From time to time a new concept rolls onto the world wide web, and it seems like twenty four hours later their are a dozen wannabes that pop up as well. While I can’t speed for some of the other fads, the one I do know a bit about is penny auctions. This concept is fairly new, and in the year or so that it has been around tons of sites have started up some of which do not have the best intentions behind them. The goal of this post is to shed light on what sites are the best for you to put your money on. Be advised however that I can’t speak on total behalf of the sites, and thus you should take the advice at face value and after having signed up, make a decision for yourself.
The first penny auction site that has been around for a while that has a decent track record and a level of unparalleled service is Bid Rivals. The rivals boast the sales of products that were closed on at more than 90% off of MSRP. I don’t know about you but I know for me buying an iPad for pennies on the dollar would be a pretty good feeling. So how does this site work? Well as with most other sites the auction for the item begins at just a penny. Then every time a user places a bid the price of the item increases by a penny until the timer reaches zero. Not so fast though, the site also tacks on an additional twenty seconds for each bid placed which means that strategy plays a large part in your overall success on a site.
Image via Wikipedia
The other top site is known as Bigger Bidder and if I were to advise you on anything it would be to sign up on both of these sites and decide which is best for you. Bigger Bidder operates in much of the same was as Bid Rivals and has an equally unblemished track record.
Other sites that we have featured on this website which seem to be gaining popularity are Cost Dropper and Bid Twister. I would encourage you to check out the reviews, sign up and let us know what you think.
So now that you have an idea about the top penny auction sites to play on what should make you choose one or the other? Well for starters the number of people on a given site is going to determine much of your success. The reason is that the site with millions of users is going to have items that are constantly being bid up, though its important not to avoid brand new sites. The reason is that new sites have no one to bid on their auctions and sometimes they will bid up their own auctions which is certainly not something that we want to happen. For that reason its important to go with a well known website, thats not to well known and thats exactly what Bid Rivals and Bigger Bidder has to offer.
Once you get signed up, the choice is yours as to what exactly you are looking for but these two should give you a pretty good starting point. As always once you win a few auctions be sure to send us some pics of you and your newly minted items for us to post in our gallery (under construction).
Thank you so much for the review!! I have been really reading up on this topic because I am really interested in getting involved before the market for it gets completely blown of the water! Do you think all the blogs going around on these sites will make the competition bigger?
Kristina, the more sites that discuss the topic at hand, the bigger and better the industry will be. I don’t believe their is anything to really worry about.