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Basically, a person lists an item for sale for a fraction of what that item is worth. Let's say I want to sell my car. I list it for $1.00 but I charge everyone who wants to join the auction a dollar for every bid they make. If I can get 1,000 bidders and each bidder makes 10 bids...well you can see how I could get a good price for my old jalopy. Meanwhile a buyer can get my car for his 11 bids or $11.00 Sounds great to get a car for $11 but keep in mind the other 999 bidders have all lost their money.
On the auction site eBay penny auctions are used to cheat the feedback system. A seller lists a non-existant item for one penny and the buyer gets the item for one penny, meanwhile they both pad their feedback.
Sellers on eBay also use them to build a mailing list. They use the penny item as a loss leader in order to get a huge number of valuable email addresses.
There are legitimate uses for penny auctions. The website Pheebay promotes penny auctions to publicise online sellers. Valuable items are listed for one penny(or cent) with no reserve and after seven days the item goes to the highest bidder, even if the bidding only reaches two cents.
A seller may also use a penny starting bid to attract immediate attention and generate excitement about a popular item they are selling to get the bidding going knowing that the end price of the item they have to offer is generally in a certain range. For instance if you go to a large website like eBay you may find 15 copies of a recently released novel. The one started for one cent will attract bidders before the one started for $10 as long as the shipping and condition are the same. And it is not uncommon to see the one started for a lower bid go for more in the end than the one started for the higher bid due to the excitement generated attracting more bidders and driving traffic to the sellers listing. Of course sometimes a seller does not attract the customers he or she has hoped to attract with the low opening bid, but in the end, selling at the lower price may also add a loyal customer. This would be a customer who will add this seller to their "favorites" and continue to buy from them for years to come.
many sites now auction gift cards such as Walmart gift cards, and visa gift cards.
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How do online penny auctions work?
Online Penny Auctions work by harnessing the power of individuals all betting for the same item. In a traditional online auction, the bidder pays nothing unless he/she wins that auction. Conversely, in Online Penny Auctions, every bid costs a predetermined amount. For example, an online penny auction might sell bids at $1/bid, and therefore raises money on people betting on items for sale through their website. These auctions are call "Penny Auctions" because each bid raises the final price of that item only $.01. Thus, the winner of said auction can get the item at an incredible discount, where the other bidders lose-out. This has been argued to be gambling, and for all intents and purposes can be seen in a similar light, but in many online auctions you can buy the item outright, and so these auctions often refer to their business as "Competitive Shopping."
Are online penny auctions a fake?
A fake? Online Penny Auctions are a real thing, and people win real items on them. Check out Zeekler, QuiBids, BidCactus, or several others for a reputable online penny auction. I won some earrings for my mother, but I had to watch them for several hours. People see it as more of an entertainment thing than actual shopping, but deals can be had. If you're interested in how they work, just google how online penny auctions work, or I think there's a site out there with a similar name - probably several.
Where can you sell this penny?
What penny! :) Ebay most likely. Put on the description "lucky penny"
Do farm auctions include foreclosures?
Yes, sometimes farm auctions can include foreclosures. You would need to check with the auction host to see what is available at a particular auction to be sure.
What kind of auction is a 99p no reserve?
There are many auctions that are offered at 99p no reserve. The very best website for finding 99p no reserve is a site called eBay that has the most auctions online.
Are there any jewelry auctions taking place in Delaware?
There are several jewelry auctions taking place at Delaware. There's Penny auctions that offers wide range of selections of items from jewelry to handbags and cosmetics.
How do online penny auctions work?
Online Penny Auctions work by harnessing the power of individuals all betting for the same item. In a traditional online auction, the bidder pays nothing unless he/she wins that auction. Conversely, in Online Penny Auctions, every bid costs a predetermined amount. For example, an online penny auction might sell bids at $1/bid, and therefore raises money on people betting on items for sale through their website. These auctions are call "Penny Auctions" because each bid raises the final price of that item only $.01. Thus, the winner of said auction can get the item at an incredible discount, where the other bidders lose-out. This has been argued to be gambling, and for all intents and purposes can be seen in a similar light, but in many online auctions you can buy the item outright, and so these auctions often refer to their business as "Competitive Shopping."
Are there any good penny auction sites?
There are good and bad penny auctions sites which is why it is important to do research and read reviews from other people. Popular penny auction sites such as swoopo.com have a lot of people bidding which makes it more difficult to win. Other penny auction sites such as Zeekler.com have less people, but have been around a lot longer and because there aren't as many people bidding, it's sometimes easier to win something. I am a rep for Zeekler and by far it is one of the most reputable penny auctions tbinnovate.zeekler.com
Are online penny auctions a fake?
A fake? Online Penny Auctions are a real thing, and people win real items on them. Check out Zeekler, QuiBids, BidCactus, or several others for a reputable online penny auction. I won some earrings for my mother, but I had to watch them for several hours. People see it as more of an entertainment thing than actual shopping, but deals can be had. If you're interested in how they work, just google how online penny auctions work, or I think there's a site out there with a similar name - probably several.
Value of log cabin penny?
About $1 but for a 50 penny roll (of that penny) on on-line auctions can sell anywhere from $2 to well over $50(if your auctioneers are in a good mood).That pretty good if you ask me
How many penny auction sites are on the internet?
There are about 5 companies that are operating as penny auctions but they are not legit! Beware!! You should just use a trusted site like amazon or Ebay.
Can teens use penny auctions if so then where?
I believe you need to be 18 above to be able to participate on programs like this.
What is the best penny auction site?
No doubt the best penny auction site is Smokoo. I say this because they've are amazingly transparent and have the best customer service. Their lineup of auctions is by far the best in the world. I have only been on www.tbinnovate.zeekler.com plus we give free bids that work for most auctions.
Where can one bid on auctions other than eBay?
Recently, with the rise in popularity of "penny auctions", sites such as Quibids and Bidcactus have been getting their fair share of internet traffic. As for general auction sites, one can find auctions to bid on at sites such as Amazon, Sam's Club, and Public Surplus.
Do you actually save in qui bids?
no, not at all. All penny auctions, regardless of reputation, are a bad idea and should be avoided. All penny auctions, regardless of reputation, are a bad idea and should be avoided. First of all, QuiBids.com and other penny auction sites require people to pay for the option to bid, but don't allow them to bid in increments of their choosing. This means that QuiBids is forcing the price up and profiting all the while.
How can sites like Madbid and other penny auctions sell their goods for so cheap and should you trust them?
Sites such as Madbid and other penny auctions sell their goods so cheap because the bids must be bought in increments. Many of the bidding sites are trust worthy, but others may be scams. Always research the site online before buying bids.
What was the penny auction during the Great Depression?
The Penny Auctions during the Great Depression were where farmers got together, preformed satanic rituals, and then got really drunk. After several drinks, they barfed into a barrel, then mixed it with their alcohol-saturated piss. They would sell cups of it for a penny each.
