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If you have been looking for ways to get the ultimate deal on the internet, then it is likely that you have come across something call penny auctions. Penny auctions are a new and incredibly exciting way to pick up fantastic deals. Bidders do not bid in an effort to win at the highest price. Instead, they need to bid strategically. Each time they bid, the price of the item will only increase by one penny. Why? The bidders will pay for each bid. Obviously if they bid lots of times, then this can quickly become expensive. What they really need to do is to ensure that they are doing their best to win as many auctions as possible, by bidding as little as possible. Obviously this will mean that their return increases dramatically. Bid Costs Before choosing an item, consider the RRP value and bid cost. There is no point choosing the high value TV, just because you would buy it if it was cheap. You need to be committed to bidding on that item otherwise you could find yourself spending a lot of cash. The bid costs vary. Each site will have a formula for working out the bid cost per item. For instance, some sites might just choose a percentage based on the RRP. So the bid cost could be 0.25% of the RRP value of the product. Other websites will have a set bid fee for all of their items, regardless of the RRP. Consider all of the different options before going any further. Bidding Late Sometimes bidding late can work out well, but remember; some penny auction sites will automatically extend the length of the auction after someone bids. So you might think there are only 10 seconds left, but they will automatically extend the length of the auction when you bid. Sometimes this can be by just 1 minute, whereas other times it might actually be 5 minutes or more. The one thing that can be said is that a lot of people place a proxy bid and then leave, so there is going to be a lot less competition towards the end of the auction. Strategy Success You might be lucky enough to find a strategy that is working on a regular basis. If this is the case then you really need to consider investing some more money. Not only can you buy items for ridiculously low prices, but you have another opportunity. There are plenty of alternative market places that you can sell these items on. You could sell them on these market places and create a profit, rather than keeping them for yourself! This will give you more bid credits when it comes to buying items that you actually want! Conclusion If you want to be successful with penny auctions, then you need to have a clear strategy in place. Those people that are focused and are consistent always have a much better chance of being successful in the long run. Make sure that this is you and you will be able to win auctions regularly. BidGrid is a leading penny auction site in the uk where shoppers pay per bid and the bidder with the lowest unique bid wins. Take a look at there how it works page and video tutorial to quickly understand how the auctions work.
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