Penny Auction List recently interviewed Jeff (username omitted for obvious reasons), a successful penny auction bidder from the sunny state of Arizona.
Jeff has significant auction experience (I’ve lost a bidding war to him in the past, so I can personally testify to his success). This post kicks off the first of many bidder interviews here at the Penny Auction List. We think that interviews with real bidders like Jeff will be helpful to new bidders as they consider their own unique approach to penny auctions.
Penny Auction List: How long have you been bidding on penny auctions?
Jeff: I’ve been bidding since December 2009.
Penny Auction List: What are some of your favorite penny auction websites?
Jeff: I’ve only been bidding at Wavee, but I did watch Swoopo last year and was intimidated. When I heard about Wavee I started watching it to see how the bids actually turned out and thought this might be possible.
Penny Auction List: What are some items that you’ve won?
Jeff: I’ve won a Ps3, Xbox, Apple TV, Gift cards, Games, etc.
Penny Auction List: How much did you pay for those items?
Jeff: I paid $20.00 for the Apple TV, $80.00 for the PS3, and I think I got the XBox for a little over $20.00.
Penny Auction List: What bidding strategies have worked best for you?
Jeff: I think it’s like poker. You have to establish yourself, that you’re willing to go the distance. It did cost me a lot to learn but I’m ahead of the game now. Once you’ve got an idea about your opponents you will know how far you or they are willing to go. Of course, we all have our hidden strategies. I know a few bidders play the waiting game and come in at what they feel is the end. A few of them have done well.
Penny Auction List: Do you have any advice for new penny auction bidders?
Jeff: As I stated before, you need to establish yourself and be willing to go the distance. If a bidder knows you will drop early or he/she has never seen you bid it out then they will take you out. Watch the bids for awhile to see who’s who. Bidders have established that they will go the distance every time. On Wavee the rules keep changing so make sure you stay up to date. They are trying to make it fair while maximizing their profit.
Penny Auction List would like to thank Jeff for graciously sparing a few minutes of his time. Feel free to post your thoughts and comments below.
