California based Penny auction site PennyGrab.com is now a BBB accredited penny auction with an A rating. Congratulations PennyGrab!
In case you’re not yet familiar with PennyGrab, their site is a bit of a twist on the traditional penny auction format. Their auctions are “daily Group Grab deals.”
Here’s how it works:
“Group Grab Information
All Group Grab Deals start at $0.00, and participant must join by clicking, “Join Group Grab”
Once you buy in you cannot leave that instance of “Group Grab”, unless if nobody else joins and the clock starts.For $10.00 Gift card Group Grab auctions it’s 6 credits to join, each credit will increase the price by $0.01, you can only place up to 3 credits at a time. There is a 10 second timer in the Group Grab auctions. For $25.00 Gift card Group Grab auctions it’s 15 credits to join, each credit will increase the price by $0.01, you can only place up to 3 credits at a time. There is a 10 second timer in the Group Grab auctions.For $50.00 Gift card Group Grab auctions it’s 30 credits to join, each credit will increase the price by $0.01, you can only place up to 3 credits at a time. There is a 10 second timer in the Group Grab auctions.
For $100.00 Gift card Group Grab auctions it’s 60 credits to join, each credit will increase the price by $0.01, you can only place up to 3 credits at a time. If they do not place a credit than the Group Grab auction ends and PennyGrab keeps the credits, and credits that are left over at the end of the Group Grab will be credited back to the user account if the auction is won by a user. All participants of Group Grab must place credits in the begining of a Group Grab, it’s kinda the point, you know, to WIN! If a Member doesn’t place a credit while in Group Grab, they can be suspended from Group Grab for disruption. For each various type of Group Grab, there are also rules as to how many people will be able to join a particular Group Grab, up to 6 people for the $10.00 Group Grab, up to 6 people for the $25.00 Group Grab auctions, up to 12 People for the $50.00 Daily Deal Auctions, up to 24 People for the $100 Daily Deal Auctions. Users can only place up to 3 credits before another user can place a credit on all our Group Grab Auctions. Last person that hits the Group Grab Deal Price WINS!”
It’s great to see another penny auction become accredited by the Better Business Bureau!
Post your reviews of PennyGrab!
Disclosure: Link to PennyGrab is an affiliate link. If you decide to bid on PennyGrab be sure to do your research and observe the auctions first on this and all penny auction sites.
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