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Penny Auction Strategies: Winning Big on Penny Auctions
By Sid Kal
Penny auction strategies can been obvious and esoteric at the same time, which is not surprising considering that the auction model is so new. Penny auctions really took off after the recent recession in the western world, because they offer promising deals that you can never find elsewhere on the internet. However, a lot of bidders don't know that you can only get these deals with the right Penny Auction Strategies. So what are penny auctions? These are a special class of internet auctions which differ from traditional auction sites like eBay. The main differences are -
a) Penny Auctions follow a pay per bid model, which means you pay for every bid that you place.
b) The timer is reset every time a bid is placed, which adds more time to the clock.
c) You can get deals up to 90% off retail and this is common in most penny auctions.
d) The auctioneer makes money mostly from the sale of bids than through the final selling price of the item. With these in mind, you can now proceed to really understand the best penny auction strategies which will help you win big. The first and foremost penny auction strategy that you should know is that not all times are the same. This is usually true for any auction but is especially so for penny auctions. The difference between the lowest and highest competitive times can be the difference between 95% off retail and 5% off retail. You need to bid at the least competitive times. This differs for each penny auction and you need to do your homework. Also, planning is very important. Depending on what products you like, you should decide which penny auctions fit your bill well. Without the right planning, you might just be spending money on items that you don't need. Then, you will have to make a choice between highly successful penny auctions, and newer penny auctions. The advantage of established penny auctions is that they give you a much wider variety of products to bid on. However, they can be very competitive and hard to win. On the other hand, new penny auctions usually give you better winning chances but you have a limited product catalog to choose from. Finally, I would like to advise you against a common newbie mistake - going after the biggest items. You will see that penny auctions have amazing products like HDTVs and Macbooks which seem very attractive. However, if you are new to penny auctions, I would highly suggest that you start off small - go for the small gift cards instead of these big-ticket items. This is because these costly products are extremely competitive and thus very hard to win for those who don't yet understand the game. I hope these penny auction strategies help you win products and you can save a lot of money shopping online.
Sid is an expert in penny auctions and maintains a highly successful Penny Auctions Blog. For all levels of penny auction bidders, read my Penny Auction Strategy.
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Quibids, the largest penny auction in US
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
Quibids Blog
Quibids and Penny Auction Tips for Winning
quibidsblog.blogspot.com
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Thanks for this authoritative guide to penny auctions. I'm embarrassed to admit I didn't screen it because I misunderstood the title and thought it was about penny stocks. Shows you how little I know. I have to say, that Quibids website is well executed. If I'm not mistaken, these penny auctions are a way for wholesalers to get maximum market value for excess inventory. Or is it about market share and getting people to try products?
 | | nick Aug 1, 2011 03:15 |  appreciated |
CONTRIBUTOR'S REPLY
Nick, I am glad to see your comment. Penny auctions are quite unlike penny stocks - in fact they have nothing in common really! Anyway, this is not a method for offloading excess inventory - in fact all the products are brand new, and products like Macbooks and HDTVs seldom suffer from excess inventory. Instead, it is a legitimate business model that is growing by the day. The auctions are run by stores, like retailers, but instead they adopt the bidding fee auction model and not traditional retail. I wouldn't be surprised if you had seen some ads online yourself - they seem to be everywhere! (although I have to admit many advertisements sound misleading) Thanks for dropping by!
We have auctions in the city where I live. No penny auctions though. Are they only online?
 | | Laraine Aug 3, 2011 04:27 | appreciated |
CONTRIBUTOR'S REPLY
Yes. The auction model almost certainly requires it to be online. Offline, a somewhat similar concept would be the pay per bid auction models that need you to pay a certain amount of money upfront just to be eligible for the auctions, but penny auctions are quite different.
I tried the penny auctions and finally quit the one I was doing. I got tired of having the system reset on me. Great writeup.
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This intel was contributed by Sid
Sid
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