Who wouldn’t desire to get a 42″ HDTV fresh out of the box for twenty five cents right? The pay per bid auction with count-down counters that simulate the “going, going, gone” of a genuine auction was a huge hit when they very first hit the world wide web. See just how much the bidding websites produced compared to their cost of the item sold.  Large marketing costs to get the word out, equals money in the bank to these firms! So, what happened?

As users/customers (bidders if you will) began learning how to win along with other entrepreneurs opening up copy cat internet sites because of the explosive growth of this new market things began to change.  What was it? What did they miss whilst their appetite to back new sites with different twists and turns? Well, it was the “”Traffic”" or the volume of bidders and competition.  Light volume meant improved probabilities of winning.  It’s also common sense for the bidder to attempt and win cheaper items with much less demand and that’s where penny auctions lose money if they don’t take in more bids than the price of the item.  Is that probable though? Can an auction internet site attract the volume that the original penny auctions did and preserve it for the long term and will that platform attract Venture Capital right after the sting of penny auction losses? If so what does that model look like?

Introducing the full disclosure lowest single bid wins auction.  It’s a no reserve, sealed bid, lowest single bid auction platform that permits users to see how their bids perform on any one auction.  This model works more like a membership website than accusations of penny auctions getting uniquely disguised forms of on the web gambling.  The auction site must limit the quantity of paid bids to ensure a profit per auction and fully disclose the quantity of bids essential to close each and every auction.  The lowest special bid auction platform also prevents the auto-bid butlers which cancel out every other bid and restarts clocks on penny auction websites.  The platform encourages volume instead of discouraging as the more bids per auction item the quicker it closes with anybody getting a sound method to bid on a sealed ballot basis can get fantastic discounts.