Yet another penny auction site has shut down. Say goodbye to Bid-Bob.com.
Here’s what Bid-Bob just sent out on why they are shutting down:
“Dear Customers of Bid-Bob.com,
With regret we are writing to inform you that we are suspending operations at Bid-Bob.com. Our customers have been very good to us since we launched on May 19th or 2011, and we really appreciate your loyalty over the last 8+ months. Before we go into the why, when, and how of the decision to Suspend Operations, we would like to address whatthis means for our customers:
– All Auction Wins, Bonus Prize Wins, ‘Buy It Now’ items, and other prizes won at Bid-Bob.com through our final auctions last night will be sent out in the next 48 hours. We will ship ALL won items before formally closing the business. If you have not received your items byFriday February 10th, please send us a note at Support@Bid-Bob.com.
– Auctions will no longer be listed at Bid-Bob.com, even though the site will stay ‘up’ until we formally close the business.– Given the nature of this announcement, questions and inquiries will be answered as quickly as possible. We will do our best to answer all your questions about the suspension of operations at Bid-Bob.com.
Why is Bid-Bob.com Suspending Operations?
The simple answer is that we will not place items up for bid that we can’t currently pay for. Right now our capital is exhausted with the remaining auction wins, and compliance with the various business laws and tax requirements of the IRS and the State of North Carolina.Bid-Bob.com was created to provide new ideas into the industry, and create an exciting and new experience for our customers. We made some decisions that were good, and we made some decisions that did not lead us to the positive results we were hoping for.
This industry is difficult, but so is every industry and the the law of business applies. If you have money and make the right decisions, then you have a great chance to succeed. If you don’t make the right decisions and don’t have enough money to give you a wide margin of error, it can be very difficult to succeed.We continued to try new ideas, marketing avenues, and other changes in our product line up through our last night of auctions in January to give us a chance to continue providing our customers with another opportunity to play at Bid-Bob.com. But we are not willing to place items up for bid that we cannot pay for right now, and then just hope that Bid Pack sales will cover the costs. Many sites have done that in the past, and the result is usually disastrous for the site and the customers.
We appreciate those customers who have come to our site once, twice, and especially those who have been with us since May 19th. There are some bidders in the industry that will most likely have some negative things to say about our business, myself, and even our customers in the coming days. Just please know that we have always been up front and honest with you, and tried up until the last day to continue providing you another chance to continue bidding at Bid-Bob.com. We wish you all the best in the future.
Sincerely,
Bob MacReynolds
Bid-Bob.com”
We’d like to thank Bid-Bob for being up front with us about their shut down, so many penny auction sites have left bidders hanging all while adding more auctions in hopes to make enough profit to cover items that bidders had already paid for.
What do you think about this penny auction shutting down? Discuss this with us in our forum.
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Caleb February 6, 2012, 5:46 pm
For someone who enjoys dishing out criticisms and advice regarding business practices so feverishly, it is pretty disappointing to see that Bob was unable to keep his own business afloat. Perhaps if more time had been spent focusing on his own operations and less time spent giving other penny auction sites and users advice on the proper way to run such a site, Bob would not be in the dire straits that he currently finds himself. All the luck in the world to you Bob, but perhaps in your next venture you should seek success before pointing out the faults of your competition.
Steve Masslock February 10, 2012, 2:46 pm
Great article, online auctions are a great thing. But some of the bigger sites eat you up with fees. Try okiebid and help us get the word out there. We won’t raise our fees.