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There are three basic strategies that bidders utilize on penny auctions.
1. Aggressive (“The Bid Till You Die Strategy”)
Bidders who use the aggressive bidding strategy strike fear into the hearts of their opponents. Any time they are outbid, they immediately place another bid to put themselves back in the lead. Bidders use this strategy to develop a reputation that they will win at any cost.
2. Conservative (“The War of Attrition Strategy”)
Bidders who use the conservative bidding strategy hope to outlast their opponents. They use their bids sparingly, and when they do bid, they often wait until the clock nears zero before bidding. This allows them to conserve resources while other bidders consume theirs.
3. Hopeful (“The Strike Early Strategy”)
Bidders who use the hopeful bidding strategy bid on auctions early. They realize that many auctions open and close without much competition. They look to win auctions early before they gain too much attention.
Penny Auction Tips
There’s no science to winning a penny auction, but a little research will go a long way. Before bidding, research the site you’re interested and find out:
- how much traffic the site gets
- what hours tend to have the least amount of bidding
- who you should avoid bidding against
- which auction items would be easiest to acquire
The Penny Auction List interviews real bidders on a regular basis. We would encourage you to check our penny auction bidder interviews for some advice from experienced bidders.