CostDropper.com (Penny Auction sites)

Discussion in 'Off-Topic' started by Mince, Apr 15, 2011.

  1. Mince

    Mince Never Dice, Always Mince!

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    So I just ran into this auction site and was intrigued by their business model.

    Here is how it works:

    You register and buy a 'bid pack'. This bid pack comes with a certain number of bids you can use on any product that they have for auction (all products start at a low cost; cents). You can bid as many times as you want on a product but will be using bids from your bid pack. The starter pack is 125 bids for $49.00

    This video explains it further:
    http://www.costdropper.com/Tutorial

    I was doing a little research around the web and came across an entry within Yahoo answers:

    http://answers.yahoo.com/question/index?qid=20110308175330AA4cj9Q


    Seems someone had an issue with the site and was trying to get a refund but an employee from CostDropper responded and was working to resolve her issue.

    Have any of you heard of this site? What do you think about it?


    EDIT: Here is a news story about this site (I think)

    [video=youtube;c7VdoIyZTFo]http://www.youtube.com/watch?v=c7VdoIyZTFo[/video]

    Also, if this website is not legit are all penny auctions a fraud/scam???
  2. mistawiskas

    mistawiskas kik n a and takin names

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    I resist any up-front-money type of marketing. That's just me. That's known of as a buying a "pig-in-a-poke" and is an old dupe.
  3. Mince

    Mince Never Dice, Always Mince!

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    I'm with you Wiskas but the Penny Auction sites seem to have an interesting business model that makes sense.

    I don't know if I will try it, but I will definitely be keeping my eye on this trend.
  4. Jackalope

    Jackalope NNNNEEERRRRDDDSSSSS!!!!!!

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    A few guys I work with use penny auctions, and get pretty good deals. But there are plenty of caveats. You have to be really careful not to over bid,know exactly how much the item costs, watch it like a hawk, and be good at sniping.

    It's an interesting idea, and if you're careful can get good deals. It's just not worth the effort and risk for me.
  5. mistawiskas

    mistawiskas kik n a and takin names

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    And the site makes a known amount that way. I just shy way from things that are good mainly for the seller/site.
  6. -=Lurker=-

    -=Lurker=- Everyday I'm Shufflin'

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    Same as Beezid. It's a scam for the bidders. Genius for the auction house/sellers.

    Much rather do the ebay thing than buy bids...