A few Penny Auction Watch forum members obtained great deals on PennyBuy.us and today, PennyBuy regrets to inform us that they will soon be closing. If you take a look at the ended auctions you will see that they only received a few bids on the majority of their auctions, all items had a start price of $1.
Read the message that PennyBuy just sent us, as you will see not all penny auctions that start out will make it. Unfortunately the ones that fail are the ones that are legit.
“Store closing! All items must go! 30%, 40%, even 50% off retail prices! Buy now before the deals are gon… oh wait.. It’s a penny auction site. Everything usually over 50% off anyways!
After being around for only a short while, PennyBuy will be shutting down. The final auctions are up, and the grand finale auction is my lovely MacBook Air. Full details on the auction can be found @ http://www.pennybuy.us.
“First.. let me start by saying I am extremely sad that it has come to this, the site hasn’t been around all that long, I opened it on February 17th 2010 and the first month was pretty positive, tons of bids taking place, lots of new users, bid packs being purchase consistantly.. and then everything fell off. I don’t know what March does to penny auction sites, but for me it’s been devastating. I’ve lost far too much financially to the point where I no longer enjoy checking the site email to see new users and see who has emailed me, it has become more of a “how much did I loose on this one now”. Maybe it’s the products I offered, maybe I didn’t offer enough, maybe I didn’t advertise enough, i’m not sure, but I’ve suffered substantial losses and must do what I can to help offset them.”
For those who are PennyBuy members and have questions, hopefully I can answer them with the following:
- Existing wins will be honored of course, and everything will be shipped once the auction is paid
- Limits should be lifted for everyone so they can participate in the last auctions
- Users w/ purchased bid packs will get refunds, however this will take place after the final auction has ended. Details will follow
- Please do not start a PayPal dispute. If I decide to leave the country I can see the reasoning behind it.. but um.. yeah I’m not leaving the country. Have a little faith people!
On a more serious note to everyone, thank you so much for your comments, support, and feedback on the site. I truly appreciate it and wish I could stick around longer; apparently I don’t have what it takes to run a successful penny auction site. I also kill plants and I cannot draw or paint, so it’s just one more thing I can put on the “well.. that was epic failure” list!
We would like to thank PennyBuy for running a legit & honest penny auction site, they will be refunding bid pack purchases. Join our forum to discuss your experiences with penny auctions!
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