Silicon Valley, CA (PRWEB) May 08, 2011
Penny auctions are taking the internet by storm, and the Penny Auction List helps consumers understand the penny auction business model before purchasing bids or participating on a fraudulent website. Key website features include a carefully-filtered penny auction directory, tips, strategies and exclusive bidder interviews. Josh Waldron, a penny auction bidder himself, launched the original site in late 2009 and will continue to maintain the site through 2011.
Penny auctions are different from traditional auctions. Users have to purchase bids in order to participate. Purchased bids are often non-refundable and can cost anywhere from .50 to $1, depending on the penny auction site. Commonly auctioned items include high-end electronics, household goods and gift cards.
As the name implies, each penny auction starts at 1 cent. As time ticks down, users bid on the auction and the price increases in 1 cent increments. Each additional bid adds more time to the clock. More importantly, every bid being place in the auction costs money. The last person to place a bid on the auction when time expires is the winner. The winner is responsible to pay the final auction price and any applicable shipping charges. Winners often save 75%-90% off retail.
This new business model has contributed to the rise of some less than ethical penny auctions. PennyAuctionList.com is unique compared to other penny auction directories because it only promotes sites that have a proven commitment to customer service.
"I wanted to build a safe directory of penny auctions to protect bidders from fraudulent sites," said Waldron. "The Penny Auction List allows bidders to post unfiltered reviews for penny auctions and regulate this new industry through their feedback."
In addition to an industry-leading directory of penny auctions, the website also provides a database of tips and strategy for penny auction success.