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Penny Auction Basics – Excitement and Fun!
Penny auction sites list items for auction starting at $0.01 and a count down timer.
Each time someone bids on the item, the items price is increased by one penny and 5-20 seconds are added to the count down timer.
When the count down timer reaches zero the auction ends. The last person to bid wins the opportunity to purchase the item at it’s auctioned price off price (usually a huge savings).
You win if you are the last bidder and the clock reaches zero.
Penny auctions sites from the bidder perspective (you).
To bid on an auction, you must purchase bids. Bids usually cost between $0.50 and $1 per bid.
Your goal is to win an auction spending as few bids as possible.
All players have a limited number of bids in your “bid-bank”. You can buy more at any time but we use limited because bids cost money and everyone has a budget or a credit limit.
You find an auction for a product you like.
You bid on an auction.
Each time you bid it spends one of the bids in your bid bank.
The money you spent on the bid is gone as soon as you bid on an auction.
Each time you bid there are 5-20 seconds added to the countdown timer of the auction and the price of the auction goes up by 1 penny (typically).
To win the auction you have to be the last person to place a bid and the auction timer has to count down all the way to zero.
If you are the last person to bid on an item you win and can then buy the item at it’s auctioned price. This is often 90+% savings.
If you run out of bids and do not purchase more your auction is over if someone outbids you.
Penny auctions are a tremendous amount of fun and we hope you enjoy your experience with BidXcel.