site

One of the most interesting and successful companies offering penny auctions is called QuiBids. This Oklahoma based company auctions off brand new products such as iPads, Macbooks, HDTVs, Digital Cameras, Gaming Consoles, and more for steep discounts, often as much as 85% off their retail price.

So how do they do it? In the case of QuiBids it’s quite simple. You see, whenever a prospective buyer places a bid for an item on QuiBids, the company collects a small fee. This fee is really inconsequential to the bidder, but based on the volume of sales and bids, the company is able to collect a substantial amount. This revenue allows the QuiBids to sell these expensive products to the winning bidders even if their bid is only a tiny fraction of the value of the product.