I want to know what happen if I can't win a bid in penny auction site ? like I bid 5 times for a product and it cost $5 ( $1 per bid price) so what happen with my $5. Is it return my money or it takes for forever ? thanks.
You don't win at a penny auction? You paid money for nothing really. No, you do not get your money back.
My advice to you is: If you are not getting your money back don't do it. What is the point of throwing your hard earned money by the window in that manner. You better off spending that money on something else.
i honestly dont know why people go to those penny auctions. I consider these to be a scam. You get nothing for your money
They're not a scam, they're basically for snipers. People like to wait until the last minute then it's a ton of people trying to snipe it all at once. If you win, they're AMAZINGLY good deals. You can win cars worth $30,000 for $1,000 or $2,000 and the sites profit so amazingly large on this. Their overhead profit margins have to be stupid insane. I really wish I would've thought of the idea first. They're not for me though, I don't like to rely on luck to win an item (which is Ironic because I'm addicted to the local lottery game here).
Perhaps scam isnt the correct word... perhaps evil is more fitting? Yes every auction has a winner where someone will win an insane deal, but to win a $30,000 car for $1000, would mean that hundreds of idiots (like the OP) have paid the other $29,000. And yes, the site would have low overheads, and insane profits. But I hope you will understand that I wont move from my position of thinking very poorly regarding these types of sites.
I don't think idiots (like the OP) have paid the other $29,000 only, they would have paid much more than that. The site is doing these thing for huge profit from these idiots (like the OP). I think for $30000 car, there may be more than $60000 paid by idiots (like the OP) to that site.