I was first introduced to QuiBids.com last year and immediately loved the “Penny Auction” concept and thought it might be a good investment. I dabbled here and there trying to win stuff, but was hardly successful at least. The reason being: I had no QuiBids Strategy.
In order to have a penny auction be worth your time, effort, and money, you have to have a strategy or you will lose the auctions as well as your money, and be left with nothing.
The concept itself is GENIUS! These people are literally making HUGE profits. When a winner is getting a great deal on a product, everyone else who was involved with the auction is getting screwed.
1) Only bid on things that you are willing to BUY AT FULL PRICE!
2) Never bid before 0:01! That’s 1 second people. Don’t waste your money or bids.
3) If there are more than 10+ bidders, let other spend their bids and money. It’s ok to wait. If you miss out for waiting… don’t worry. That same product will be up again, guaranteed.
4) Time of day is key… Don’t bid when you get home from work and everyone is on there bidding. Go early morning or late-late at night. OR, if you really want something, maybe at work.
5) Bid-O-Matic is a good way to bluff, but it can cost you… I’d stay away from using it.
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