New Online Auction Format Allows Products to be Sold up to 90% Off Retail Price

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New Online Auction Format Allows Products to be Sold up to 90% Off Retail Price. SPECIAL - Bid your way to a better deal online.

Internet auction site http://www.smartbid.com will offer consumers the opportunity to bid on brand-new merchandise for a fraction of the retail price. Items that will be auctioned up to 90% below retail prices include, but are not limited to; digital cameras, laptop computers, cell phones, consumer electronics, and retail outlet gift cards.

"People like the idea that they could pay anywhere from $25 to $50 for a product that would normally retail for $500 to $1000," says Naftaly Stramer, vice president of US operations. The smartbid.com system offers all brand-new merchandise with warranties, unlike other Internet auction sites that often offer used items.

A Maximum Bid price will be set for an item, generally five to ten percent of the item's retail price. Bidders are limited to 10-20 bids per auction, depending on the item. Each bid will be charged a nominal Administration and Handling fee. The individual with the highest unique bid will win the auction. For example, a $2,600 laptop computer might have a maximum bid of $150. If for example, once the auction closes, there are 10 bids at $120.00, four bids at $119.99, two bids at $199.98 and only one bid at $119.97, the bidder that bid $119.97 will win the computer for $119.97 because this is the highest unique bid. There will be no minimum amount required to bid and no fee will be charged for joining http://www.smartbid.com.

Versions of http://www.smartbid.com are already running in the UK and South Africa with great success. "We've seen that bidders in the UK and South Africa are bidding anywhere from three to five times per item just to increase their chances of winning," says Stramer.

Smartbid.com is powered by Bidorbuy.com, Inc. The technology is licensed to a major European online auction house, QXL Ricardo PLC, and is used to power http://www.qxlmaxbid.com in the UK and http://www.smartbid.co.za in South Africa. The Smartbid technology is also available for licensing and customization.

Contact Naftaly Stramer at media@smartbid.com for more information or licensing.

Contact Information:

Naftaly Stramer

Vice President of US Operations    

media@smartbid.com

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Naftaly Stramer