Here are a list of common questions that we have received about the penny auction. The US has not really had alot of exposure to this type of new auction format but it is the craze in Europe and has proved very successful and gratifying for the buyers/winners!
FAQ
1. Can I sell my items in the penny auction format?
a. No, currently customers can post their items for sale/auction on our main website http://www.auctionjunkie.net . All items posted on http://pennyauctions.auctionjunkie.net are for our customers to save up to 90% off retail prices from everyday items to high end items that you might not normally purchase due to the high cost.
2. What is a penny auction?
a. Our penny auction is just that, an auction where you are paying mearly pennies on the dollar for items that are of greater value than the amount you pay when you win one of our auctions. All items start at “one penny” and each bid raises the price by 1 cent until either the auction ends (timed auction) or until the last person places a bid without another bidder placing a bid within 3 minutes of when the auction ends.
3. Why does the time extend 3 minutes after the last bid?
a. This helps to prevent “sniping” and it ensures that everyone has an equal chance at winning the item up for auction. This creates a level playing field for all bidders and it makes it creates an exciting bidding environment.
4. So can I really win an item for as little as one penny, it just seems too good to be true?
a. Of course you can, it is highly unlikely that anyone will win an auction at one penny, unless you are the only person that wants that item but you can definitely win items for a significant amount below retail pricing.
5. Why does it cost me money to place a bid?
a. Under the new penny auction format, you are charged a small amount for bids in order for us to pay for overhead, marketing, and staff. Even after paying for bids and your items that you win, you will see that you saved significantly over purchasing in a retail store or even on Ebay©™.
6. How does the penny auction work?
a. First, you must register and purchase a pack of bids so that you can place bids on the items. As a token of our appreciation, you receive "10 FREE bids" when you register! Bid just as you would at a regular auction, each bid will raise the price by one penny. If you are the winner of the auction, check your email for invoice and pay accordingly and we will ship your item to you.
b. For example: Item: Blackberry Storm, retail value $599, you bid the final bid of $15.31. You get an invoice from us for $15.31 and you saved 98% over the retail price! If it only took you only 200 bids (which is $50 for a limited time) you still paid only $65.31, saving 90% over retail.
7. Can I set an autobid or max that I would like to bid?
a. Yes, you can do this only on the penny auction format and our regular auctions but not the nailbitter or 30 second auctions.
8. Is there a strategy to the penny auction format?
a. No, but here is a hint to winning without spending a lot of your money trying. Avoid bidding heavily on the frontpage items unless there seems to be no interest in the item(s) that you want.
b. Set a limit on the amount you want to spend on bids when trying to win an item.
c. If the auction is timed, wait till the auction is near the end and start bidding.
d. Also, use the autobidding function to your benefit, but watch the item when it gets near the end because your autobid might not be enough to win.
This is just a sample of the majority of the questions that we thought may help guide you while becoming winning members on our site. If you have any other questions, please email us at sales@auctionjunkie.net and we will be glad to help!
Remember to become a member, tell your friends and family, BID & WIN!!!
05 April 2009
Our Penny Auction Site
Hi All,
Our new penny auction site is up and running and is doing very well. We have had very good traffic and a grand increase in membership! It's free, why not! Here is some information on the types of auctions within our penny auctions at http://pennyauctions.auctionjunkie.net
Penny Auction
In a penny auction, the price rises by just one penny with each bid placed (whereas in a normal auction, it rises by 10 cents). AutoBids can be placed so that you don’t have to closely monitor the item(s) you are bidding on.
NailBiter Auction
During a NailBiter Auction, AutoBids aren't allowed. Users may only place single bids by manually clicking or calling. Don't walk away or you'll miss the next incredible deal!
Beginners Auction
A Beginners Auction is a special auction exclusively for users who haven’t won before. Generally, there is less competition on these auctions so you have a much better chance of winning your first auction. We love creating new winners on Auction Junkie, and every Beginners Auction guarantees a new winner each time! This is your opportunity to learn how to bid and win on Auction Junkie without the pro bidders scaring you off.
20-Second Auction
All auctions start as 20-second auctions. The countdown increases by a maximum of 20 seconds each time that a bid is placed. These auctions are exciting and fast paced, usually reserved for extremely popular items!
15-Second Auction
You guessed it – with these the countdown increases by a maximum of 15 seconds with each bid placed. These auctions are exciting and fast paced, usually reserved for extremely popular items!
10-Second Auction
That's right – with these the countdown increases by a maximum of 10 seconds with each bid placed. These auctions are exciting and fast paced, usually reserved for extremely popular items!
Fixed Price Auction
If you win a Fixed Price Auction, you only pay the price indicated in the heading of the auction, regardless of the level the bidding reaches.
100% off
This is one of our exciting auction formats where an auction is marked “100% off”. The winning bidder does not have to pay the final price. That’s right: the price is zero! You just need to pay the delivery charges if they apply.
Our new penny auction site is up and running and is doing very well. We have had very good traffic and a grand increase in membership! It's free, why not! Here is some information on the types of auctions within our penny auctions at http://pennyauctions.auctionjunkie.net
Penny Auction
In a penny auction, the price rises by just one penny with each bid placed (whereas in a normal auction, it rises by 10 cents). AutoBids can be placed so that you don’t have to closely monitor the item(s) you are bidding on.
NailBiter Auction
During a NailBiter Auction, AutoBids aren't allowed. Users may only place single bids by manually clicking or calling. Don't walk away or you'll miss the next incredible deal!
Beginners Auction
A Beginners Auction is a special auction exclusively for users who haven’t won before. Generally, there is less competition on these auctions so you have a much better chance of winning your first auction. We love creating new winners on Auction Junkie, and every Beginners Auction guarantees a new winner each time! This is your opportunity to learn how to bid and win on Auction Junkie without the pro bidders scaring you off.
20-Second Auction
All auctions start as 20-second auctions. The countdown increases by a maximum of 20 seconds each time that a bid is placed. These auctions are exciting and fast paced, usually reserved for extremely popular items!
15-Second Auction
You guessed it – with these the countdown increases by a maximum of 15 seconds with each bid placed. These auctions are exciting and fast paced, usually reserved for extremely popular items!
10-Second Auction
That's right – with these the countdown increases by a maximum of 10 seconds with each bid placed. These auctions are exciting and fast paced, usually reserved for extremely popular items!
Fixed Price Auction
If you win a Fixed Price Auction, you only pay the price indicated in the heading of the auction, regardless of the level the bidding reaches.
100% off
This is one of our exciting auction formats where an auction is marked “100% off”. The winning bidder does not have to pay the final price. That’s right: the price is zero! You just need to pay the delivery charges if they apply.
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