- 5 Ways to Develop a Strong CEO Brand Young Entrepreneur Council
How to win penny auctions?
Hello! I got a friend who won a few expensive items from a penny auction site but he doesn't want to tell me how he did it, we are not that close friends. I am talking about a 5k camera and so on. Do you know any forum or website with penny auctions information on how to win?
Yes, it's possible to win expensive items on penny auction sites. I used to bid a lot and I won a lot of items. I don't do it anymore because I don't have the time. Don't imagine your friend won the camera for pennies because this is not the case. He may have spent $500 on bids, still a good deal.
Anyway, the thing with penny auctions is that most of the bidders are brain dead, they don't even know how penny auctions work; they think it's like eBay or something. If you read the complaints online you will see what I'm talking about. But this is very good..as long as these people bid you have a big change to win if you know your stuff.
If you are new to penny auctions I recommend you to bid only on the items that have a "Buy Now" option. On these auctions you can buy the item at the retail price - the money you have spent on bids at any time you wish, basically you will pay the full price if you don't win. So you got nothing to lose. Another important factor is to choose the right penny auction site. If the site has too many bidders your chances to win something are small considering you will bid vs. a lot of people.
The best site with information on how to win penny auctions is iPennyAuctions. I have posted the link in the source box for you. A must read for everyone who wants to register on a penny auction site.
Source(s):6 months ago
in penny auctions you have to BUY BIDS, if you dont buy bids you dont get to bid on anything once you run out of bought bids you cant bid no more unless you go spend money on buying more bids. None of the penny auction sites tells you that because then you will realise they are not penny auctions at all. Because if you have to spend money to bid at all your not getting anything for pennies.
If you lose the auctions your buying bids on, to bid on, you never get the wasted bids back either. You have to constantly buy bids from the penny auction site before your allowed to bid at all.