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Penny Auctions
PENNY Auctions
How do Penny Auctions work?
Penny Auction sites enable you to buy various items like digital cameras, smart phones, GPS, etc. for pennies on the dollar. These sites incorporate a new methodology of auctioneering that’s garnering lots of buzz and leaving older auction sites like Ubid, eBay floundering.
Penny auctions work by having people buy bid packages. Purchased bid packages vary anywhere from 100-800 bids and you utilize these bids by bidding on an item you would like to win. There’s a timer that’s counting down towards zero. Everytime someone places a bid on an item, the value of the item goes up by one penny. When you place a bid on the item you would like to win, the bid timer will generally increase by twenty seconds.
To win an item you need to be the last bidder when the timer hits zero. The last person that placed a bid gets the item for the listed auction price.