Why Are The Pay-to-bid Auctions So Popular?

You may have heard of the new pay-to-bid format auctions or penny auctions as they

are sometimes called, and are wondering how they work and what they are all about. If so, then this article is a must read, here we introduce this new-fangled style of auction and describe their attraction.

How They Work

Firstly, and most importantly, it is important to understand exactly what they are and how they work. They are slightly different to the usual auctions, because bidders pay for bids rather than stipulating an amount that they are willing to pay. In a traditional item people pay no money unless they win, but at a penny auction, people pay for the chance to bid. The following instructions will help you to understand the new format:

Players pay to bid. The bid is placed on an item of choice. Bids are non-refundable. Usually, players purchase bid packages; the larger the bid package purchase, the cheaper the price per bid. (therefore it makes sense to purchase the larger bid packages)

Players choose an item upon which they wish to bid and then place their bid.

A successful bid is the last bid placed before the timer runs out. Therefore, it is a game of strategy, to win; you need to make sure you are the last person to bid. It is harder than it sounds because each bid adds a nominal amount of time to the counter, e.g. 1 bid = 10 extra seconds.

The person who wins the bid must pay the final amount, plus P&P. Each time a person places a bid, whether they win or lose, it adds 1p to the price that must be paid this is why they are called the penny auctions. However, the final price is always very low, as 1p per bid does not add much value. P&P varies, but generally costs around 4.99.

Where to Bid

Clearly, there is a competitive streak to bidding at a penny auction. Therefore, the choice of site is important. Selecting a site that is too busy offers bidders less of a chance of winning, however, selecting a site that is not busy enough may lead to more expensive items. Our advice is to play with a site that is less well established, but which still has a fairly large customer base.

Pros and Cons of Playing at the Pay to Bid Auctions

Cons: the thing that many find the most frustrating is in actually winning the bid, it is not always easy, however, if you cultivate a few strategies and think smart, then winning the bidding war is well within reach. The bid packages can be a little expensive if you opt for one of the smaller packages it is much better value to opt for as large a package as possible.

Pros: it is great fun, and this is probably the most important aspect of the whole process. The action is fast, exciting and thrilling try it once and you will certainly return for more.

by: John Samual

POST COMMENT

Storage Unit Auctions Are Police Impound Car Auctions Any Excellent Best Penny Auctions Over The World The Best Penny Auctions Precisely What Are Penny Auctions The Things You Must Know Regarding Penny Auctions The Facts You Need To Know Regarding Penny Auctions What Are The Reverse Auctions In Pay Per Bid Auctions? What Are The Risks Associated With The Pay Per Bid Auctions? Easiest Way To Find The Right Storage Unit Auctions Firearms Auctions: Starting Out Your Treasure Hunt The Different Forms Of Penny Auctions How To Buy Jewelry Wholesale At Ebay Auctions