Penny Auction FAQ

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!!!