Seemingly following in the footsteps of SwipeBids and JumboCloseouts, Speedybuys.com is the newest penny auction that uses marketing “call-to-action” phrases to get users to sign up in a haste, enter their credit card information & purchase an initial $150 bid pack purchase.
In fact, the site is so much like JumboCloseouts that they failed to remove the meta page name information from one of their pages that says the site name is “JumboCloseouts:”
SpeedyBuys.com Domain Registrant is private. Their Alexa ranking information, “Speedybuys.com has a three-month global Alexa traffic rank of 1,068,209. While the site is ranked #108,063 in the US, where we estimate that 80% of its visitors are located, it is also popular in Canada, where it is ranked #87,892.”
SpeedyBuys, not unlike the other “$150 charge penny auctions,” has a “no refund” policy on bids purchased, except if a user were to not win a single auction with their initial bid pack purchase.
Who is behind SpeedyBuys.com? The domain has been registered as private so we’re not too sure:
Registrant:
Domains by Proxy, Inc.
DomainsByProxy.com
15111 N. Hayden Rd., Ste 160, PMB 353
Scottsdale, Arizona 85260
United StatesDomain Name: SPEEDYBUYS.COM
Created on: 20-Jul-10
Expires on: 20-Jul-11
Last Updated on: 21-Jul-10
SpeedyBuy’s guarantee:
11. RETURNS/REFUNDS
“Speedybuys.com does not offer refunds for bid packs except as covered by the guarantee, whereas we guarantee that if you sign-up for our site, and do not win a single auction within 60 days using the 300 start up bids included, we will fully refund your bids.
If, within 14 days of delivery of an item, you decide you no longer want the item, Speedybuys will refund you with the amount that you paid for the item as well as original delivery costs, provided that you have (i) returned the item to Speedybuys, (ii) the item is still in its original packaging and (iii) the item is not damaged or used. Returns or refunds must be first initiated by contacting the Speedybuys customer service team in writing (by letter or email) within the 14 day period in order to be executed. Please note that we cannot offer you a refund on the cost of the Bids that you placed on that auction or the return shipping cost.
Should Speedybuys incur additional costs for insufficient postage on the return or for courier shipments and other irregular shipping methods that are over and above postal shipping costs, these costs will be deducted from any payment whatsoever paid to you. Sets/boxes can only be returned in their entirety.
Exceptions to the right to return are audio or video recordings, computer software that you have unsealed and other items noted by Speedybuys on the Speedybuys site. Such items are not eligible for return or refund.”
And here’s the sign up page, look familiar? Do they really have liquidation & closeout auctions, do these other guys?
We can’t stress enough that users need to read over everything carefully before giving over personal information & credit card numbers!
Today, a user posted the following comment in our forum:
“I had a pretty bad experience with SPEEDYBUYS. First off I knew nothing about penny auctions until I signed up with SB and failed to read the fine print. I was charged $149 for 300 bids. I started bidding but it seemed fruitless as I watched several Items “end” and then instantly restart. I was thinking I would have to spend about $300 just to win. So I just gave up and made the mistake of asking for my money back. I started doing the math on some of the items being sold and realized something was not right. If am item sold for $100 the company actually made $5000 on that item since $100=10000 penny bids @ .50 each. Just my honest opinion. “
What have your experiences with SpeedyBuys.com been? Please tell us!
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Ryan G. August 24, 2010, 2:10 pm
I am one of the newest victims of this fraud. I am literally obsessing about how to make my money back with a few items so that I feel like I at least got something from out of this hole with leaves over it.
I, like so many thought that I would be using my card number if a product was won. On top of that I hit the bid now button tosee what the site was all about and managed to buy the Emergency Kit for $2.34. Great deal, ya I'm so happy I now own a $162.33 emergency kit (149.00 bid package, $10 shipping, $2.34 Emergency Kit), that I have yet to see.
Worst online scam EVER
max August 26, 2010, 6:09 am
you people are idiots. you just want to play dumb to get a refund, i too joined a penny auction but i read everything first. I only paid a small amount to get started and try it out and realized how hard it is to win, but i did not ask for a refund. And as for the guy who (figured out the scam) thats how they make money its kind of an insurance policy for them since an item could sell for a penny if there is no traffic. some sites charge $1 or $.60, i saw one that sold a car for a two thousand, so thats a good deal to the winner but its over 100k for the business. If they bought the car at full retail for 16k they could take a hit if hardly anyone bids on it. You people saw the ads and thought you could get something for nothing so now your pissed. The ad is a half truth, but like a purchase from any store you should find out what the rules and policies are, being a manager i have seen a lot of people claiming they never saw the return policy on the walls and doors and cash registers, so unless people are walking around with blinders on like a horse and looking down everywhere they go than they really saw or knew the policy but play dumb. At least these penny auctions sometimes give you free bids if you haven't won in a certain amount of time. swoopo does this, i saw how hard it was to win so i quit going on there, but after a month of no bids or wins the added my bids back. PEOPLE NEED TO STOP CALLING THESE SITES SCAMS, READ BEFORE YOU BUY, AND DONT EXPECT SOMETHING FOR NOTHING. IF IT SOUNDS TO GOOD TO BE TRUE IT PROBABLY IS.
nick February 1, 2011, 5:30 pm
Hey dumb ass that’s not the problem, the biggest scam is that they don’t send you the items you buy. How about keeping your personal opinions to yourself before making yourself look ignorant.
lovemenot February 8, 2011, 1:28 am
ignorant? interesting, ignorant is those who claim scam when its really you whos calling the kettle black. how many companies charge 79, 149. etc … from the image above the terms look pretty damn clear, so how is this a scam?
Scott T August 27, 2010, 2:57 pm
@Max Ok so you actually read the fine print and still signed up. Sounds like someone is dumber than the people that miss the fine print. I have not seen a so called "Penny Auction" yet that is actually a 1 cent auction. If you are paying $1.00 per bid then its a "Dollar Auction". If you are paying $.50 or $.70 a bid then its a ".50" or ".70". Every time you bid you are spending whatever the bid cost and this just seem ludicrous to me. They are all Scams Period!! They all make you pre-purchase bids Period!! So if you bought into this whether you read the fine print or not your wasting your money. What have you actually won and what was your bottom line. If you paid $150 for 300 bids and won a 100 more bids your the loser. From what I see even if you win you have to pay for the item (what ever the winning price was )(plus shipping) DO THE MATH!! These sites are scamming people. Don't fall for it whether you read the fine print or not.
ST
Sun August 28, 2010, 11:23 am
Scott i have actually won many item from penny auction sites. If it were a scam then why do I win? I watch and play smart not like a idiot and bid bid bid then lose. Maybe some do not do as they say but I have used a few and won on each so to say all are a scam is false
D.G August 30, 2010, 4:50 pm
http://www.ic3.gov/default.aspx
Dispute the charge and cancle our card and get a new one ASAP…..Speedybuys must disclose the charge of $149.00 at registration….also they must give a receit on any product shipped….can you say RIPOFF!….these sobs should be in JAIL….if you can figure out just who they are….Goodluck!
speedySCAM September 1, 2010, 11:50 am
IT's a scam, no doubt. Stay away, or sue them, so they can pay some of the money stolen back.
You may not even be able to log into your account after you give all your information. DON'T be stubit to get there
MARIA October 4, 2010, 9:54 am
This is an HOAX they said FREE and was recomended in aol news.
They charge 149 dollars for 300 "free" bids. I will never buy online products.
This is very deshonest type of business. Now I can not return the items because it passed more than 14 days after the purchase…ok I just got my credit card bill so is until now that I realize the fraudulent strategies this people use!!!!!! Very dissapointed
Lean October 12, 2010, 8:11 am
This is a scam no doubt! The people that say otherwise probably work for the co.
Diana Morales December 14, 2010, 9:36 pm
My story is mostly the same as all the ones I’ve read about. I joined for “free bids” after seeing a story on our local NBC News. The rip began just as most of the others and ended with not recieving the items I “won”. I however filed a complaint with our State Attorney Generals Office and they in turn sent my complaint to the Federal Trade Commission. While it felt good to be able to vent my frustations, I knew everyday more peole were geting ripped off and by these people. So I encourage every person that has been taken by the on line bid scams to file a complaint also with the Federal Trade Commission and hopefully together we an make a difference.