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A penny auction is
where you buy bids
and then place them
on the items you
want to win, raising
the price by 1 penny
at a time. It is a
fun and exciting way
to buy top brands
for a fraction of
their suggested
retail price.
In each auction, the
price can only be
raised by 1 penny at
a time. For example,
when the bidding has
reached $1.54,
placing a bid will
raise it to $1.55.
The auction takes
place against a
countdown clock.
This means that if
you place a bid and
no-one else places a
new bid within the
countdown time, the
auction closes and
you win. You then
pay the final
bidding price of the
auction – if a
product is worth
$16,000 but you closed the
auction at $594, you
pay $594.
Each product has a countdown time – usually
between 1 – 2 minutes. When you place a bid the clock starts counting down from
that time. If it counts down to 0 seconds with no-one else placing a bid, then
you have won.
If someone else places a bid then the clock resets and starts the
countdown. The auctions are open 7 a.m. -11 p.m. If the auction doesn't close
before 10.59 p.m. it continues again at 7 a.m. the following morning. There is
no limited bidding time, the auction closes when no one has placed a new bid
within the countdown time. For example, if the countdown time is two minutes and
you place a bid at 6:04 pm, if no-one else bids the auction would close at 6:06
pm and you would win.
If you want to bid
at Buyoo, you'll first need to register. Once you've successfully registered,
you can buy some bids and get bidding straight away.
How much does a bid cost?
Each bid costs between $0.10 and $0.50
depending on the BidPack you purchase, buying more bids in a package is cheaper.
BidPacks are available in packs of 10, 100, 250, 500, 1000 and 2500 bids.
How do I bid on Buyoo?
How does the AutoBid System work?
How does the AutoBid System decide when
exactly to place my Bids?
Our AutoBid System is instructed to be as
frugal as possible when bidding. That’s why they wait until the last 10 seconds
of the auction countdown to place your bids.
When there are two or more AutoBid Systems set on the same auction, they
duke it out there and then, placing all their bids immediately. This tit for tat
battle means that the price and countdown both increase with each bid placed.
(We do this so that bidders can easily see the auctions that will end soon
unless another bid is placed).
We have a few simple rules about how your AutoBid can be used - just
remember these when telling your AutoBid when to bid:
- You must use at least two bids when
setting an AutoBid: if you just want to place a single bid, just click the
bid button.
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How do I cancel an AutoBid?
Provided the auction hasn’t reached your AutoBid’s ‘Bid From’ price, you can
select the AutoBid overview tab and cancel him by clicking the red cross.
Why did the auction end before my ‘Bid To’ price was reached?
To control the spending of your AutoBids, they are told to use no more bids than
the ‘Bids’ value you assign. If he hits his spending limit then no more bids are
placed, even if the current price is below your ‘Bid To’ value.
What happens to AutoBid bids that don't get used?
Bids that
the AutoBid System doesn’t use are credited back to your Buyoo account. This
might happen when you win an auction. It can also happen if an auction ends
before your ‘Bid From’ price is reached, or if your ‘Bid To’ price is reached
before all your bids are used up.
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