What Are Penny Auctions?
What are penny auctions? A “penny auction” is a fairly new online auction format that has a few key ingredients: you have to pay for “bids” before being allowed to bid, auctions increase in increments of one penny for each bid that is placed, the auction is on a countdown timer and the bidder who has the active bid when the time reaches zero is the winner, time is added to the countdown for each bid that is placed within the last 10 seconds or so of an auction ending.











