Jasmine Directory

Most shoppers are familiar with internet auctions - customers bid the price of an item and the highest bidder wins. There is however another form of auction where lucky bidders have a possibility of paying low prices for the items. This part of our shopping web directory specializes in websites dealing with penny auctions.

Penny auctions, also known as bidding fee auctions are all-pay auction where participants pay non-refundable fees to place a bid. The bids end after some time, say 20 seconds, if there are no more bids. The last person to place a bid wins the item and pays the bid price. In such auctions, the final bid price could be significantly lower than the normal price for the item. Each of the bids normally increases the item price by a small amount, usually one penny, and also extends the auction time by some seconds.

Penny auctions became popular in the last few decades with the development of the internet and rely greatly on technology to make quick calculations and specifications. The internet boasts of a huge database of buyers and service providers and therefore enhances customer’s reach to different companies. Shoppers can easily browse through a big database to locate specific items from multiple sources. They can also compare various submitted bids from different websites and select their most appropriate service provider.

With the vulnerability of this type of auction to fraudulent activities, it is difficult to differentiate between legitimate and genuine sites. Shoppers can rely on this shopping directory for a list of genuine sites for sorts of items.

Bidding in penny auctions usually begins at zero dollars, after which increases continuously whenever someone bids. The countdown also restarts whenever someone places a new bid to add time. Some penny auction sites allow people to set automatic rebids whenever someone outbids them to ensure that they win the item.