So, you have heard all the buzz about penny auctions and are considering getting a piece of the action so that you can bid on – and win – products at up to 90-95% of their retail value? You would be wise to consider the pros and cons of various penny auction sites and their particular penny auction strategies. Let’s start with a comparison of the top penny auction sites to date. Though all penny auction sites revolve around the concept of bidders using free bids or buying bids at a set price, which bidders then use to compete against other bidders for particular products so that they might win a fantastic bargain, the penny auctions have certain aspects that distinguish them from one another.
Dealdash vs. Quibids
Dealdash versus Quibids is probably one of your top considerations as you enter the penny auction world, as these are two of the most popular penny auction sites. Dealdash bids must be purchased by you/the bidder for $0.60/bid. You may begin purchasing bids at this price after you sign up. Sign up is free. Quibids also requires that you sign up – for free – before you can begin purchasing your bids – also at $0.60/bid – which are purchased in “BidPacks” and then added to your account.
As with most penny auction sites, once you bid, one bid is subtracted from your account. Each bid you make also: increases the price of the auction by $0.01, and adds time to the auction clock. For Quibids, the amount of time added to the clock by each bid is not greater than 20 seconds. For Dealdash, the max time added to the clock by each bid is 30 seconds.
For both sites, if you are the last bidder when the clock runs out, you WIN! Both Dealdash and Quibids are commended for their business models because even if you/bidder lose(s) the auction, both sites allow you to redeem what you spent buying bids by putting that amount towards a Buy Now; meaning, your used bids will be put towards the product you were bidding on. Your already purchased bids will be put towards that product’s value, meaning you will pay just the difference between your bid amount and the retail value. This way you are not really risking losing money that you weren’t already play. Thus, the best penny auction strategy for both Quibids and Dealdash would be: participate and compete for products that you truly want and are ready to buy even if you don’t win an auction.