The Penny Auction Process

Here's a quick overview on how the Penny auction process works:

1. Pay a fee to register using your credit card
2. Buy a Bid Package. Example rates "100 bids for $25"
3. Pay for additional bids when you run out. Rates range from 10 cents to $1 to bid extra.
4. Penny auctions start at zero, and each bid made by all the players online at that auction will increase the price of the product by a penny.
5. Time pressure: Will you be the highest bidder when the clock stops?
6. The penny auction that never ends- the auction may go on and on unless a ceiling price is met. Every time someone bids, the running time of the auction is extended.

NerdWallet's Take on Penny Auctions

So what has Mr. NerdWallet has to say about Penny Auctions? Ain't it kinda too late in the game to make this assessment on penny auction sites? But we do need our nerd fix even if its about risking bidding and saving face. So head on to his site to read more about the wild west of penny auctions.