Man these guys must make some serious money.

[CUSO]

Each bid to up the price by a penny can cost up to 65 cents.
Guess there are some good deals if you don't bit it away first.. LOL



Anyone ever use this? I am figuring the best time to bid would be 4 in the morning...HAHA

 

[teamgreen]

seems like an interesting concept, also seems hard and time consuming

 

[AreWeThereYet]

What's the point, I was just looking at that site and the timers never expire, if you bid before it reaches 0 it adds another 10 seconds.

 

[AreWeThereYet]

Here is how it works: our online customers buy “bids” in advance. They cost $0.65 each and are sold in packs of 40, 70, 120, 300 or 800. Bidders have the choice of placing single bids, or, using an electronic bid assistant called the .BidButler.. Alternatively, customers can bid via the phone.
Every bid placed, increases the price of the product by 12c and the auction countdown by up to 20 seconds. To help keep track of the money spent on bidding, each auction displays the amount spent on bids by the customer and how much the bidder would save overall, if they won the auction at that moment.
The ‘last bidder standing’ when the countdown reaches zero, wins the auction - usually at a very low price; winners save, on average, 65% when compared to the recommended retail price.
In December 2007, Swoopo was successfully launched in the UK, followed by Spain in May 2008 and the US and Austria in September 2008. Swoopo has launched Canada in June 2009, more countries are going to be added in the future.

 

[CUSO]

What's the point, I was just looking at that site and the timers never expire, if you bid before it reaches 0 it adds another 10 seconds.

Like said above, when the timer reaches near zero, a bid gets placed and the counter goes to 10 or 15 seconds.
If you think of it, a person with an addiction to gambling could lose a lot of dough.
There is a laptop, and it was at about 200$, you times that by 65 cents a penny, and these guys already potentially made 13000$

 

[mach123]

Like said above, when the timer reaches near zero, a bid gets placed and the counter goes to 10 or 15 seconds.
If you think of it, a person with an addiction to gambling could lose a lot of dough.
There is a laptop, and it was at about 200$, you times that by 65 cents a penny, and these guys already potentially made 13000$

They say it goes up by .12 cents for every bid placed so that means that you would go like this. 200 x 100 = 20,000 / 12 = 1666.6666 x .65 cents =$1083.3332 dollars they made + the 200.00 that guy that won needs to pay.
Thats what I understand. HMMMMMM