Seems crazy that anyone would sell it at such a low price, but I guess if you play these penny auctions enough eventually something really cool will show up that you can bid on for a low amount.
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The guy who made the website must be making a killing though as each bid is a penny but you purchase that bid for $0.60, which means that the final sale price is 60 times what you bid.
So, for example they talk about how a $50 gift card ended up getting sold for $54, even though the final auction price was $2.14, because the winning bidder placed 85 bids which comes out to about $53 if you add the $2.14 purchase price.
In total, the site made $127 on a $50 gift card from all the bids that were made on it. This is a genius business. You(the customer) basically give them 60 cents and in return they give you a penny back. I'll take that deal anytime, if I'm the one receiving the 60 cents.
CNN.com - Breaking News, U.S., World, Weather, Entertainment & Video News
The guy who made the website must be making a killing though as each bid is a penny but you purchase that bid for $0.60, which means that the final sale price is 60 times what you bid.
So, for example they talk about how a $50 gift card ended up getting sold for $54, even though the final auction price was $2.14, because the winning bidder placed 85 bids which comes out to about $53 if you add the $2.14 purchase price.
In total, the site made $127 on a $50 gift card from all the bids that were made on it. This is a genius business. You(the customer) basically give them 60 cents and in return they give you a penny back. I'll take that deal anytime, if I'm the one receiving the 60 cents.
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