Likewise I would like to mention that just like various other opportunity out there, you may find good internet websites that genuinely make a positive change and, admittedly, there are some site owners that discover a way to give everybody else a bad reputation. You will need to make that call by yourself. All the same, I can tell you that there are several excellent and honest online businesses out there that can save you a great deal of cash on items you'd like to have. You only need to find appropriate ones. With this said, I do want to tell you about things that you need watch for in a dishonest site.
First of all whenever you find a penny auction site, have a look at the last auctions that have shut on the website. Especially take note of the winners. You may notice the same people winning listings most of the time, especially if the auctions they constantly win are bigger listings. This might be a signal that the auction holder has something dishonest going on backstage. Remember auction computer systems are computer programs and can be set to ensure that they raise enough money to cover the cost of something before they let the item sell. This is a way of "shill bidding" where the auction owner has someone or simply the program itself putting in a bid the item facing the shoppers until the time when they make enough money to cover the items cost. This does cost the customers something regarding pay-per-bid sites because each time they have put on a bid it costs the customer 60 cents or more. Therefore the auction owner makes the funds at sixty cents on every bid and doesn't have to supply the merchandise since he was actually the winner. This is a con and legally it is deemed racketeering.
Another way to look for this sort of action is to figure out at what point the amount of something is purchased and then watch several auctions to work out if they just get beyond this figure and then end. I will give you a good example. Say you are involved with an auction sale for a one hundred dollar gift card and every auction bid takes the cost up 1 cent. However, each call cost the customer 60 cents to purchase it. To make sure that the auction manager to break even he will need the price to get up to $1.67.
Here is how you are able to figure out this price point for every auction which you are participating in. Take the price of the product and divide it by the cost of a bid. In this example it is one hundred divided by .60 that equates to about 167 bids to generate the one hundred needed to cover the price of the item.
At this point the cost of this item has been covered by the bids placed. But, that is only if real customers are putting in a bid against each other for the item. If there is a robot or individuals paid by the auction house bidding opposing one particular customer, you, then they need to get 2 times that. So the public sale will likely not end until it gets over $3.34 to cover the cost. Now $3.34 seems like a great price for the product, however be aware when you are in a bidding struggle with a bot and won by you at $3.34 you have invested 60 cents times 167 offers or $100 and the final auction sale value of $3.34 for the hundred dollar store card. You really didn't save any money.
Never assume all systems use this type of public sale, however there are numerous dishonest ones out there that do. That is why I love seat based listings because I know what my fees are to be at the start.
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Read my other useful resources about penny auctions to figure out more on the sites, also take a look at http://www.pennyheavenonline.com for a respectable opportunity to win an auction on a seat based site. Happy Bidding
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