Penny auctions are a new and exciting way to get products you love for less. You could get some of your kids’ favorite toys, some new makeup, or even a vacation for less money than you ever thought possible. This is the way that these awesome auctions work, each item starts off at $0 when someone places a bid the item goes up by $.01. When you are the last person to bid on an item and the timer runs out, you have won that auction and the item is yours. Usually, the timer clock is about ten to fifteen seconds after the last person has placed their bid. There are, however, some unique strategies to winning these penny auctions. You can watch the auction for a long period of time, and wait for the perfect time to strike. You could also set up a “bot” to continuously bid for you, which scares some people away from participating in an auction. And you could also pay attention to the time of day factor, and play that into your own hands.
Watching an auction can be exciting, and yet at sometimes boring. You must be paying close attention to who is betting, how often, and how low the timer is getting on the auction before you click that “place your bid” button. If there are twenty people fighting to the teeth for one auction, it would be best to watch it for a while and see who gives up, who stays and who is your biggest threat. You also want to be watching for things like people using automated bid machines, or bots. These bots are usually built into penny auction websites and they make it so that you can type in how many bids you want it to place for you, and as long as you have enough purchased bids to cover this amount, it will continuously bid on that item for you. People can become very intimidated by this because it shows that you really want this item and are spending a lot of bids to try to win it. The other bidders also don’t know how many automated bids are coming, so they would be battling against inevitable bids.
The time of day at which you participate in these bids is imperative as well. If you watch auctions you are interested in a while; you will be able to determine what time of day people are bidding on it all the time, and when the bidding tapers off. Sometimes, auctions are very slow moving in the middle of the day due to people having to work, while sometimes it’s mid-morning or late at night when the bids start to slow down. Knowing which time of day is most efficient to place your bet will come in handy, and you will likely be winning more auctions.
To wrap up, Penny auctions are very fun and easy to use. You can get a great deal on a gift for a friend or child, as well as something personal for you. It all depends on what you want. There are some strategies to winning these auctions such as watching them carefully, using automated bidding bots and noting what time of day is best for placing your bids.