Just what is a penny auction?
Penny Auctions
A penny auction is an auction where bidders pay-per-bid for an item and the time increases with each bid.
The winning bidder is the bidder whoever is the last to bid when the timer counts down to 0 seconds.
Not all auction websites are the same so make sure you read the rules carefully. Some auctions require
you to also pay for the final amount showing for the item. For example if each bid raises the auction cost
by $0.01 an auction that ends at $5.98 would mean there were 598 bids placed on that item. If the
winning bidder were to place 74 bids on the item they would pay for each bid placed in addition to the
final cost plus shipping.