subject: Pay-Per-Bid: The Art of Winning Penny Auctions [print this page] Pay-Per-Bid: The Art of Winning Penny Auctions
Even though the thought of winning a penny auction may be intimidating, the process is actually quite easy once you have learned the necessary skills, gained experience, and developed winning strategies. That is why it is important to learn as much as you can about the art of winning penny auctions.
Online shoppers can save hundreds or even thousands of dollars by participating in penny auctions. In fact, certain penny auctions sell merchandise for up to 90 to 95% off the suggested retail prices. From Nordstrom gift cards and Tiffany jewelry to designer handbags and the latest electronics, online shoppers can find almost anything.
With that said, this short winning guide will provide you with all the knowledge you need to start winning penny auctions.
Penny auctions work in a similar manner that traditional auctions work; however, with every bid placed, the item's price increases by a certain amount and a certain amount of time is added to the clock. Price increases and times vary from site to site.
Many penny auction sites have power bidders bidders that win merchandise and sell it on another site such as eBay.com or Craigslist.com to make a profit. However, to prevent that same people winning over again, each penny auction site has its own winning limits because this gives all bidders a fair chance to place their bids.
The Art of Winning Penny Auctions Tried and True Winning Strategies
One of the best ways for any user to win an auction is by jumping or sneaking in a bid right before the clock approaches zero; however, sniping should be done manually to control the amount of bids placed. Pay attention to the competition and sneak in a bid three to five seconds before the clock hits zero.
Stick to auctions within your price limit and keep track of all money spent. The last thing you want to do is spend $1000.00 on an iPad when the retail cost is only $499.
If you see someone outbidding you, it may be time to move onto the next penny auction. Seasoned and power bidders will never give new members a chance to win.
Build up a large supply of bids to be equipped to bid on larger ticket items. Refer family and friends to receive extra bids. In fact, one of the best ways to stay abreast of penny auction promotions is by joining a site's newsletter. It will let you know when they are running special promotions and offers.
Essentially, the best piece of advice is to use common sense. Do not enter penny auctions where you know you do not have a chance of winning, especially against seasoned bidders. If you leave your ego at the door, you will be much better off in the beginning as you will be able to build your own set of winning strategies.
