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December 26th, 2011, 06:50 PM #1Carpe Diem - Penny Auction Sites
From a popular penny auction site's terms: "Bids placed on an auction are considered "used" and are deducted from your account." In other words, they take your money whether you "win" an "auction" or not!
Here's a site that offers links to more info about what's going on with these joints: Penny Auction (page 2) | Forum | WOT (Web of Trust)
December 27th, 2011, 11:29 AM #2
- Join Date
- November 21st, 2010
depends on the site, doesn't it? some promise to return lost bids.
but honestly, that's how they get away with selling an iPad for $20 or whatever. The cost of the bids from both winners and losers > the retail of the item.
it's a great business model. sadly it's a saturated market. gotta spend plenty on marketing.
December 27th, 2011, 02:15 PM #3but honestly, that's how they get away with selling an iPad for $20 or whatever. The cost of the bids from both winners and losers > the retail of the item.
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