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A penny auction or entertainment auction allows users to purchase bids in order to participate in the auctioning of an item.
It involves a timer that is a critical component of the whole bidding system. As the timer counts down towards zero, it is reset to a certain amount of time whenever a bid is placed. This time is generally 10, 20, or 30 seconds. The penny auction name depicts the currency amount for each bid; every bid placed raises the sale amount of the item by one penny. If you purchase the bids, they generally cost less - $0.60, $1, etc.
What are the benefits of penny auctions?
Compared to traditional auctions, penny auctions provide greater discounts as much as 90% on sale items in case a user wins the auctions. The winner of the bid will only pay the total bid amount for the item. As the initial price of the item starts at $0.00 and the total bid amount is raised by one penny per bid. The auction sale price is often far below the manufacturer’s retail price for the item. For a user, the great discount is the benefit. For the penny auction owner, the competition, the lure of discounts, and the resetting of the clock offers huge potential profits.
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