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MadBid Closes Its Doors

Where In The World Is Madbid?

Madbid users around the globe have been wondering and asking themselves what happened to the longtime U.K.-based penny auction site Madbid?

Madbid was founded in 2008 and owned by parent company Marcandi Ltd, which itself is wholly owned by Jersey-registered firm Keyword Group Ltd. In 2009, raised approximately $6 million in venture capital money from Atomico to launch Madbid throughout Europe. In addition to the United Kingdom, MadBid operated websites in these nine other European countries: Austria, Germany, Ireland, Italy, France, Netherlands, Poland, Spain, and Turkey. Madbid also had auction sites in Australia, India, and the United States.

Back in 2016, MadBid’s Americans and Canadian users were informed that Madbid had “paused its operations in the United States.” Absent the normally colorful homepage showing off multiple simultaneously occurring live auctions was the following popup message on a solid light gray background:

madbid-has-paused-us-operations

MadBid.com Has Paused Operations in the United States

That was it. No further explanation provided. After establishing U.S. operations just two year years earlier with a huge splash, Europe’s largest penny auction site, left with a whimper. Some surmised that Madbid’s failure in the States was a result of misreading the American market, while others believed the company had financially over extended themselves by expanding too quickly. Perhaps neither explanation was correct …

On June 28, 2018, Madbid users across the Atlantic learned that their favorite penny auction website went into administration (something akin to Chapter 11 in the United States). The nail in the coffin occurred when Europe’s highest court ruled against Madbid in a tax dispute, as reported in the Courthouse News Service article UK Prevails in Tax Dispute With Penny-Auction Site Madbid.

Ultimately, it appears that Madbid’s demise resulted from its inability to pay the additional and significant taxes imposed by the EU court. Their business model was never setup to account for these massive taxes. American and Canadian penny auction players may find comfort knowing that the circumstances under which Madbid closed its doors are significantly different circumstances to those on this side of the Atlantic. Specifically, respective tax laws and interpretations by courts thereof.

While certainly there have been other penny auction sites that have come and gone, aside from Madbid and Beezid, most have been much smaller startups. All is not doom and gloom in the world of penny auctions … far from it! Two long running giants in the space — QuiBids and DealDash seem to be strong as ever. Quibids continues to auction many name brand items and gift cards and DealDash average 100+ simultaneous auctions daily.

So let’s close (no pun intended) on a positive note. The screenshot below shows the live auctions taking place at this very moment (November 6, 2018 at 5:15 pm ET) on dealdash.com that includes many, very awesome automobiles!

DealDash Live Auctions including cars!

DealDash Live Auctions With Many Automobiles | 11-6-2018 @ 5:15pm ET


Happy Bidding fellow Bid-Ninjas.

Remember it’s Election Day, so if you haven’t done so yet … GO VOTE!!!!!!

Win a $50 Amazon, iTunes, or Target Gift Card for the Holidays

Win a $50 Gift Card for Amazon, iTunes, and Target

The holidays are just around the corner, so we thought why not create an opportunity to win something special! That’s why we’re giving away $150 in gift cards, starting today.

Win a $50 Amazon, iTunes, or Target Gift Card for the Holidays

Bid-Ninja is giving away $150 worth of gift cards!

Our giveaway requires no purchase! While many penny auctions sites, such as DealDash, QuiBids, MadBid UK, and PrimaBids, auction off plenty of gift cards, they require you to use valuable bids in order to win. Well, not here! For this special giveaway all you need to do is enter to have a chance to win:

$50 Amazon, iTunes, or Target Gift Card

Enter for a Chance to Win $50 Amazon, iTunes, or Target Gift Card

Who knows … You could be one of three lucky winners and get have a $50 Amazon, iTunes, or Target gift card to spend on holiday gift shopping! And to make things easy here’s all you have to do.

Click Here to enter your name and email (so we can contact you when a winner is chosen).

It’s that easy!

And remember, sharing is caring. When you share with your friends for them to sign up, you’ll earn more chances to win. The more friends you get to sign up, the greater your chance you could buy them a nice gift AND still have some money for yourself when you win one of the gift cards.

Get started today by entering to win now. Remember, it’s free to enter. No bids required! No purchase required!

Wishing You a Happy, Healthy, & Safe Holiday Season

The Bid-Ninja Team

 

Gift-Card Friendly Penny Auction Site

Are you looking for more GIFT CARD AUCTIONS?

We hear from many of our users that they wish penny auction websites auctioned more GIFT CARDS!

Well, this brand new penny auction site does just that. Currently (October 19, 2017 @ 12:15 PM EST), there are gift cards from Amazon, Gap, Nike, Panera, Burger King, up for auction.  See for yourself below…

QuiBids Wall of Auctions

Since there are fewer competitors than the well-established sites, you’ll have chances to pick up some easy wins while there aren’t thousands of power bidders to compete against! Check out this new “gift-card friendly” site here: https://bid-ninja.com/brand-new-penny-auction-site/.

Fewer Competitors On NEW Penny Auction Site – Comes with Guarantee

Bid-Ninja users can’t seem to get enough of this new penny auction site. Although Bid-Ninja doesn’t currently support this site (our current supported sites are DealDash, QuiBids, and MadBid UK), the response has been so overwhelming that we are considering including this site in a future software update. Please continue to provide us with your valuable feedback and let us know if you’d like us to begin supporting this penny auction site in a future version of Bid-Ninja.

We’re pretty excited to tell you about this site because, like you, we love penny auctions and the opportunity to get a great deal! Not only are there great deals to be had, the products being auctioned are name brands such as Amazon, Samsung, Coleman, Omaha Steaks, Bushnell, Panera, and many more.

This brand new site offers both – has fewer competitors so there aren’t thousands of power bidders to compete against (yet)! As history shows us, the first year of a new penny auction’s existence is when many great deals can be had.

They’re offering a guaranteed first win with bids from your first bid pack purchase and all auctions always refund all bids used by the winning bidder. That’s right, if you win an auction (not just your first auction, but all auctions), you get all the bids you used to win that auction credited back to your account!

We at Bid-Ninja have spoken personally with the owners of this site, have personally used the site, and can unequivocally vouch for its legitimacy.

 

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.