A lot of people enjoy taking part in penny auctions, the newest type of auction web site in which the price of a product offered for sale increases only by a cent or two every time someone places a bid. Such auctions differ from standard online auction sites in two different ways:
Bidding isn’t free. Anyone wishing to place a bid on an item must buy a package of bids. They can be obtained in packages of between 10 to 100 bids, and they cost upwards of fifty cents for each bid. Sites generally auction off bid packages too, therefore it is possible to obtain additional bid packs at a lower rate.
The auctions do not end at a fixed time, but end about 10 seconds following the last bid. Each bid placed in the last minute of the auction extends the length of the auction, normally by about ten seconds. This means that an auction that seems near its conclusion may literally go on for hours if people continue to bid.
The lack of a definite ending time makes strategies much different then that of an eBay tactics. Penny auction strategies are few, but the main one is this – you should never, EVER, put in a bid with more than a minute to go in the auction. The nearer you are to the auction’s end when you place your bid, the much more likely you are to win. Bidding early will not assist you whatsoever, as most of the bidding in penny auctions will happen in the last minute.
Additionally you may benefit from making use of the built-in proxy bidding “bot” that nearly all penny auctions offer. The automated bidding program is something that you can set up in advance so you know that your bids are going to be positioned at the appropriate time. If you try to bid manually, your bids are going to be placed in a queue and they will usually be inserted after the automated system’s bids. Because of this and delays in both the Web and the auction system, you might find that last-second bids placed manually do not get placed at all. When that happens, you lose.
Dealfun.com is very popular since they have a “practice area” where you can work on your bidding strategy. This is extremely helpful for beginners. They also will guarantee you a win or you can use your bids toward the same item at a BIN price.
Penny auction strategies are few; your ideal bet is to simply wait as long as feasible to bid, preferably with ten seconds remaining or less. You might catch the other buyers sleeping and get away with a last-second deal. Bidding early, though, simply ensures that you are throwing your money and your bids away and you do not wish that.
Penny Auctions
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