Beezid offers a Buy It Now option, high value beginner auctions, fun promotions, and a guaranteed first win. Check out Beezid Reviews or read our Beezid Strategy Articles.
PAL Exclusive: 10 Free Bids & Double Your First Bid Purchase with Code PAL2X
QuiBids offers a Buy Now option on all auctions, an excellent product selection, FREE shipping, and international bidding. Check out QuiBids Reviews or read our QuiBids Strategy Articles.
PennyGrab is backed by one of the Internet’s Top 500 Retail websites. With a great reputation in the penny auction community, their gift card penny auctions are worth checking out. Read PennyGrab Reviews.
Penny Auctions Explained
If you’re new to penny auctions, you need to make sure you understand how these websites work before jumping into the action.
The Penny Auction List is here to help.
Penny auctions may be the most exciting way to score a deal online, but you need to understand the risks before you can appreciate the rewards. Most penny auction websites are “pay-to-play” auctions, which means that you must purchase bids in order to participate in an auction. This makes penny auctions very different from traditional auctions and online sales websites like eBay.
Bid costs range anywhere from .50 cents to a dollar, and are often non-refundable. As a consumer, you need to understand that auction websites are trying to rope you in so they can make money (like any intelligent retailer), and you’re trying to score the awesome deals that you’ve seen advertised somewhere (like any intelligent shopper).
The dynamic relationship between the consumer and the retailer is enhanced in this competitive environment where shopping is fused with gaming, strategy and a bit of luck. The most successful Black Friday shoppers have a plan, and the most successful penny auction bidders have a plan as well.
Since the Penny Auction List is a resource managed by experienced bidders, we have three time-tested pieces of advice for new bidders:
1. Watch several auctions before you play.
Don’t get caught up in the excitement. Instead, figure out what’s going on so you can approach each auction strategically.
2. When you’re ready to play, start by bidding on low value items.
Winning expensive items (TVs, iPads, iPods, etc) takes skill and patience, so you get your feet wet with smaller auctions first (low value gift cards, etc). Look at the end prices of past auctions to figure out the best times of day and most logical items to bid on.
3. Only play on a websites with a Buy it Now option.
This means that even if you don’t win the auction, you can apply the value of bids toward purchasing the item at retail price. Look for good beginner sites, since they offer a Buy it Now option or some feature that makes bidding risk free.
If you’re new to the game, we’d encourage you to try out one of the more reputable sites listed below:
If you get serious about bargain-hunting this way, you can purchase a copy of Penny Wise: The Complete Guide to Saving Money with Online Penny Auctions. This book is the only comprehensive guide to penny auctions, and it will take you from beginning to winning.
Wishing you all the best,
The Penny Auction List