Penny auction Practices - How to Win

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Published: 27th January 2011
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Many individuals take pleasure in taking part in penny auctions, the revolutionary type of auction website in which the price of an item offered for sale increases only by a penny or two each time someone bids. Such auctions are different from regular internet auction sites in two ways:



Bidding isn't free. Anyone who wishes to place a bid on an item must buy a package of bids. They are offered in packages of between 10 to 100 bids, and they cost upwards of fifty cents per bid. Sites usually auction off bid packages as well, so it's possible to obtain additional bid packs at a reduced rate.



The auctions do not end at a set time, but end some ten seconds after the last bid. Every bid placed in the last minute of the auction extends the duration of the auction, normally by about 10 seconds. This means that an auction that seems close to its conclusion may literally continue all day if people are bidding.



This uncommon method of selling makes it distinctive from eBay, in which the greatest bid, no matter when it's placed, wins the auction. Because of this, penny auction strategies differ from those used in conventional web based auctions. Although there is a bit of benefit in putting in a bid at the last minute on an eBay auction, for example, there are lots of auctions where people win by putting in a bid early. Ultimately, with eBay, the only thing that matters is that you offer the most money.



The lack of a precise ending time makes such techniques useless on penny auction sites. Penny auction tactics are few, but the principal one is this - you must never, EVER, put in a bid with more than a minute remaining in the auction. The nearer you are to the end of the auction when you bid, the much more likely you are to win. Bidding early will not help you at all, as most of the bidding in penny auctions will occur during the last minute.



Additionally you may benefit from using the built-in proxy bidding "bot" that nearly all penny auctions offer. The automated bidding system is something that you can set up ahead of time so you know that your bids are going to be placed at the appropriate time. If you try to bid manually, your bids will be placed in a queue and they will normally be inserted after the automated system's bids. Because of this and delays in both the Internet and the auction system, you might find that last-second bids placed by hand do not get placed at all. When that happens, you lose.



Penny auction methods are few; your best bet is to simply wait as long as feasible to bid, preferably with 10 seconds remaining or less. You might catch the other bidders napping and get away with a last-second deal. Bidding early, however, just means that you are throwing your hard earned money and your bids away and you don't want that.





Perry Monkhouse is an online marketer with years of experience. He has written articles on a wide variety of subjects.



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