SSHAWK

iTrader: (14)

That's just awesome!!

http://www.cnn.com/video/#/video/us/...ve.bucks.wnem?

Quick

Something sounds fishy...

I wonder what site he won that from. Now these penny sites have national attention because of this $5 Camaro. Sounds like a investment ploy from a few companies. I'm sure they theres a way they can write off the Camaro.

LeadfootDuramax

iTrader: (6)

Either way, that is still awesome for him.

Jake_the_Snake

iTrader: (5)

if you look on their website, it has a new 5.0 and a challenger r/t. im tempted to try this lol. wonder how long the auctions last

ssteven

iTrader: (6)

But how MANY people bid on it.......thousands and thousand all bidding in a few dollars adds up....They made more than what the car was worth just in bids.

Jake_the_Snake

iTrader: (5)

5.28= 528 bids. the highest rate per bid is 1.00, so they made 528 bucks on the car max

Quick

That’s exactly what they want after getting this global attention.

Chrismikeb

iTrader: (2)

So the company just bought the car and put it up for auction, and got 528$??

jebuzws6

iTrader: (5)

you guys think there is a catch to this websites I am thinking about starting to bid on some of this stuff.

Jake_the_Snake

iTrader: (5)

i doubt the company bought the car. probably auctioned it off on consignment or something. i doubt that kind of price is typical, and the dealer who put up the car must be extremely pissed

94fixerTA

iTrader: (5)

Ive read that You loose the amount of money you bid every time you bid.

SSHAWK

iTrader: (14)

This is true the winning bidder pays the price of his bid. Everyone else loses the money they placed on the bid.

Sluggish

iTrader: (10)

Bingo, the money posted is nothing but a counter. People can't seem to grasp that.

Morbid

iTrader: (34)

Well, yeah. You buy bids. Just because someone outbids you doesn't make your bid go away, otherwise people would just spam the bid button with little recourse.

If you buy 120 bids, you can bid 120 times. You don't win 120 items.

ssteven

iTrader: (6)

I gurantee they made more money than the cars worth on that auction

94fixerTA

iTrader: (5)

Heres how it would look on paper. Lol

Guy1 bids $.01
Guy2 bids $.02
Guy1 bids again $.03

Guy1 is now in it for $.04 that he won't get back if he looses.

enigmah

iTrader: (1)

Thats badass

rabiddog

iTrader: (1)

It's a time countdown. Here is the deal... You have one minute to bid on the item. If 50 people are bidding on the item in that one minute everyone pays in a dollar to bring it up another cent. So depending on how many people are bidding on the item each bid is how much they are making. Nobody wins until there is only one person that has the bid for 1 minute.

Scenerio

Bids at 2.16
100 people bid in the minute countdown
Website charges each 1.00 to place bid
Website made 100 in one minute
Bid goes up to 2.17
1 person bids
Website made 1.00
Bid goes up to 2.18
nobody bids in 1 minute
Bidder wins prize and pays 2.18

If you think that they are only charging you and nobody else that clicks the bid button in that minute you are crazy. That is the way they sell stuff for so cheap. The more people on the website bidding can make them lots more money.

epglxspooky

iTrader: (1)

How most dollar/penny sites work, you buy (points) to bid. It takes so many point to bid at one time. Ex. You bid 1 cent, you get charged 10 cents to bid. You are now out of 11 cents. Some one else bids 1 cent over, they are also charged the 10 cents to bid. You bid again, 10 more cents, plus the one cent, you're already out 22 cents.

It keeps adding up and you are forced to buy more (points) to keep bidding.

3.8redbird

iTrader: (3)

He is in it for 4 bids not 4 cents. If he paid .50 a bid he is out $2 already