A penny auction is not the same as a normal online auction that you might find on the internet on sites such as Ebid or Ebay. A penny auction means that bidders pay each time they bid for an item. Each time a bid is made, the time remaining increases. The person who places the final bid when the time has counted down to nil seconds becomes the winning bidder.
Auction websites do differ so it is important to understand the rules which you should read carefully. For example there are some auctions where you also have to pay for the final total showing for the item. For instance, if each bid placed pushes the cost of the item being auctioned up by one penny, an auction that finishes at five pounds, ninety eight pence would mean that there had been 598 bids on that item. So, for instance, in the case of the winner having placed 80 bids on that particular item, then they would have to pay for each bid they had made as well as the final cost of the item with shipping costs added on top.
The title Penny Auctions can be slightly misleading as anything at all can be auctioned from a mobile phone to a washing machine or a hairdryer to a car. Penny auctions are a fairly new concept and you need to familiarise yourself with how they work.
They can be addictive and fun and a great way to grab yourself some amazing bargains.