kerry w.

I signed up, used the promo code BIDNOW for 16 free bids, watched a gift card auction (and bid once just for the heck of it) and I totally get it. This site is NOT a scam, but it IS extremely based on strategy. Very cool—my first time with a penny auction. You pay $. 60 per bid (I guess), plus the final bid price, so really you want to bid as few times as possible.

Skoreit, on the other hand, can rake in the dough often (not all of YOUR dough, just the dough of everyone bidding).

For example: The gift card I watched was a $50 gift card, but it sold for $. 73, meaning only 73 bids. 73 x $. 60 is $43.80, so Skoreit actually took a loss. (Skoreit purchased the $50 gift card and sold it at a loss of $6.20.—Skoreit, btw, owns all the products, this isn't like eBay.)

Don't feel bad for Skoreit, though. I found an iPod Touch that sold for $37. Xx... that's over 3,000 bids! 3,000 x. 60 is $1800, minus the iPod Touch price, which was $300. KAPOW Skoreit just raked in the dough... but the winning bidder *could* have bid only once, meaning s/he would've paid the $. 60 bid price, $37. Xx for the winning total, plus shipping. Still a good bargain, unless they bid all their money away.

Why my 3 star rating? Because the selection ain't all that great, and one thing I *did* want (I saw it and decided I must have it lol), there wasn't even an auction for it. So enh. I closed my account and I'm wiser for it. But very fun to dip toes into these waters for half an hour.