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Playing Penny Auction Trends

Penny Auction Trends

Online Auction Trends

Online auctions have grown in popularity since eBay was founded in 1995. While eBay has become a household name and other traditional auction houses, including giants Sotheby’s and Christie’s have joined the party, perhaps the most exciting space in online auctions is penny auctions. The prospect of saving money is certainly a primary objective for consumers who participate in any online auction. Entertainment is an equally strong motivation for many online auction participants. For these individuals, penny auctions offer highly competitive, fast-paced live auctions around the clock that are uber entertaining.

Like all industries, market demand determines winners and losers. While quite a few penny auctions that have come and gone – most notably– Beezid (you may remember this is the company that paid $25,000 for Lindsey Lohan’s 14-second YouTube ad while she was under house arrest), two mainstays, DealDash and QuiBids are the undeniable penny auction leaders. Both companies have been around since 2009, have loyal customer bases, and appear to be sound companies. For years QuiBids was the largest penny auction site until 2016, when DealDash overtook QuiBids in the United States.

How Do Penny Auctions Work?

Unlike, traditional auctions, penny auctions are pay-to-play, meaning that users need to purchase bids ahead of time then use one bid for every new bid placed. All penny auctions start at $0 and there is an auction counter that lets all players know when the auction is scheduled to close. Every bid a user places subtracts one bid from his/her balance and increases the price of the auction one penny. In a penny auction, once the auction timer reaches 10 seconds remaining, every bid will reset the timer 10 seconds. Each player must then decide in this short 10 second window whether to place a new bid to outbid the previous high bidder. If no new bids are placed, the final bidder wins the penny auction at the final sales price. Sounds easy, but it’s not.

Winning on DealDash and QuiBids

Both websites have two features designed to prevent a user from leaving empty-handed. A Buy-It-Now option allows bidders who do not win an auction to purchase the item outright and get all their bids back! Essentially, the user gets the item for the listed price and all bids spent in that auction are returned to the user’s account. Terms vary, so check out the links describing how the DealDash Buy-It-Now and QuiBids Buy-It-Now work.

The bottom line is that if you want to win more auctions on DealDash and QuiBids, you’ll need to thoroughly educate yourself on the nuances of each site, the products being auctioned, and knowing your competition (i.e., the other players). It may sound cliché, but a little homework goes a long way towards winning more auctions.

DealDash | Buy-It-Now Program

DealDash.com | Buy-It-Now Program directions

Another cool program designed to reassure new players, is a guarantee to win program. Like the Buy-It-Now feature, the guarantee to win terms do vary by site. Again, it’s best to take a look for yourself at DealDash Guarantee and QuiBids Guarantee.

QuiBids | Guaranteed Win Program

QuiBids | Guaranteed Win Program

Caveat Emptor

When it comes to playing online penny auctions, I’d like to offer a caveat. Most penny auctions players will experience a full spectrum of emotions, ranging from absolute joy and exhilaration after winning to utter disappointment after just missing out. While these emotions may be felt after winning/losing a traditional auction, these feelings are much more pronounced in penny auctions – in my opinion. Perhaps the tagline from ABC’s Wide World of Sports sums it up best: The thrill of victory and the agony of defeat!

Stay tuned, in our next blog post we’ll get into the product-mix offered by DealDash and QuiBids, respectively. Product-mix is probably the most important factor when deciding which online penny auction site to play.

Happy Bidding Fellow Bid-Ninjas!

Screenshot of the Beezid website since they presumably went out of business or shut down

Beezid Shut Down? Many Left Feeling Beezid is a Scam

Since about early October 2016, not a single auction on Beezid.com has actually allowed for bidders to place any bids, with all auctions being listed as on “standby”.  This has left many people wondering if Beezid has shut down, gone out of business, claimed bankruptcy or a variety of other causes for not allowing anybody to place any bids or participate in contests of any kind.

Currently the Beezid website looks like this:

Screenshot of the Beezid website since they presumably went out of business or shut down

What Happened/is Happening to Beezid Now?

  • No auctions are running

    With no auctions running users with bids left in their accounts are unable to use them to place any bids.

  • No message about closing down

    You’d think that if a site as large and popular as Beezid was going to close it’s doors that it wouldn’t have happened so unceremoniously.  If you visit the Beezid site now you won’t see a single message or blog post or anything else indicating what has happened, is happening or will happen.

  • All links on the site link to the homepage

    A recent, and very strange, site update has left every link & menu item on the site just linking directly back to the homepage making it impossible to navigate to any other page, let alone log into your Beezid account.

  • Tremendous amount of negative feedback

    One of the most unsettling things about this development with Beezid is that many users are left feeling that Beezid is a huge scam.  The very popular penny auction forum for avid PA players “Penny Auctions Forum” has actually dedicated an entire section to the shut down of Beezid and the fallout here.  One of the threads in that section entitled “Beezid Chargebacks” is up to 15 pages!

Looking for Help with Your Beezid Account?

The best resource we’ve been able to find to share with our loyal Bid-Ninja users is the previously linked to Penny Auction Forum, more specifically, the Beezid section.  There users have been posting ways they’ve been able to successfully recover some of the funds from their accounts through various methods, along with sharing contact information and just generally being able to speak with others who have experienced the same negative experience.

What’s to Come

Sadly, we don’t know what is going to happen to the users who lost thousands or didn’t have merchandise delivered, or even the owners of Beezid themselves.  What we can say is that we here at Bid-Ninja are very sorry for those who were affected by this and we hope that Beezid makes all of their customers whole.  For a very long time Beezid was a favorite of the penny auction community and it’s very disappointing to see them handling this situation in this manner.

 

Beezid Statistics for Products, Auctions & Bidders Now Available on Website!

Once again Bid-Ninja has great news for our thousands and thousands of users…our Beezid statistics for all Beezid auctions, products & bidders are now searchable and viewable right on the Bid-Ninja website!  That means if you want to win on Beezid more often, you’ve now got two available tools to do it…the Bid-Ninja Software for Beezid AND the Beezid “onsite stats”

That’s right, now you can search our Beezid statistics database for usernames, auction ID’s or even products you’re interested in bidding on so you’re armed with the information you need to slice through your competition.  That means there are now “onsite website statistics” for 3 of the available 4 sites that Bid-Ninja supports.  View the homepage of the (now) QuiBids, MadBid & DealDash statistics here.

What’s more is we’ve brought this information to you in an incredibly “easy to digest” format.  There are four “areas” to this new addition to the Bid-Ninja product suite.  They are:

  • The “homepage” of the Beezid Stats – This area shows you the currently active auctions, the top 10 bidders on Beezid (by the number of bids placed), the latest ended auctions and lastly, the most “active” bidders that are currently placing bids across all auctions on Beezid (by how many bids they “have in play” across all auctions they’re bidding on)
  • A Beezid “Active Auctions” stats page (this linked to page won’t link to an “active auction” for long, since once the auction ends, the page type changes) – An “active auction” page shows you a ton of information from the latest bidders, how many total bidders there are, the current price, when it started, the bidders in the last 5 minutes, how long the auction has been running, historic prices for the product in the auction, how the prices are trending and much more
  • A Beezid “Bidders Stats” page – This page will show the total number of auctions a bidder is currently bidding on, the total number of bids they’ve placed since they started playing on Beezid, their win rate, the total number of auctions they’ve won & lost, the total number of auctions they’ve bid on and a list of their latest won & lost auctions
  • A Beezid “Product” Stats page – This page will show you the statistics for a PRODUCT that is sold on Beezid.  For example, the linked to page here takes you to a “135 Credit Auction” product and will show that Bid-Ninja has tracked over 2,800 auctions for this product, it’s average ending price, the best time of day to bid, the best day of the week to bid and even the best hour of the day to bid all based on historic data.  It even shows a list of the latest ended auctions for that product

Check out some of these screenshots, and then get started using it!

Beezid Stats by Day of WeekBeezid user/bidder statisticsbeezid product trending stats over past 90 days

beezid strategies

Beezid is Giving Away $1,000 for the Best Penny Auction Strategies – Drawing is August 10th!

Beezid is giving away $1,000 for the best penny auction strategies, and the drawing is just five days away on August 10th!

If you are a great player and/or know of an excellent strategy, now is your time to cash in by sharing it!  All you have to do is add your strategy as a comment on their blog post here: We’re Giving Away $1K For Your Beezid Strats!

Here is the content of that blog post from their site will all the details:

Okay guys, it’s time for another contest!

(And this is our easiest one yet!)

We’re putting out another call for your best tips and strategies for winning here on Beezid. Only this time, you don’t have to send us a video. You don’t have to send us a photo. You don’t even have to doodle stick figures.

All you’ve got to do is what you guys do best: leave your comments here on the blog!

Reply to this post with your best bits of Beezid wisdom. (Yes, there are other strategy threads here on the blog, but for the purposes of this contest, only comments made to this specific post will qualify.)

You can send in as many tips as you want. The only rule is they have to be unique, as the drawing is based on unique posts. So be sure to check if somebody else has already made the same (or a similar) suggestion!

  • 1 unique strategy = 1 entry in the drawing
  • 2 unique strategies = 2 entries to the drawing

We’ll be selecting 3 winners, so the more strategies you submit, the better your chances!

Oh… did I mention the prizes?

  • First Prize: $500 Wallet Card
  • Second Prize: $300 Wallet Card
  • Third Prize: $200 Wallet Card

Yep. We’re playing for cash this time ;)

The drawing happens August 10. So give yourself the best shot at that prize money and send us as many winning strats as you can!

UPDATE:

Just to clarify, until the contest is over, ONLY qualifying tips and strategies will be published to this thread. You guys have been leaving each other some nice compliments, but in order to simplify the final count these and other comments will remain unpublished until the contest is over.

UPDATE 2:

This also applies to strats that are too similar to ones that have already been published (obviously). However, if your tip has several parts, some of which have already been said but one of which is unique, then the post will still count for the unique tip.