subject: Online Penny Auctions At Bidyell.com [print this page] Online penny auctions are a kind of auction in which product are listed for one penny (or cent) and with each bid the price of the product increases by a penny. When time lapses, the last participant to have placed a bid win the product/accessory and also pays the final bid price to the website, which is usually lower than the retail price of the item. In the process of online penny auctions most bidders receive nothing in return. The auctioneer receives income both in the form of the fees collected for each bid and in the form of payment for the winning bids.
In the typical case of penny auction, players are asked to pay a non-refundable fee each time to purchase bids for their favorite product or accessory. These bids can then be spent on auctions. Bidding on an auction raises the cost of the item by a fixed amount and typically also extends the deadline of the auction a little more. In this game each successive bid increases the time by seconds with the associated price. Once the auction is over, the auctioneer collects the final cost of the item in addition to the taxes already collected by selling the bids.
BidYell.com is the best online auction website offering penny auctions on brand new and factory sealed products or accessories. Wide ranges of product are available for penny auctions including mobile phones, digital cameras, video games, books, laptops, and computers. With their revolutionary concept of penny auction, bidders can access high-end luxurious products at exceptionally affordable prices.
This is how penny auction at BidYell.com works:
The bidding process starts at 0p with no reserve at all.
With each product bid the price of the product increases by only 1p at a time. Also the auction timer increases by 20 seconds.
If you are the highest bidder when the time runs out, you have won the product.
BidYell.com provides online penny, speed and knockout auctions. You can bid on products like cheap digital cameras, Nintendo WII, apple iPhone and iPods, PCs, Laptops & Accessories, Audio Visual Products, House Hold Items, etc. They offer incredible bargain options to the customers. They also provide AutoBid option, so that you can buy and sell merchandise of your choice around the clock. Their online auction website contains a varied range of products to choose from.
by: Bidyell
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