Many people take pleasure in taking part in penny auctions, the new type of auction website in which the cost of an item offered for sale increases only by a penny or two every time someone bids. These kinds of auctions are different from standard web based auction sites in two different ways:
Bidding isn’t free. Anyone who wishes to place a bid on an item must purchase a package of bids. Bids can be found 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 acquire additional bid packs at a reduced rate.
The auctions don’t end at a set time, but end about ten seconds following the last bid. Every bid placed in the final sixty seconds of the auction extends the length of the auction, usually by about ten seconds. This means that an auction that appears close to its conclusion may literally continue all day if individuals are bidding.
This unconventional system of selling makes it different from eBay, where the highest bid, regardless of when it’s placed, wins the auction. For this reason, penny auction strategies differ from those used in traditional online auctions. Although there is some benefit in bidding at the last minute on an eBay auction, for instance, there are plenty of auctions where people win by bidding early. In the long run, with eBay, the only thing that matters is that you simply offer the most money.
The possible lack of a defined ending time makes such strategies worthless on penny auction sites. Penny auction tactics are few, but the primary one is this – you should never, EVER, place a bid with more than a minute to go in the auction. The closer you are to the end of the auction when you bid, the much more likely you are to win. Bidding early won’t 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 almost all penny auction sites provide. The computerized 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 attempt to bid by hand, your bids will be put into a queue and they will usually be placed after the automated system’s bids. Because of this and delays in both the Internet and the auction system, you might find that last-second bids placed manually don’t get placed at all. When that happens, you lose.
Penny auction techniques are few; your ideal bet is to simply wait as long as feasible to bid, ideally with ten seconds remaining or less. You might catch the other buyers napping and get away with a last-second deal. Bidding early, however, just means that you are throwing your cash as well as your bids away and you do not want that.