Investigating The Penny Auction Phenomenon
NewsDaily24 writes: "Have you ever heard of "Penny Auctions"? If you haven't, but you're the type always looking for bargains and amazing deals, then you're in luck! Penny auctions are a new auction model that are rapidly becoming very popular in the US and Europe. Penny auctions allow individuals to do just what it implies, win popular products for pennies on the dollar.
Leading the way in this new auction model is SwipeAuctions.com, an Oklahoma based company. SwipeAuctions auctions off brand new popular products such as iPads, Macbooks, HDTVs, Digital Cameras, Gaming Consoles, and more for steep discounts of 75%, 80%, or even 90% off retail price.
Sounds too good to be true right? Surprisingly, it's not. See, SwipeAuctions isn't run like your typical auction. Along with people snagging great deals at a fraction of the product's cost is the fact that users pay to participate in these auctions. Each bid placed on SwipeAuctions costs users $0.50."
