Methods vary but the message at penny auctions is the same – compose the winning tender and you can pick up expensive goods at a fraction of their value. But is it as straightforward as it seems?Somewhere in the UK a person going by the name of "minga60" must be feeling gutted. He recently spent more than £200 trying to win a 32" LG flatscreen TV at penny auction website Madbid.com,only to see a rival bidder steal in and win it at the final second.
Madbid.com, and rivals such as tender Budgie and Fastbidding.com, or are at the forefront of an explosion in penny auction websites in the UK,with shoppers enticed by gaudy adverts boasting that Sony PlayStations have sold for a fiver or MacBook Pros for £90. But a closer look reveals that consumers can end up with nothing to reveal for it.
Continue reading...
Source: theguardian.com