I just had the pleasure of meeting SharetheSpoils.com founders (-1) for dinner in Chicago! SharetheSpoils is a penny auction site that gives not only the winner of an item their item, but money back to both the winner and the two bidders right below the winner.
Unfortunately SharetheSpoils has been down for the last few weeks, but assures bidders that they’ll be back up soon, they’re working on obtaining merchant processing right now.
After finding out about penny auctions Simeon wanted to find a way to change the game up a bit and actually give back to bidders.
In case you’re unfamiliar with SharetheSpoils.com, basically they offer traditional penny auctions where one winner wins it, but the really exciting thing about their site is that they divvy up the “pot” (bid proceeds) and award money back to not only the winner, who gets the item, but the top 2 bidders right under the winner.
The money back can really grow, too. For instance, on August 9th an item on SharetheSpoils ($50 value – you choose) , each of the top 3 bidders received $953.50 cash back, they did have to bid for quite a long time ( at least 10 hours) before the item met the $57.22 end price, but as you can see $50 value items on this penny auction site can really turn into something much bigger for a few bidders.
Simeon tells me that they could change things up a bit too, and more bidders could end up getting money back just for bidding.
Have you bid on SharetheSpoils.com? If so let us know about your experiences and chat with other bidders in our penny auction forum!
It was great to meet Simeon and Brett tonight in Chicago!
(By the way, if they ever offer another jar of Chicago air up for bid definitely choose that one! It’s a
great city!)
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