PR Log (Press Release) –
Jan 10, 2010 – NikBid.com takes the penny auction to new heights. Unlike other penny auctions where only the site holders benefit from the sale, NikBid offers members the ability to be sellers themselves.
If you are new to Penny Auctions aka. Pay Per Bid, it works on the basis of cumulative buying power. The bidders buy bid packages of 25 bids and up. Each bid costs 50 cents. The bidder chooses an item they are interested in and places a bid. The price of that item increases by 1 cent. For example: a $100 Visa Gift Card is listed for 1 penny. A bidder places a bid and the price increases to 2 cents. This continues until there are no more bidders. As the clock winds down a few seconds are added when a new bid is placed. If the clock goes to zero then the last bidder wins the item. It is not unusual for the item that retails for $100 to sell for $4.00 The winning bidder saves $96.00. Keep in mind that for the price to get to $4.00 400 bids have been places. Each bid costs 50 cents. Therefore the cumulative buying power is $200 at 50 cents per bid. The cost is spread out over many bidders.
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What makes NikBid.com so different is that members can sell items as well. Other Penny Auctions sell the items and keep all the profit. NikBid.com allows members to sell items with no listing fees and 50% of the bid revenue along with 100% of the final price going to the selling member.
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