Online pay to bid auction sites, (commonly referred to as penny auction sites) are rapidly growing in Europe especially in the UK. The process is quite simple; products are auctioned at a starting price of £0.00. When a user bids on an auction, the price of the product increases by one penny and a timer starts counting down (generally timers range between 1min-30sec). Every time another bid is placed, the timer restarts the price of the product increase by one penny. When the timer reaches zero, the last bidder wins the product for the final closing price – typically with discounts up to 81% off the recommended retail price.
It has been known for brand new iPhones (with manufacturer warranty) to be sold for less than £25, laptops for £30 and we even saw a Mini Cooper sold less than £10 once.
99% of the online auction sites, you’ll lose the money bidding if you do not win the auction, however a UK based company has completely evolved this model and introduced a “no lose guarantee”. Unlike any other site we have come across, if you don’t win a MadBid auction, the money spent on bidding can be used towards buying any product in their Buy-Now shop. They’ve called this new development Earned Discount.
MadBid is a pioneer in Europe market leader in this area. After using the service it’s easy to see why. The user experience is paramount.
Their Buy Now prices are very competitive, so users will always save money, whether they win an auction, use their earned discount to purchase a product or simply buy a product directly. It’s no surprise that they have won a various number of business awards since launching in 2008.
In conclusion, online auction sites can indeed make very happy customers but they can also leave some disappointed. MadBid’s revolutionary Earned Discount feature guarantees 100% customer satisfaction and amazing value for money. There’s really no need to shop anywhere else.
Check out MadBid.com for yourself