I wonder if anyone has seen the adds on TV for these new [though not so new] 1 cent auction bid sites.
Id like to hear how it went for ya but I looked into them in 09 and I tell ya, I would love to start a 1cent bid auction site. Its a money making monster on the back end, surpasses anything ebay or paypal could dream up.
Here is what I gather in 09 so tv brands n current price may be off
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Everything starts at 1 penny, and bids are all done by 1 penny, and you pay up to $1 for ever 1 penny bid you make.
On the main page a guy just won a $100 gift card for $1.10 but if they get near $1 per every penny bid, plus the final price. They can cover their losses on big items easy with enough volume. A $120 bid pack is 200 bids, 60cents per 1 penny bid.
Getting ahold of the numbers is amazing.
Cause member they get 60+cents for ever 1 penny bid made.
A guy pays just over $200 for a 52in flatscreen LCD but beezid makes 4-8-10 times more in profit over retial cost.
Sharp AQUOS / 52" LCD
Retails at: $1,699.99
$200.16
ohhenry [high bidder]
member each bid is only worth 1 penny but cost around 60cents.
100 pennies in a $1
100 X 200 = 20,000
20,016 bids so far.
60cents X 20,016 = $12,009.60
40cents X 20,016 = $8006.4
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winner: G-LACK-802
Price: $211.64
Sharp AQUOS / 52" LCD
forget that you can get a $2000 TV for $200
Its that they can sell a $2000 TV for $200 cause they made $4-$8-$10,000 profit on the back end of that sale.
I want a piece of that action, the back end action that is
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