INTERNET BUSINESS

Thought you were getting a great deal? Well think again! Today’s Penny Auction Sites are nothing but a Huge Cash Cow for today’s Web Owners.

A lot of people who participate in these auctions don’t realize how much they really are paying for these items. Even though it doesn’t look like you paid much, chances are you did! For example: when you participate in a penny auction you also have to take in account the cost of each time you click the bid button. Which is surprising that most people don’t?

Each time you hit the bid button it can range anywhere from 10cents to 1 dollar depending on the site. So an item that you won at auction retails for $600 and you paid $100 at the end of the auction. When you really look at the cost, you have to take in consideration that not only did you pay the $100 but you need to add in the 10,000 1cent bids. Yes that’s right!! $100 dollars at a penny auction equals 10,000 1 cent bids. So the overall average of profit is $6000! Even if there were 10 people bidding on the same item, you would still exceed the retail price.

As they always say “if it sounds too good to be true than it probably is.” So if you do decide to try out a live penny auction site is aware of how much you really spend and go in with a set amount. Research sites that will give you a buy now option or allow you to use the bids that you wasted on an item you didn’t win on a new item or on more bids.

Whether you are an accomplished online auction bidder or are new to the online auction process, this guide will highlight the process of previewing and
bidding on item…

Online Auctions: Previewing Items

Brochure

A brochure is routinely accessible on the auction house’s website usually one week former to the live auction event. The catalog is split up into categories. Categories are high-level locators of items and objects are rather aptly classified.

Search

You may conduct a search for any term in the website’s search box. Search boxes are exclusive to individual auction rings so you may have to search in various rings for your search term.

You may also search by entering model numbers and brands or if you know the lot number you can search by it.

Descriptions & Photos

Every allotment in the online auction has a description. Descriptions include brand names and model numbers. Other lots are described in material type such as wood, porcelain, crystal, glass and include dimensions. Furniture is described with upholstery, wood and dimensions.

Descriptions do not include condition statements as lots are not tested. Auction sales and all lots are sold less than one hard and fast rule where there is no definiteness that the lot will be in working order. And you will also be obligated to remove the allotment from the sell location.

The auction house usually stands for its description; however there is no declaration made of the item’s condition. If they for example represent an item as being a certain brand and it turns out to be otherwise, they will give you a refund if the original item is returned within a week of purchase. If you are buying at a live auction however, the auction house does not offer the same refund option as you have the opportunity to preview the lot directly.

Online Auctions: Bidding on Items

There is more than one type of placing online auction bid you can make. The most common ones are stated below.

Proxy Bidding

Auction lots are generally available online one week prior to the live auction event. During this period, you may place bids on the lots.
You will put a bid that must be higher than the starting price or the starting bid price. And if bids are already on an item and currently it stands at a certain value, you will have to enter the next required bid amount and your maximum bid. The latter is not compulsory.