Wednesday, May 26, 2010

1 year anniversary at Penny Auction Watch: a contest for free bids!

Looks like Penny Auction Watch is having their one year anniversary and celebrate it by having a contest to one lucky person. This person will be the winner and have free bids to many penny auction sites. The winner will have to chance to win a great item for a low price with those free bids. Penny auctions are the new wave of auction sites.

Thursday, May 20, 2010

Bad rumors around Zoogboo

There have been disturbing rumors around the penny auction site Zoogboo. It seems their site seems to have problems with showing history of past auctions and showing who the previous winner is. Also, the winner of the auction should have been the last person who placed the bid, but instead it is the second person below it.

Customer service is another story as well. It seems that the site owner only responds to certain emails, but ignores others or goes into the spam folder. Some of the winners claim that the site owner doesn't respond to their emails and shipping goes out for these items with tracking numbers. Many other penny auction sites have taken steps to take care of their customers instead of ignoring them. Penny Auction Watch and Pennyburners warn people to avoid the site, but there are still people bidding on the site.

I personally avoid the site until Zoogboo overhauls their website with dramatic changes. It seems the programmer didn't do a good job of the layout and past auction history is missing to determine who has reach their limit.

Wednesday, May 19, 2010

Strategies and tips to winning penny auctions

Ever wonder how you could win those items at penny auction sites so easily, but while everybody else throws their bids away at high-priced items? Here are a few observations I notice from penny auction sites.

1. Most sign up with the same username on multiple sites, establishing a reputation among bidders.
2. Bidders are more likely to win on PA sites that receive less traffic compared to more popular sites.
3. New PA sites keep popping up everyday and many bidders will go to the new site to win easier.
4. Juggling between PA sites is risky if the auction items are going to end at the same time.
5. Study your opponent's patterns on various PA sites and make sure they're about to reach their win limits.
6. There are always jumpers in PA sites, so you have to outbid them easily. Otherwise, that one jumper could've won the item with a free bid.
7. Do not go into a bidding war knowing you will lose your money and bids fast. This is the number one reason people seem to forget.
8. Throwing one bid when a new item appears is a waste since other people will always bid on the auction item in the end.
9. You got to have a plan and strategy to winning the auction item. If your opponent has won bid packs and cash, then they will most likely go after the high-priced items.
10. If you still can't win an item from a penny auction, then you haven't been studying hard enough to figure out your opponents' bidding patterns. You can't charge in there blindly and win.

Hope these tips will help you. I approach penny auction sites with caution since most of the winners don't seem to have jobs which IMHO is a waste of money since all they're doing is racking up credit card debt real fast. They have to sell their winnings in order to make a decent profit. Don't take PA sites lightly since they can be addictive (similar to gambling addiction).

Tuesday, May 4, 2010

Penny auction sites - a way of making money

There are so many PA (penny auction) sites now that it is not even funny. Some of these people make a living buying items from PA sites and then selling their winnings on Craigslist and eBay. You can usually tell because all these items are brand new and untouched if selling on eBay. From DSLR cameras, Macbooks, iPads, laptops, gift cards, and just about anything could be found on PA sites. Reselling them on eBay also brings a large influx of income just so they can buy more bids on PA sites easily.

Some PA sites are giving away free bids just by referring new people to their sites. One example is ALicense2Bid where they are giving away 5 free bids just by referring people and buying any bid package. The auction items listed are really good but $1 a bid seems very expensive. Another site is Bidrodeo. This site is more friendly and gives away 5 free bids if you sign up from a referral. Another 5 free bids will be given if you buy any bid package, so you get 10 free bids.

BidonCash only gives you 1 free bid which isn't much, but you can refer people and get 10 free bids if the referral buys a bid package. This PA auction is only for bid packages and cash. Yes you heard me, cash. Too bad they don't use Paypal, but for cashout you can do a bank wire or Eco Card (sort of like Paypal but you can get the cash by bank wire or a virtual Mastercard like a real Mastercard for online purchases).

Most of these people have to have a steady flow of income, so they must have money in order to win these PA sites. Strategy is a necessity on PA sites since you have to know your opponents and know if you can win the auction. Otherwise, you may waste plenty of money on bids and never win anything at all.