A is a new type of auction which is posing as a threat to our traditional auctions which are like on eBay. Unlike on eBay, in this auction you have to PAY TO BID. If you wish to bids on this new type of auctions then you have to purchase the rights to bid in the form of Bid Packages which are collection of so called 'BIDS'. The number of bids tell the times you can bid. Almost on every site, right from the most famous to the new starter, you will find common products like electronic products, gift cards, vehicles, DVD's, etc. In this auctions, when you bid then the price of auction increases by a fixed a rate which is usually a penny and hence the name 'penny auction'. This price is 1 cent or $0.01 whereas in some cases this increase in price is 10 cents or 15 cents. Also, there is corresponding timer clock running with the auction which shows the time remaining for the auction to close. In addition to increase in cost of item when you place bids, a few seconds get added to the timer clock. This adding of time is done so as to allow the other bidders to bid if they wish to bid on auctions. Also, this prevents the last second of sniping of auctions. If you are the last bidder and the timer reaches zero, then you win the item and then you pay the price at which you win the auction plus shipping charges. Some of this auction site do not charge for shipping. So, in all, you save a lot if you win in penny auctions and if you lose then you bear a huge loss. Nowadays, some cent auction sites are total scam which accept the payment from users and not allows them to win. But thanks to some website which has come up with good work by exposing these scams and also providing details about the penny auction sites. One of these is Penny Auction. One of the penny auction site which advertised heavily; even on ESPN is SkoreIt. Also, Swoopo, QuiBids and Beezid are very famous. SkoreIt Penny Auction Info is dedicated to the cause of revealing penny auction scams. Thanks for dropping by and reading my article.
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