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What Am I Missing?


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Was looking at bidgunner penny auction site and it doesnt make sense to me. Correct me if im wrong... you ...


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Old 12-21-2012, 08:28 AM   #1 (permalink)
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Default What Am I Missing?

Was looking at bidgunner penny auction site and it doesnt make sense to me.
Correct me if im wrong...
you spend $600 for 1000 bids which is .60 cents per bid(no help needed there). Even if you "snipe" and only use your bids at the end of an auction and only have to use let's say 100 bids to win the item, you get the item for $60 out of your pocket plus whatever the items cost is based on your and others penny bids. Still no problem understanding the math.

But for example yesterday a assult riffle sold for $107.60 which equals 10,760 bids by everyone interested because every bid only increases the price by .01 cent and the posted retail value was $870.
My math tells me that the company made a minimum of $6,456 (if every one bidding bought the same bids at .60 cents each) plus the final $107.60. So if you do not win the item you either lose the $60 which you used by placing 100 bids or they give you a buy it now option and apply the $60 to the retail price and you then pay $810 for the same option.

How does $6,563.60 for a retail value of $870 make sense if no one used the buy it now option and lost the cost of their bids?

I would not bid on an item unless I was willing to pay the retail price and use the buy it now option if I lost the auction. But I wonder how many others dont and what does the "house" really make? At those # I want to open my own "penny auction" website!
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Old 12-21-2012, 09:09 AM   #2 (permalink)
 
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Gambling is the way I see it. Reason I don't play Figure if I want to blow some money I'll go buy a Powerball ticket for $2 and call it a day. Guessing a lot of people think they will win so they play and loose.
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