Julie is our Consumer Tips Investigator reporting on Shopping trends in Amercia.

H ave you ever heard of “Penny Auctions”? If you haven’t, but you're the type always looking for bargains and amazing deals, then your 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, when popular products for pennies on the dollar. Leading the way in this new auction model is QuiBids.com, an Oklahoma based company. QuiBids auctions off brand new popular products such as Macbooks, HDTVs, Digital Cameras, Gaming Consoles, and more for steep discounts of 75%, 85%, or even 95% off retail price.

Sounds too good to be true right? Suprisingly, it’s not. See, QuiBids is a 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 QuiBids costs users $0.60. By collecting $0.60 for each bid placed, QuiBids is able to afford giving away such products on the cheap such as a Macbooks for $23.72 or a Nikon Digital Cameras for $57.42.

Why QuiBids is Gaining Popularity

In a poor economy, it's not a surprise why Americans are out to get a great deal, and users of the website are winning products that they wouldn't normally be able to afford. Quibids popularity seems to be growing by the day. This is mostly due to QuiBids users recommending this site to everyone they know, as a way for friends, colleagues, and loved ones says Matt Beckham, QuiBids CEO.

We took the time to talk with a few of QuiBids customers to see exactly what their thoughts are on this new and trendy auction model. One QuiBids customer, Cyril Bennett, had this to say about QuiBids and winning one of their auctions:

What this revolutionary auction model offers, that no other website has, are the huge savings! Users save an average of 95% off of retail when using QuiBids! Users have been able to snag amazing deals, such as an Apple Macbook Pro for $23.90, a Nikon D90 Camera for $45.84, or a Sony Playstation 3 for $12.32!

But what puts QuiBids.com head and shoulders above the rest? Their “Buy It Now” option! If users participate in an auction that they do not win, they may choose to use our ‘Buy it Now’ option so that all of the bids that they spent can go towards buying the item at regular retail price! That’s why QuiBids has become so popular. There’s no reason not use to it to save!

The End of Shopping Around?

There is no longer a need to spend several hours online looking to see
where the best deal is. The answer is simple. It’s on QuiBids!
Whereas scouring the internet for to save an extra 5% works for some
people, why waste your time when you could save 95%!
QuiBids is so much more than economical. It’s entertaining too! Their
users rave about the rush they get when bidding in a highly
competitive auction! And with the potential to save as much as people
do on QuiBids, you can see why!

If you are a frugal spender who wants to save some serious cash, then
you will be pleased with QuiBids. We see QuiBids as a monumental
step towards bringing the users savings they’ve only dreamed of!
And in this type of economy, the average American can’t afford not to
use any means necessary to save as much as possible.

An In-depth Explanation of How QuiBids Works

As we already mentioned, QuiBids.com isn’t your typical auction site. Users, on average, save 80-90% off retail for brand new products they win, but pay $0.60 for each bid they place. The process of participating in QuiBids auctions is fairly straight forward. We’ve outlined it below:

• 1. Register and Purchase bids by buying a bid pack.
• 2. Choose which auction you want to participate in.
• 3. Bid on the product you want to win and save!

But if you’re like me, you’re probably wondering, “What if I spend money on bids, but don’t win the auction?” Seems like you could lose money in pursuit of a great deal, but end up with nothing right? Not exactly…

QuiBids’ “Buy it Now”

One of QuiBids’ best features is their “Buy it Now.” The QuiBids ”Buy it Now” allows users to apply the money they spent bidding on a product towards the “Buy it Now” price if they don’t win. For example, let’s say a user bids 50 times on a $50 Best Buy gift card, but doesn’t win the auction. That user spent $30 on bids placed (50 bids x $0.60/bid). He or she can then pay the difference between the “Buy it Now” price (typically internet retail price) and the value of bids placed ($20), and purchase the item. That way, even though they didn’t win, all bids placed on the QuiBids auction can go towards buying the product.
If you’re looking for a deal, QuiBIds and other penny auction websites, might be the best way to snag an amazing bargain these days.