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Home Archives for auctions

Are you making these Penny Auction mistakes?

May 23, 2016 By Benjamin

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Penny-AuctionWhen starting out in Penny Auctions it’s easy to get carried away and dive head first into the action but this can cost you dearly. It’s necessary to take time to observe the auctions and take the baby steps that will get you there eventually.

 

Be realistic when starting out.

When you see the really low prices items are going for, you might think that winning will be a piece of cake. It can happen that someone places one bid and wins the auction, i’ve seen it happen but it’s very rare. You’ll most likely be going up against bidders with more experience so your chances are slim. Instead, go for the first win auctions that are restricted to those who have never won an auction before. Then the Junior auctions which are for those with less than 9 wins. After that, you can then proceed to the general but try to avoid the Big Dog Auctions till you’ve identified common bidder behavior and have over 10 wins to your name.

Bidding on high ticket items

You’ll find high value items like HD TV sets, Apple computers, iPhones, tablets and so on. These auctions are fiercely contested and can last over well 12 hours. There are many experienced bidders on these auctions so you’ll need a different strategy to win. Concentrate and devite more time to winning these auctions. You can also consider the ‘Buy now and receive you credits back’ option for such auctions.

Diving right in

Do your homework before you get into any auctions so you know what kind of auction you’re getting into. Once you’ve understood the terms and conditions, read up on the Auto Bidder and the Buy now feature. When used properly, these tools can come in handing when things are getting out of hand.

When you have a clear understanding of the Penny Auction model, you’ll have an advantage over those who haven’t taken the time. And there are a significant number. You maybe able to identify them by now. if you haven’t yet started with Penny Auctions, click here to join Pricebenders.

Filed Under: AUCTIONS Tagged With: auction, auctions, penny, penny auction site, penny auctions

Are you bidding from outside North America?

May 23, 2016 By Benjamin

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newsThere are some new developments with Pricebenders. This is important if you’re not a resident of the US and Canada. Several months ago Tripleclicks announced that they would only ship physical items to members living in the US and Canada. Those outside these two countries could only bid on non physical items or exchange their wins for a certain amount of bid credits.

Now Tripleclicks has announced that you can have the physical item shipped to a US address at no additional cost. So these are the options you have now for physical items;

  1. You can exchange your Pricebenders auction wins for more bid credits except if the auction was also an auction for bid credits and a few other items. If the you do not see the exchange offer for an item, it means the item is not eligible for an exchange. The item you won goes back to inventory to be auctioned later.
  2. You can exchange the item for a Gift certificate and then use that to buy the same item or any other of your choice from e-commerce stores from your or near your country.
  3. You can have the item drop shipped to your address by an online retailer like Amazon that has a branch nearer to your location. For example, Amazon has branches in Mexico, Italy, the UK, India and Japan among others. To just use the YCD (Your Drop Shipping) manager in your Tripleclicks members area.
  4. And of course you can have the item shipped to a friend or family member in the US or Canada.

So keep this in mind when bidding on a Pricebenders auction.

Filed Under: AUCTIONS Tagged With: auction, auctions, international, penny auctions

How I got a Samsung Galaxy tab 4 at $20.77

December 17, 2015 By Benjamin

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Yes, you read that right. $20.77 for a Samsung Galaxy Tab 4 that retails at $199. I got it at that price in a Penny Auction. This is a screen shot of my auction win.

Samsung

I don’t have a screenshot of the actual auction page because my workmate (I was at work) clicked away from the page out of curiosity. He was so shocked by what I told him. He clicked around to see more and when I clicked back the auction had been replaced by the next one.

I wanted a screenshot like the one below.

Tcredits
A pack of 10 bid credits I won later.

Now all this happened after working hours while I was waiting for my colleagues to finish their work so we could close for the day. I checked out the auction page at Pricebenders to see where I could try my luck and landed on the Tablet. Something I’d wanted to get for a long time. But I didn’t have the money to spare for it.

Samsung Galaxy Tab 4
The Tablet when it arrived

I kept checking back on the auction since I could not afford to monitor it the whole time. I still had a few things to put away before leaving work. And the clock was still counting down from 30 minutes. It would have been a waste of auction credits to start bidding at that time. 

I enabled the alert chime to let me know when the time runs down below 10 seconds. It also alerts you when you’re about to be disconnected from the auction due to inactivity.

After sometime, I noticed that the clock was running down a lot since the alert chime kept going off frequently. This was a sign that there were few people left bidding on the auction. I began placing my bids inconsistently to test if there were any people using auto bid (A feature was added recently that shows if someone is using auto bid). I wasn’t going up against an auto bidder, not with the amount of auction credits I had.

I’d stop bidding every time someone started using auto bid and would resume after they lost steam or gave up. I did the same with aggressive bidders. Occasional the clock would not run down as often and I’d bid less frequently. I’d bid once in a while to test how persistent a new bidder was after watching them for a while. In Pricebenders, you get to see who you’re bidding against in the Bid Log.

There was another thing I had to deal with. Many people on the auction still did not understand that waiting to bid at the last moment does not help. Actually, they risk loosing the auction if the computer fails to register their bid in time due to latency or other problems affecting their connection to the auction. So if the clock was counting down from 30 seconds, I’d bid at about 15 seconds left but not below 10.

That spared me the bidding frenzy that would pour in at the last moment. Due to latency, the system can register such late bids up to 5 seconds after the clock resets. I’d also avoid bidding when there were many people waiting for the last moment. Three was manageable.

I soon found that I was the only one bidding with any kind of consistency which meant I was clearly the power bidder in that particular auction. So I kept it up until I placed one more bid and watched the clock run down till it went Going once, Going twice and I won the tablet at $20.77!

If you’d like to see more of what’s going on here, click here to check out Pricebenders. 

Filed Under: AUCTIONS Tagged With: auction, auctions, penny, penny auction site, penny auctions

How people are getting brand name items for less than $10

December 26, 2013 By Benjamin

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Penny-Auctions-iPadIt feels great to get something that you really want at a bargain price.

And that’s why auctions are so much fun. They allow you so win something for a lot less than their normal price on the market.

But now there’s a new way that you can buy high end consumer goods at very low prices and it turns out that both the prices and the products are real.

Penny auctions is a unique version of the traditional auction – when you bid on an item you actually get charged a small fee of about 29 cents. Collectively, the amount collected for all of the bids on an item allows the company to sell the item at a price far below actual retail and even below the wholesale price they paid the manufacturer for it.

When you place your bid the system adds a little time to the auction to see if any other people want to join the auction. If you have the winning bid when the clock runs out – you win the item for that price.

For the auction winner, the true cost of the item is slightly higher than their winning bid price because they have also spent a little for their bids, but this amount is usually small, and the savings still work out to be spectacular in most cases.

Many Penny Auction sites have something in place to help people who are new to the system. Sites like PriceBenders have special auctions that are only for people who have never won an auction before and also Junior auctions for those who have only won 9 auctions or less. That levels the playing field enough for you to learn the ropes and take on the more experienced bidders.

So, if you want real deals – like a new iPad for under $40, a Samsung Chromebook for less than $30 or a new 42” LED HDTV for under $25 – check out the action at Pricebenders.

Filed Under: AUCTIONS Tagged With: auction, auctions, penny auction site, pennyauctions

Getting Started with Penny Auctions

March 11, 2013 By Benjamin

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Sign up for an account and buy bids

bid-1067022_960_720First you have to sign up with a penny auction site in order to start bidding. Signing up is free for most penny auction sites and only takes a few minutes. You’ll receive a confirmation email when you’re done. Just follow the link in the email to confirm your account. 

 

Bids cost less than 1 dollar and can also be bought in packs. The packs range from 5, 10, 20 50, 100, 200 and 300 bids usually. It’s advisable to have enough bids before getting into an auction because running out of bids in an auction can be costly and painful.

Find an auction

Penny auction sites have incredible deals from the latest electronics and home appliances to gift cards, bid packs and leisure items. You can choose the items you want to bid on but note that the big ticket items tend to draw more bidders than the cheaper items.

Place bids

Click the ‘Bid Now’ button to place a bid. Every time you place a bid, one bid will be deducted from your account and time will be added to the auction clock. This allows other members a chance to bid on the item because that is how penny auctions work.

You do not have to stay at your computer the whole time. Penny auction sites include an automatic bidding system that lets you place bids automatically while you’re away. So if you need to leave your computer in the middle of an auction, you can use the auto bidding system to bid for you.

Winning an auction

If your name is displayed as the highest bidder when the auction time runs out then you win the auction. You get to buy the item at it’s current price.

But if you don’t win the auction, most penny auction sites have have the ‘Buy Now’ option that allows you to buy the same item immediately without bidding. And with auction sites like Pricebenders, you still win even if you loose the auction. You get 5 member reward points for every bid placed which can be redeemed for other popular products at the Tripleclicks store. If you want to get started with penny auctions then click here to sign up with Pricebenders. 
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Filed Under: AUCTIONS Tagged With: auctions, money, penny, penny auctions, save

How penny auctions work

November 13, 2012 By Benjamin

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clock-70182_960_720A penny auction is a type of auction where participants pay a non refundable fee to place a small incremental bid usually 1 cent. In a penny auction, bids represent the number of times a participant can make a price offer in an auction. They cost about 10 to 15 times less than the incremental bid.

Bidding on an item means spending the bid just like spending money.

Penny auctions have a clock that counts down the time remaining for the auction to end. Every time a participant places a bid, the price of the auction increases by 1 cent and a little more time is added to the clock. This allows other people who are interested in the auction to join.

An auction ends when the time on the clock hits zero and but since more time is added with each bid, there is no way of knowing how long an auction will last. An auction will go on until only one bidder remains who then wins the auction.

When you win an auction, you get to pay the final auction price and any shipping costs.

If you don’t win an auction, most sites have the option to ‘Buy Now’. This allows you to buy the item at any time during and after the auction. Some auctions site like Pricebenders give you points that can be redeemed for other products and services that are available on the site.

But you don’t get any of your bids back. The money spent on bids is what makes the penny auctions work by making the prices so low, usually just a fraction of the retail price. The bids pay for the products that are auctioned. A number of people don’t like this but it’s not like the auction sites give away brand new items for just a few dollars and pay the difference themselves. There may be huge profits but that is how penny auctions work.

If you are not comfortable with this type of auction, then don’t try it. Or at least use the ‘Buy Now’ option, or spend your bids on other products and services that some auction sites list for sale outside the auction.
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Filed Under: AUCTIONS Tagged With: auctions, money, penny, penny auctions, save

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My name is Benjamin Okuda and I blog about anything and everything about making money on the Internet. I've been doing internet marketing since 2004 because just like you, I wanted to work for myself and have the freedom to choose when and how I work. Read More…

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