Penny Auctions are a new, exciting kind of auction. The potential for amazing deals is very real, because every item starts at just a penny, and every bid increases the auction price by just a penny. So, even after 100 bids are placed, the item is selling for $1.00! The clock ticks down toward zero, but a bid placed before the auction closes will add a little more time to the clock and give other bidders the chance to counter bid. The auction continues until no one counter bids and the clock runs out. Then the item goes to the winner, usually for pennies on the dollar.
So what’s the catch? There really isn’t one…if you win an iPod for 36 cents (and more than one person has!), you pay 36 cents + shipping and the iPod is yours. The system works because bidding is not free. Bidders purchase bid packs, which give them the ability to bid on auctions for all kinds of items or for more bids. You can check out BunPig Bid Pricing here, and peruse the Closed Auctions to see the actual low prices that items sold for.
Bid Smart!
The fact that bids are purchased means that having some strategy is important. Don’t bid too early or on too many different auctions. Pick something you really want and decide how much you are willing to invest to win it. Then make sure you have enough bids in your account, wait until the clock ticks down, and then bid to win! Once the action starts, things go fast and furious, so it helps to have a plan!
No Risk
One of the great things about penny auctions is that many of them carry no real risk of losing bids. That is because of the “Buy it Now” feature in most auctions (Read the description to be sure…auctions without a “Buy it Now” will be clearly marked). “Buy it Now” allows you to cash in the bids you have already placed for credit toward the purchase of the item. So you can bid like crazy, get beat on the auction, and still break even!
Give Back
BunPig believes that all of us can do a little more for those in need. By making BunPig your Penny Auction of choice, you are also giving back. That is because we donate 5% of every bid you purchase to the charity of your choice. Day in and day out, profit or loss, that is the BunPig promise and one more thing that makes us better than the rest.
Are you ready to give it a try? Check out the items up for bid at the Best New Penny Auction site on the web, then swing over to ourGetting Started page to learn how to get in on the action!
