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How Do Penny Auctions Work?
Posted 30th October 2012 at 10:17 PM by GT
How Do Penny Auctions Work?
How do penny auctions work? Believe it or not, up until a few weeks ago, that was a question I did not know the answer to. That seems funny for a guy who spends most of his time online, either tending to his Internet Marketing interests or doing some kind of research.
When I first got involved with the Internet about a dozen years ago it was challenge enough just to deal with email! Eventually, I ventured further out into the World Wide Web and discovered many other wonders.
One of them was an auction site that was growing in popularity and has continued to flourish today. It wasn’t a penny auction site; just a traditional one that allowed members to post their items at a starting price of their choice and then other members could place bids up until the close of that auction.
I have many treasures tucked away in my cupboards and on my shelves thanks to that auction site! Some are true collectibles. Others, well maybe they are treasures only to me.
I hung around that auction site for a couple of years or so ... until I discovered Internet Marketing! Funny how your interests change when you find something that truly enthuses you.
The other funny thing is that after leaving it for about two years, I have recently returned to the very first Internet Marketing program that I joined back then. But that is another story.
When I was involved with the auction site mentioned up above, and later, after Internet Marketing caught my attention, I was aware that penny auction sites existed, but for some reason I never felt inclined to check them out. I know that the question had been in my mind, “How do penny auctions work?” But I never made the effort to find the answer.
Well, my perspective changed a few weeks ago after re-joining the marketing program I just mentioned. Turns out that in addition to a few other changes and upgrades to their marketing and compensation plan they also added a thriving penny auction feature.
So, now I know how a penny auction works! At least, I know how one of them works.
In this case, every auction item starts at just one penny and a timer starts counting down from a prescribed time of several minutes. Every time someone places a bid, the price of the item goes up one penny and the timer goes back up and starts counting down again. Over a period of time, as the auction goes on, the start time for the timer gets shorter and shorter.
The auction ends when one person places a bid and no one else bids by the time the timer reaches zero. That bidder then wins the auction for whatever the price of the item was at that moment. Could even be just pennies.
This format can make for a very exciting and very challenging auction experience! If it is an item you are quite interested in and you are up against another enthusiastic bidder, it can get very tense. Gets your heart racing and your blood pumping.
If you have ever asked that question yourself – “How do penny auctions work?” – now you know the answer. One answer, anyway. For me, I wouldn’t be interested except for the fact that it is one small part of the Internet Marketing system that I have become very enthusiastic about over the past several weeks.
GT
Home Business Resources
For more info on this topic, read my post, Warning: This Penny Auction Site Can Be Captivating.
~ ~ ~
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How do penny auctions work? Believe it or not, up until a few weeks ago, that was a question I did not know the answer to. That seems funny for a guy who spends most of his time online, either tending to his Internet Marketing interests or doing some kind of research.
When I first got involved with the Internet about a dozen years ago it was challenge enough just to deal with email! Eventually, I ventured further out into the World Wide Web and discovered many other wonders.
One of them was an auction site that was growing in popularity and has continued to flourish today. It wasn’t a penny auction site; just a traditional one that allowed members to post their items at a starting price of their choice and then other members could place bids up until the close of that auction.
I have many treasures tucked away in my cupboards and on my shelves thanks to that auction site! Some are true collectibles. Others, well maybe they are treasures only to me.
I hung around that auction site for a couple of years or so ... until I discovered Internet Marketing! Funny how your interests change when you find something that truly enthuses you.
The other funny thing is that after leaving it for about two years, I have recently returned to the very first Internet Marketing program that I joined back then. But that is another story.
When I was involved with the auction site mentioned up above, and later, after Internet Marketing caught my attention, I was aware that penny auction sites existed, but for some reason I never felt inclined to check them out. I know that the question had been in my mind, “How do penny auctions work?” But I never made the effort to find the answer.
Well, my perspective changed a few weeks ago after re-joining the marketing program I just mentioned. Turns out that in addition to a few other changes and upgrades to their marketing and compensation plan they also added a thriving penny auction feature.
So, now I know how a penny auction works! At least, I know how one of them works.
In this case, every auction item starts at just one penny and a timer starts counting down from a prescribed time of several minutes. Every time someone places a bid, the price of the item goes up one penny and the timer goes back up and starts counting down again. Over a period of time, as the auction goes on, the start time for the timer gets shorter and shorter.
The auction ends when one person places a bid and no one else bids by the time the timer reaches zero. That bidder then wins the auction for whatever the price of the item was at that moment. Could even be just pennies.
This format can make for a very exciting and very challenging auction experience! If it is an item you are quite interested in and you are up against another enthusiastic bidder, it can get very tense. Gets your heart racing and your blood pumping.
If you have ever asked that question yourself – “How do penny auctions work?” – now you know the answer. One answer, anyway. For me, I wouldn’t be interested except for the fact that it is one small part of the Internet Marketing system that I have become very enthusiastic about over the past several weeks.
GT
Home Business Resources
For more info on this topic, read my post, Warning: This Penny Auction Site Can Be Captivating.
~ ~ ~
* Become an E-Commerce Associate – Sell Your Products Online - No Listing Fees - Reach Millions!
* Home Business Opportunities and Affiliate Resources
* Free Article Directory – Blog Post: Submit to this directory TODAY!
* Reinventing Your Life - Make the Rest of Your Life the BEST of Your Life!
* Follow Me On Twitter ===> MyPowerSite <===| gtbulmer | StarrBizzcom
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