How Penny Auctions Work:

Penny Auctions are a new and innovative approach to the auction pace. Unlike traditional e-Bay style auctions, penny auctions work with a 20-second timer and on a pay-per-bid basis. In a typical e-Bay auction, bidders wait until the closing seconds to place a bid and hopefully outbid all other bidders as the clock winds down. In a penny auction, when a bidder places a bid, it adds 20 seconds to the clock to allow other bidders the opportunity to bid over you.  The price of the item goes up 1¢ at a time. After you bid, the timer counts down from 20 seconds, and if no one has bid over you, you win the auction.

Penny Auctions work on a pay-per-bid model, which is also different than e-Bay style auctions. When bidding in a penny auction you must purchase a Bid Pack. On Zeekler, bids are $0.65 each. Even though bids cost you $0.65 each, the value of the item you
are bidding on increases by 1¢, so you are  paying with every bid you place, hence pay-per-bid.

Bidding in penny auctions requires strategy, and bids. We encourage newcomers to participate in Beginner Auctions only. Bidders with fewer than three wins can participate
in them (fewer bidders=less competition).  From the Zeekler Penny Auction page click on "Auctions" and select  'Beginners Auctions'.

Second get the stars out of your eyes. Go after auctions with fewer bidders and less action.

When an iPad2 comes on the auction block you must account for all the other more experienced bidders that will be participating. Take your time and develop a strategy. Some bidders choose intimidating names.  Others win as many auctions as possible so when new bidders go and look at the winner’s circle and see the name all over the place, the new bidder may back out of the auction once they see the name.  Start small then win big.  Get a couple of wins under your belt, and understand how the bidding works. There is risk involved in penny auctions because there is no guarantee that you will get a good deal. It is very easy to get caught up in the heat of the moment and spend more in bids to win an auction than if you just bought the product from a retail store. Penny auctions are not like shopping at Wal-Mart.  They are entertainment. You play in hopes of winning a product that is also a great deal. But, it does not happen ALL the time.

Zeekler has penny auctions running at 6:15 pm New York Time every Monday, Tuesday and Thursday.  Every Wednesday at 12:15 pm New York Time.
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