What are Penny Auctions?
Penny Auctions are timed auctions where users pay for each bid they place. Each bid placed adds a small amount of time to the clock. The last bidder to place a bid before the time runs out wins. Products won on penny auctions are typically brand new. Many are sent directly from Amazon.com! Each site has its own particular rules and quirks, but all of them have the same basic characteristics: • The user must first sign up at a penny auction site and buy bids. Bids typically cost anywhere from 10 cents to 1 dollar each. • The item price usually starts at $0.00 or some small price (usually 90% to 99% off). • Each bid raises the price by one penny (hence penny auction). Some penny auction sites have auctions where each bid raises the price by a higher pre-defined amount. Some sites even lower the price on each bid! • Every time a bid is placed, anywhere from 10 seconds to 2 minutes will be added to the timer. This prevents sniping at the last second. This is similar to real (in person) auc
