500Bidz.com is a new penny auction site with a twist. What’s the twist? The only way to win is by being the 500th bidder on every item. So basically you can’t bid 10 bids and end up winning because your opponent ran out of bids or decided to drop out of the game, and you won’t even know when the bid is at 499, so really it seems to be left up to chance/luck. What do you think of this penny auction model? Do you love it? Hate it? Want to learn more about it? Read our interview with 500Bidz’ owner and please post your thoughts, opinions and bidding experiences either in our comments section below or in our penny auction forum!
Penny Auction Watch: What got you interested in the entertainment shopping industry?
While working on a promotion for another web idea i had in 2007, I was going to give a gift to every 500th user that signed up. It then occurred to me that, that could be another game on its own. I began to do some research and I discovered the penny auction industry. The scale of the market and the potential savings for users made the whole idea very interesting. A television or Video game for up to 90% off retail prices seemed really cool.
Is there a story behind your site’s name?
Yes. It pretty much sums up our site, it takes 500 bids to win any item, so i decided to call the site 500Bidz.com. I had initially come up with every 500 but i ended up with 500 bids.
Penny Auction Watch: How long has 500Bidz been open?
We just recently launched on the 28th of January 2013.
Penny Auction Watch: Can you tell us about some of the items that you offer/have lined up? Do your auctions run on a schedule?
We have brand name electronics, gift cards to restaurants and retail stores, sporting good and luxury items. We plan to add Vacation packages too very soon. We will run auctions on big ticket items to commemorate Holidays and major events, we will keep you updated. We are also working on a feature where users can suggest items they want us to auction. All auctions run continuously till we end them.
What are the timer increments between bids and does this vary by auction?
We do not have timers on our auctions, just a 500 counter.
How much are your bids?
bids differ from item to item. they range from 10 cent auctions to $10.00. Certain special big ticket auction might cost more.
Penny Auction Watch: What are your shipping costs? How long does it usually take for users to receive their items?
Shipping costs are included in the auction price. We also drop ship from a well know e-retailer. We guarantee a tracking number in 7 days of win notification or we’ll credit you $10.00
Penny Auction Watch: What states/countries are you open to?
We’re open to the 50 states in U.S right now. But we are considering expanding internationally.
Penny Auction Watch: Is there anything else that you would like to share with Penny Auction Watch readers?