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We recently interviewed Bob MacReynolds, president of Bid-Bob.com. This new penny auction is set to launch on May 19th and promises to add some exciting new features to the bidding community. From now until May 18th, Bid-Bob is offering 20% off all bidpack purchases and 10 free bids to those whoregister using the code MYPAL10.
Here is the transcript from our interview:
What led you to start Bid-Bob.com?
My wife found a Penny Auction site last year when we were looking for an iPad for our son. She asked me to bid on the iPad while she went to the grocery store. I was hooked from there. What a format, what a concept, and what an exciting shopping experience! Over the next couple of weeks I visited other Penny Auction sites. They were all a lot of fun, but I quickly became frustrated with the length of certain auctions and the ‘one winner’ concept. There could be 10,000 bids placed on an iPad, but only one person could win the auction. I developed a plan around adding bonus prizes to auctions so we could reward the bidders who did not win the auction. Once I started working on the concept for a couple of weeks I decided that I wanted to create my own site. We will have bonus prizes tied to the auction price of our items. Depending on the length of the auction there will be prizes for the bidder who places the most bids without winning the auction, the bidder who finishes second (Places the last bid before the winner’s bid), a bidder who places a bid at a predetermined price point, and even bonus prizes for the winner of the auction. I met with a couple of guys in town who had toyed with the idea of starting a Penny Auction site in 2009, but just couldn’t get the time to work on the concept and see it through the development process. They decided to partner with me on creating Bid-Bob.com. One of the investors is a CPA with Big 4 Audit experience, and the other has been an entrepreneur his whole life.
New penny auction websites are starting each week.
What features set your site apart from the crowd?
We have 3 TANGIBLE features that are un-matched in the industry:
- ‘Bonus Prizes’. For most of our auctions, there will be up to five bonus prizes available throughout the auction process. As the auction price increases we will award bonus prizes to users who place the most bids without winning the auction, users who finish second (place the bid right before the winner’s entry), users who place a bid on a predetermined pricepoint (ex: A free iPad2 awarded to person who places the bid at exactly $74.60), and even bonus prizes for the auction winner (ex: a $100 BestBuy giftcard to buy accessories for the iPad2 they just won). We will also have a daily prize for the user who places the most bids without winning an item, and a weekly prize for the user who places the most bids without winning an auction.
- An ‘Automated Charitable Giving Program’. Our initial charity partners include local organizations in North Carolina like Crisis Control Ministry, Backpack Beginnings, and the Forsyth County Humane Society. Our national partners include Susan G. Komen for the Cure, St. Jude Children’s Research Hospital, The CJ Foundation for SIDS, and Autism Speaks.org. For EVERY completed auction, we will donate 5% of the gross profit (Bid Revenue minus Item Cost) to the auction winner’s choice from our Charity Partner List. The minimum donation level of $5 must be met, but this will be an automated feature on every auction. With 45-60 items up for bid each night, we will have the ability to impact some great organizations and causes.
- Our ‘Primetime Auction Format’. Bid-Bob.com will not run auctions 24 hours a day. We are planning to auction 45-60 items each day, and our timers will be programmed to allow auctions to end between 7:00 and 11:00 p.m. ET. That means an item every 4 minutes will be up for ‘Live Bidding’, and there could be 15-20 items at one time still up for grabs. We want action, bids flying all over the site, and numerous opportunities for our users to win an item. We could stagger items 30 minutes apart all day long, but that would not create the dynamic shopping experience we’re looking for. If it’s primetime from the East Coast to the West Coast, Bid-Bob.com is open for business!!
How much will bids cost at Bid-Bob? What types of items will you auction?
Our standard Pricing Schedule starts May 19th. Depending on which bid pack you purchase, bids will cost between $.50 and $.75 each.
Items up for Bid include: iPad2, Flat Screen TV, IPod Products, Keurig Coffee Makers, Small Kitchen Appliances, Barnes and Noble Nook Color, P90X Workout CD Set, Game Consoles, and more.
Major Giftcards up for Bid Include: The Home Depot, Target, Trader Joe’s, WalMart, BestBuy, and more
Are you currently offering any promotions or discounts on bid packages?
From now through May 18th, all Bid Packs are available at 20% off. Depending on the bid pack you purchase, bids will cost between $.40 and $.60 each.
For all Penny Auction List Users:
When you register as a new user on Bid-Bob.com, enter MyPAL10 in the ‘Promo Code’ field on the registration screen and you will receive 10 Free Bids.
Do you have any tips or advice for bidders who register at Bid-Bob.com?
Bidders of all Skill Levels are welcome at Bid-Bob.com. Our Win Limit policy, and our Primetime Auction format will offer multiple opportunities to win auctions.
Special Note to Power Bidders or Experienced Auction Bidders:
We welcome your presence on Bid-Bob.com, and I hope you have a lot of fun winning our products. We will conduct research on current and new users of Bid-Bob.com. If there is a valid concern about your past use of 3rd Party Bidding Systems or Automated Bidding Scripts, your account will be immediately suspended. We will contact you about our decision, and discuss your future use of Bid-Bob.com. During Live Auctions, if we suspect someone is using 3rd Party Bidding Systems or Automated Bidding Scripts we will direct our tracking and script analysis tools to your account. If you are using those tools we will suspend your account immediately. Bid-Bob.com welcomes all users to our site, and we want to provide a fair and fun experience for our entire user base.
What is your long term vision for Bid-Bob?
For right now, we want to learn as much as possible about the auction experience at Bid-Bob.com. I would love to auction cars and homes at some point, probably years down the road. But right now we want to run an auction site that is rewarding our customers for their auction wins and their efforts. We will run theme weeks once we get a strong user base, and it would be nice to offer vacation packages for a couple of days in the summer. During Christmas and other holidays throughout the year we would like to design some custom product offerings. Come check us out, and tell us what direction YOU want us to go in the future.
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