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WHAT ARE REVERSE AUCTIONS?
Reverse auctions, as the name implies, are not run like traditional auctions. In reverse auctions, the buyer is in control as they offer bidders specifications on a particular product or service that they would like to purchase. In a nutshell, reverse auctions are where prices get lower with every bid!
There are many reverse auction sites online. One in particular called, Reverse Auctions at ReverseAuctonsNow.com, caught my eye. You can buy NEW top quality brand name products for a small fraction of their normal retail price…or even win them FREE! As you can probably guess, it was the winning a product for FREE part that grabbed my attention.
At Reverse Auctions, you can save up to 98% off regular retail prices of popular products like Apple iPod’s, XBox 360’s, designer handbags and watches, digital cameras, Apple iMac computer’s, luxury cars and more!
In a reverse auction, the price keeps going down, down, down…until the product is purchased. With Reverse Auctions, they offer three different types of these auctions:
XPress Auction: All articles are displayed with one starting price that is valid at the outset of an auction. The actual price is concealed until you place a Credit. With each Credit placed, the price decreases, so the actual price is always less than the starting price – often considerably!
When you place a Credit, three things happen:
1. The actual price decreases by 25 cents
2. The current price will be displayed to you
3. You now have the possibility of purchasing the product for the price shown.
Don’t hesitate for too long, or someone else may snatch up the item at a more favorable price.
ZerO Auction: All articles are displayed with one starting price that is valid at the outset of an auction. The actual price is concealed until you place a Credit. With each Credit placed, the price decreases, so the actual price is always less than the start price – often considerably!
When you place a Credit, three things happen:
1. The actual price decreases by 25 US cents
2. You will see the actual current price
3. When the article price reaches $0.00, you have become the final buyer of the auction!
At a price of $0.00, you have the possibility to purchase the article. At the completion of the transaction, you will only be charged the shipping fees for the item indicated in the auction.
Unique Bid Auction: In this exciting and popular “timed” auction, you can bid the exact price you want to pay for the product … no matter how low it is. When the auction time runs out, if your bid is both the lowest price and the unique price (meaning no one else bid the same price), then you buy it for your price.
All auctions are presented for a limited time only. You can bid using any number of 25-cent increments (i.e. US$1, $1.25 , $2.50 etc.). The user who has placed the sole lowest bid acquires the item.
An example: Several bids have been placed for $0.25, $1.00, $1.75, $4.25 and $5.00. The amounts of $1.75 and $4.25 were not yet placed, whereas if you placed the last and only bid in the amount of $1.75, prior to the close of the auction, then it would be both the lowest and sole bid, and is therefore awarded the auction item. However, if another user also places a bid of $1.75 in the course of the auction, this amount is no longer unique. Now, in our example, the $4.25 bidder would be the final buyer, as their bid is now the lowest single bid placed.
It is possible to place single bids, or to cover an entire span of bids. However, in order to guarantee equal opportunity, only single bids will be accepted in the last five minutes before the end of an auction.
HOW TO PARTICIPATE IN REVERSE AUCTIONS
New and high-quality products are added to the auction portal daily. To participate in auctions, you must register with the site. You can sign up for Reverse Auctions for FREE, however, a “bid” or credit costs $.80 or less. There is no monthly fee and no obligation to buy Credits or products at any time. However, to place a bid, you need credits. You can purchase both single credits and credit packages.
If you are awarded the item you bid on, you can conveniently pay with your credit card. Unfortunately, you cannot pay for the item with your Credits as they are exclusively used for making bids.
Want to start shopping online with Reverse Auctions? Go to ReverseAuctionsNow.com and register for FREE today!
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