We have been keeping an eye on a growing new type of auction called penny auctions. These sites offer you the chance to buy items for up to 98% off the retail price. The concept is very easy: You purchase a set number of bids through bid packs. You then use those bids to place on items that you are interested in and then bid against others to strategically bid at the right time to win your item like a new ipad 2, PS3, or laptop. Each bid you place will bump up the bid price by one penny thus the term penny auction. The one thing that you have to keep in mind is that once you place the bid that bid unit is gone. So you could bid 50 units on an item and not win and lose those bids. A newer player in the games called dealfun has taken this potential negative and made it so that if you bid on items and lose you can use the bids placed to purchase the item at close to it’s normal retail price.
This is a nice advantage and their top tier customer service is there to help through the whole process. I do like the fact that they list the winners and show details like how many bids they used to win the item which you can then use in your bidding strategy for a similar item. You can find out what other are saying about DealFun through various articles and blogs on the internet. The LA Daily news does a nice summary of the benefits for shoppers in relation to DealFun and what you can expect.
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