needed and not walk away empty handed. Tim tells me that they have plans of decreasing the BIN value to 80% possibly within the next few weeks, so be sure to read all of the terms so you know what the buy it now is if you decide to bid.
Winner History is Detailed
The sold penny auction auction history shows the entire bidder history, whether or not the item has been shipped or not, and whether or not the bids were free (promotional) or purchased.
This week only (week of Oct 11th) new users get
€50 Free Bids, 60 Free Bids for Penny Auction Watch readers with promo code PAWWIN10 used at registration.
1PennyWin is Open to US & Canada Penny Auction Bidders
Bids Cost: $0.75 a piece and can be bought in a user determined amount, say you want to spend $115 on bids, put in that amount and that’s what you get, there are no predetermined bid pack amounts.
Items: 1PennyWin’s item lineup right now is 8 items per day from 7pm to 10pm EST with plans of expanding as the site grows. All items are shipped with a tracking number and reasonably priced shipping.
Unique Items: Some unique auctions on 1PennyWin include token and 2nd chance auctions. “The next time you get beat at the last second just email us to redeem it and we will return all the bids you used in any auction one time. Basically 2nd place gets all their bids back +25 free bids. Can not be applied to previous unsuccessful auctions.” Another really unique auction is 1PennyWin’s Be a Penny Auction Owner for a Day. If you win the auction you get to be a penny auction owner for a day, you pay for the item, whatever you choose, and whatever revenue it takes in you get. Now that’s pretty unique!
“So try it out. Have fun, win a silver dollar and get some cool stuff.”-Tim Russell, 1PennyWin.com.
Tim’s favorite quote is by William Penn: “I expect to pass through life but once. If therefore, there be any kindness I can show, or any good thing I can do to any fellow being, let me do it now, and not defer or neglect it, as I shall not pass this way again. I try and live my life like this everyday. It’s in my wallet I always carry it. When I have tough choices to make it is one of the first things I consider. How do you live your life?”
1PennyWin.com Business Information:
“1pennywin.com and TKR Inc. is located in Pinellas Park Florida but serves the contiguous United States.
Our Products: We only offer the top brands in the industry. We intend to run fair, honest Penny Auciton sites.
1pennywin.com and TKR Inc
5193 73rd Ave N
Pinellas Park, Fl 33781
727-231-4900 call us we answer and return calls!”
See what our members are saying about 1PennyWin and discuss this penny auction site with us in our forum! click here.
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