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In early 2009, the world became exposed to the penny auction industry and has not turned back. The penny auction industry is one of the most riveting and hottest around. The industry has drawn masses of crowds to the many sites located online where users can bid and buy on electronics, toys and more at hugely discounted prices! The lure of the ever present "deal" provides users with a euphoric experience that continues to bring them and their friends back for more. How do penny auctions work? The basic premise of a penny site is that the site owners sell new products to customers for pennies on the dollar, which equates to low winning bid prices that can be up to 99% off the retail value of the item. Many wonder, "How can this be done?" and "Can this be legal?" The answer to both is yes! The sites charge users a small fee each time they (the user) clicks the "Bid" button. These fees usually range from $0.50 to $1.00 per bid. Through the participation of many users the company is able to cover the costs of the product(s) being sold and thus be profitable and provide customers with great value. The auction process is fairly simple as well. Customers find the product(s) they want and after purchasing a pack or bundle of bids, can begin to bid on the item wanted. In a traditional penny auction format, each time a bid is placed, the bid price increases by one cent. Normally a clock counter is counting down to zero during the auction and each time a bid is placed the timer goes back up by a preset amount of time; typically 5 to 10 seconds. The timer eventually hits zero when no more bidders bid on the item. The final bidder in the auction is the winner and will be able to purchase the won item for the final bid price. Most sites offer the ability to either purchase or pass on the item won. Some sites even offer the ability for the losers of the auction to purchase the item after the auction ends for a price less the cost of the bids purchased. What can I win on penny auction sites? Most of the popular penny auction sites offer a vast array of electronic goodies for customers to purchase and bid on. Items offered include iPods, iPads, TVs, and other great toys and consumer electronics. The typical penny auction site will ship the items won to the customer within 5 to 7 days. If the item is temporarily unavailable then the user may be required to wait longer for the item. Due your homework It is recommended that all consumers interested in participating in penny auctions should conduct appropriate research on the site they intend to use. It is also recommended that users consider the cost of attempting to buy items at greatly discounted prices. Some users experience large losses
of money during the process of attempting to win these types of auctions. All in all, the penny site industry is a thriving industry that looks to continue to thrive over the next few years as people desire to save money and also be entertained and interact with others in an online environment. The lure to save up to 99% is great for me and for many others and will be satisfied by the excellent opportunities that penny sites offer.
Robert Sacameno is a freelance writer and author. He is currently a guest blogger and public relations author for the penny auction site, GotToHalveIt.com. You can follow Robert on Twitter, @robertsacameno. Find more information about penny auctions [http://www.gottohalveit.com/news/view/7].
Article Source: http://EzineArticles.com/?expert=Robert_Sacameno
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