Penny auctions have become a great way for people to save money during these economic hard times. If you haven’t heard of them by now then you should surely go and look them up right this second. Imagine being able to get a brand new ipod for only $20 or a new big screen tv for less than $100. It’s possible and you might be missing out.

These auctions work in a unique way that will be different than what you are used to seeing. Each auction has a timer than can range from 20-30 seconds, depending on the site. Every time you place a bid the timer will reset and begin counting down again. When the timer reaches zero the last person to bid will be declared the winner. It sounds really simple but can become chaotic when you have several people all bidding at the same time. That’s just part of the fun though. Now depending on the penny auction site you sign up with they will offer different perks and things you can use while bidding. The auction stays fundamentally the same but they may throw a small twist into the auction process just to be a little different.

Now you may be wondering how these sites can afford to sell such great items at such low prices. Most of these sites will buy up lots of liquidated merchandise and turn around and use it for the auctions. Others have found a way to turn a profit with this model. Keep in mind that not everyone wins, but everyone buys bid packs to play so it’s a lot like the insurance industry. Everyone pays but not everyone claims so it’s profitable. Some call this the but I would argue these people don’t entirely understand how these auctions work or let themselves believe something other than the truth. Just because something doesn’t work exactly how you though it was supposed to work doesn’t make it a scam.

Be sure to look these up and try to win some great prizes and you may be happily surprised by what you win. Good luck and happy bidding.

 



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