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There is a new phenomenon on the internet; penny auctions. Bidders are able to log onto these websites, purchase bid packs and place bids, increasing the price of an auction by one penny at a time. The price increases incredibly slowly and generally, the end price will commonly represent a saving of around eighty percent off the retail value. That being said, there are rules to follow when it comes to bidding. If these rules are followed, then it is more likely that the bidder will be a winner and not a loser! Bulk bid packs Buying a couple of bids at a time is going to be costly. Everyone knows that buying any item in bulk is always going to save a lot of money. This is certainly also the case here. Buy bid packs in bulk and each individual will be able to reduce their overall outlay every time they get involved in an auction. Bulk purchasing essentially, makes this a worth while experience, meaning the bidder can place more bids at a much lower rate. Pack costs will vary, but generally, the more people buy, the better deal they are going to get in the long run, so consider this before getting started. Use resources Many of the penny auctions sites that are now online are connected to a range of different bidding tools that can be used to the advantage of the bidder. The great thing about using these tools is they work on behalf of the bidder to help them to win. A common bidding tool is one that automatically places bids on behalf of the bidder. This means if the auction finishes when they are sleeping, or when they are at work, they still have a chance of actually winning! Get an account set-up properly One of the common mistakes that people make is not having enough bid credits available. They look at a past auction, realising that 10-20 bids might be enough to win it. So they go and grab a 15 bid pack, only to find that if they had brought a 30 bid pack, then they would have been able to win the auction. Of course, they have instantly lost 15 bid credits which will have cost them cash in the first place. For this reason, it is important to set-up an account properly and ensure that enough bid credits are in place so that the bidder does not suddenly run out of bids, when they need them the most! Conclusion Bidding on penny auctions is not like bidding on standard auction sites. It is actually a lot more complicated than many people care to imagine. That being said, if people buy bid packs in bulk, use the tools that are on offer and ensure that they have an account set-up correctly, then they are much more likely to make the most out of these websites and make some huge savings in the process! Bidders should take their time, have a look round the site and get used to how it all works. Some penny auctions work in a slightly different way. It could be that the lowest unique bid is the winner of the auction.
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