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We received a positive update today from penny auction website HappyBidDay (read HappyBidDay reviews).

As of November 14, 2012, select HappyBidday auctions will incorporate a “Buy It” feature. In most online penny auctions, there is one winner. HappyBidDay’s feature solves that problem by allowing non-winners of an auction to purchase the item they were pursuing at retail price. At that point, all of the bids they used in the auction are returned to their account. This allows bidders to pursue an item risk-free.

This is a nice step forward for HappyBidDay, and it allows consumers to enjoy the competitive shopping experience without walking away empty-handed.

From the HappyBidDay press release:

When users bid on one of these specialized [Buy It] auctions without winning the item at the auction close, they’ll have up to 24 hours to purchase it from HappyBidDay at the listed retail price. What’s more, the company notes that non-winning participants that do elect to buy will be reimbursed with bids they used during the live auctions. Users can utilize the feature up to five times monthly or up to 3,000 bids back (whichever comes first) for both Penny Auctions and Happy (free-to-participate) Auctions.

The Buy It feature was implemented this week on and is currently running on a wide variety of their auctions including gift cards, electronics, and bid packs among others. Company CEO Lisa Dee says the company’s newly launched feature is designed to make their auctions more enjoyable for all participants.

“The concept for the Buy It feature is pretty simple,” says Dee. “Bidding is more fun when everyone wins. Even if you’re not the winning bidder, you don’t have to leave empty handed.”

HappyBidDay says response to their new Buy It program has already been overwhelmingly positive, largely in part because the program was built in direct response to customer feedback.

If you’ve never played at HappyBidDay, take advantage of our exclusive promo code below.

Use code HAPPYPAL for 50 Free Bids ,