A new type of auction | Access 2 Knowledge

We have all heard and probably used the auction site eBay. Today there is a new wave of auction sites that are making a big entrance called penny auction sites.  These new Internet Auction sites sell items where the bid price is set a penny and goes up from there. You join for free and maybe get a few free bids and then the game starts. What is alluring from a simple onlookers stand point is that you have an $800 item selling for $4.53. That sounds amazing and why can’t I win that. Here is how this auction works. Unlike sites like eBay where you bid on an item and you don’t win you are out nothing. IN these penny auctions once you bid the money is now put towards the item. So you can bid 4-5 units that may cost you .50 each but if someone outbids you that money is gone. The psychological aspect is quite interesting because the dollar is so low that you feel risking a few dollars to win a $800 item cannot be that bad. They are fun watch and if you step into the game make sure that you set yourself a limit or you could end paying a lot for nothing. This post was done in part as a review of internetauction.co.uk. They have just come online with a great domain name and will be compiling stories from across the industry on various auction types available.

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Blogging, Education | admin April 20, 2010

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A new type of auction

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