Penny auction sites are auction sites, not unlike ebay, but they differ in that when a bid is made on a product the price only goes up by a penny, instead of whatever amount someone chooses on ebay, to outbid the last bidder.
This is in large part why penny auctions can be such a great find -- one can potentially win a bid, and get a product at a drastically deep discount from its full retail price.
On the best penny auction site you can find out about various penny auction sites. The website offers some great explanations of how penny auctions work and strategies to optimize your penny auction experience.
As an entrepreneur I could see using penny auction sites to find great deals on office equipment like, a new laptop or tablet, to help run my business.
Or, I could see the possibilities of finding great products at deep discounts and reselling them at a higher margin than what you paid, but still lower than traditional retail pricing. That could be an instant way to start a business online...buy discounted items on penny auction sites and resell the products for a higher margin on Amazon or another online retailer.
The best penny auction site does a nice job of providing beginners with useful education about how to get started with penny auction sites, what to look for to have success and what to avoid to mitigate the poor penny auction sites.
Learn more about penny auctions. How might you use them for your business?
posted by Nick Venturella