How does BidMadness work?
It’s easy! 1. Sign Up 2. Add funds (BidBucks) to your Money Box using PayPal and Direct Deposit (1 BidBuck = $1) 3. Choose an item you would like to bid on 4. Confirm your bid and Admin Fee details, and place your bid 5. The aim is to place the Highest Unique Bid of all the bids at auction close. 6. If your bid is the Highest Unique Bid then you are the Winning Bidder and the Winning Bid Amount is charged to your Money Box account Take a look at the following example: iPod Nano 4GB Recommended Retail Price: $359 Admin Fee: $2.00 Bid Increment: $0.01 Max. Bid Amount: $3.00 Max. No. of Bids: 300 Auction Start Date: 23 July 2006 Auction Closing Date: 30 July 2006 At the end of the auction the top ten bids may look like this: Bid 1: $3.00 Bid 2: $3.00 Not Unique Bid Bid 3: $3.00 Bid 4: $2.50 Bid 5: $2.50 Bid 6: $2.40 Highest Unique Bid Bid 7: $1.80 Bid 8: $1.80 Bid 9: $1.50 Unique Bid, but not Highest Bid 10: $1.30 and so on…. The iPod Nano is awarded to Bid No.6 as it is the Highest Uni
