Penny Auction sites follow different auction formats. here are 2 well-known choices of Penny Auction you should familiarize yourself with.
Classic Online Auction
This is the standard auction in which the item is sold to the highest bidder. It is the most common format. You can offer bidding on 1 or 2 or multiple items. Auctioning multiple items at the same time is called a Dutch auction. These auctions run 1, 3, 5, 7 , or even 10 days.
Fixed Price Auction
There is a set price for the item with no bidding involved. You can expect a BuyNow price posted and you're allowed to buy the product outright. usually the item costs lower than its store-bought retail
price.
Penny Auction sites are a business, and fees will apply when bidding or purchasing items. Check with each Penny Auction sites what they're fees will be and how much a membership would cost.
