About Me -
My name is Stefani. I am a work at home mom of 4 kids! I own a network of websites and blogs dedicated to helping moms make and save money at home. I also enjoy doing product reviews of family friendly products and websites.
There is a brand new auction site you might be interested in. This new auction site is Bidray and it works a tad different than your normal auction sites . There bidding starts at a penny (.01 cent) with no reserves. With each bid placed, the price only goes up 1 cent. There is a timer to the auction and when a new bid is placed, the timer jumps to a predetermined time. There is a small fee for each bid, but well worth it if you see the auctions that have closed for some low prices. They call these auctions Penny Auctions.
You can view some of the hot items sold by visiting: http://www.bidray.com/sold.php. An 8GB iPod Touch sold for only $13.09, a wine cellar for only $3.07, a PlayStation 3 for only $7.96, etc. You can see it might be worth it to spend a few extra bucks on bidding on this site.
When you register, you can also receive 10 FREE bids. They are also offering the first 1,000 users will receive $10 too! Another cool feature of this auction site is the ability to bid with text messaging. The shipping is also 100% FREE. So what the auction closes at is the price you are going to pay.
Enjoy
Stefani
You can view some of the hot items sold by visiting: http://www.bidray.com/sold.php. An 8GB iPod Touch sold for only $13.09, a wine cellar for only $3.07, a PlayStation 3 for only $7.96, etc. You can see it might be worth it to spend a few extra bucks on bidding on this site.
When you register, you can also receive 10 FREE bids. They are also offering the first 1,000 users will receive $10 too! Another cool feature of this auction site is the ability to bid with text messaging. The shipping is also 100% FREE. So what the auction closes at is the price you are going to pay.
Enjoy
Stefani
Posted by Stefani @ MommyEnterprises.com at 8:08 AM
6 Comments:
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I would avoid this. It looks good up front but the odds of winning are tremendous.
They have a timer clock that counts down for each item that you're bidding on. As soon as the clock reaches zero, the person had had the last bin is the winner. This seems like easy way to score something for cheap, right? That’s what I thought until I started looking at how this thing works. Check this out...
Each time that someone bids, the price of the auctioned item increments by one penny. Pretty simple!
They sell bid packages as follows:
$20.00= 20 bids
$50.00= 50 bids
$100.00= 100 bids
$200.00= 200 bids
$500.00= 500 bids
For example; for $20.00 they will credit your account for 20 bids.
Here's the catch... Anytime that someone bids, the clock resets to the beginning and then and starts counting down again.
Here is the bigger catch... They have this thing called "Bid Buddy". You can assign your prepaid bids to be automatically used so you don't miss any chances of not bidding. Every time the clock hits zero, Bidray's program goes out to the "Bid Buddy" account and uses whomever's bid is available, and then the clock resets again...
This can go on over and over until all of the assigned "Bid Buddy" accounts are depleted. I have been watching one auction clock resetting now for 3 days on the same item!
The real winners here are this Bidray Company. Remember, each bid is prepaid at the cost of 1 dollar even though the final auction sale price of the goods may look like small amounts. This small price seems Very enticing...
For example, when the timer reaches zero and the final auction price is $10.00 and nobody else has bid, that winner only has to pay the $10.00 (plus however many bids he had already spent earlier to arrive at this winning position).
This $10.00 item they just auctioned off really made Bidray $1000.00 ($10.00 is 1000 pennies, or the same as 1000 bids, and each bid is $1.00 x 1000 bids = $1000.00)
Darn, I wish I would have thought up a money generating scheme like this! These guys are smart.
"Remember, each bid is prepaid at the cost of 1 dollar even though the final auction sale price of the goods may look like small amounts."
True but not every bid costs $1 because packs are given away free, and also you can bid to buy bid packs.
They are pretty upfront about all this, as well as showing on the Sold Items page (won items) how many bids it took each person to get the item:
http://www.bidray.com/sold.php
What I like about BidRay in comparison to other auction sites is that you can choose a charity which gets 100% of the final price paid for the item:
http://www.bidray.com/charity.php
Don't get me wrong, this is a for profit business, but it's good that charities will benefit as well.
here is another very interesting penny auction. http://www.buckbidz.com bidpacks are cheaper than bidray.
I have had pretty good luck with the penny auctions. I think it's best to be smart about how you bid. I like to watch the auction for a while and only bid on items I really want. You can get caught up if you are not careful. I found a new one if anyone is interested. BidzHavoc.com
I have never been into bidding on penny auction sites but my friends are. Two days back I was sitting with one of them and looking for new penny auction sites where I found a new and unique concept. The site has not been launched but guarantees that every bidder will be the winner and bidders have to use their collective effort to bring down the prices.
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