Taurus Firearm Forum banner

1 - 20 of 23 Posts

·
Registered
Joined
·
5,348 Posts
Since Bud's is backing it, I will certainly be interested to see how it competes with GunBroker. They are the premier auction service IMHO....
 

·
Registered
Joined
·
1,369 Posts
I dislike the fact that this bidgunner.com hides behind an anonymity proxy company. I am also curious as to why auctions don't just use money. I don't understand the buying of bids. Can anyone explain this? I looked at their FAQ and it didn't clear up any for me.
 

·
Registered
Joined
·
3,769 Posts
There was a similar site that was promoted on Archerytalk called gearbids.com that ran the same way with buying bids instead of straight bidding. Lot of complaints and sketchy dealings from would be customers, mostly shill bidding from an insider.
 

·
Registered
Joined
·
3,737 Posts
Discussion Starter #7
I think I'll pass. Bought enough guns for a while as well and things look a little too goofy for me.
You serious? Enough guns? You may have a fever. Get a wash cloth, run under cold water, apply to forehead.

They charge a certain amount per bid. Something like 99 cents. So if you bid 1 cent it really costs you a dollar. That is how they have such "great deals". I figured since it is a new site someone might be able to get a killer deal.
 

·
Premium Member
Joined
·
14,139 Posts
From what I gather about these bidding fee auctions is that it costs you money for each bid. The money is not refundable to you, but it is supposedly stored in credit for you to purchase another full priced product if you do not win the bid. Plus, each 1 cent bid actually costs more than 1 cent to the person buying the bids.


Some interesting quotes from -
How Penny Auctions Work – Learn How Penny Auction Sites Work

"It is important to understand that Penny auction sites are in the business of selling bids, not selling products."

"To bid on an auction, you must purchase bids. Bids usually cost between $0.50 and $1 per bid."

"You do not get your money back for any bids spent, regardless of whether you win or lose the auction."

"Penny auctions are a competitive game. Understand this first and foremost. This is not discount shopping or entertainment shopping. We see people call penny auctions entertainment shopping or competitive shopping. Penny auctions in their truest form are a competitive game. Similar to poker."


Wikipedia has a tiny bit about it too -
Bidding fee auction - Wikipedia, the free encyclopedia
 

·
Moderator in Memorium 1940-2014
Joined
·
13,540 Posts
Thanks.
That's enough info for me to delete the E-mail.
 

·
Registered
Joined
·
7,241 Posts
I deleted it. Didn't sound like such a good deal to me.
 

·
Registered
Joined
·
14,009 Posts
I deleted it when I found out "Buds" was associated with it. I also agree with the thought that you can never have too many guns....however I don't need someone new trying another angle to get into my wallet. I already have kids and grandkids doing that for me.
 

·
Registered
Joined
·
7,548 Posts
I will stay clear of it
 

·
Registered
Joined
·
2,356 Posts

·
Registered
Joined
·
6,559 Posts
My buddy uses quibids to buy walmart gift cards. He does is grocery shopping at walmart so it makes sense. If he doesn't win the auction for the gift card, you can buy the card for face value. He usually does get a bunch of free bids, so he either gets a $200 gift card for much less, or still only spends $200 for the $200 gift card, even accounting for cost of bids. But that is about the only possible rational use fr a penny auction I can see.
 

·
Super Moderator
Joined
·
40,554 Posts
So if I get this right: They get a $1.00 per bid, and the price goes up $0.01 per bid. So if that $400.00 gun sells for $10.00 that was 1000 bids at $1.00 per bid. So they are getting $1010.00 on a $400.00 gun. I know others have their fingers in on the profits of that $400.00 gun and some of those bids may have been free, add to it money from advertisers on the website, it sure looks like a cash cow to me.

Is there any regulation on these forms of auctions to keep the companies from putting a fake bid on their own site to keep the auction going?
 

·
Registered
Joined
·
9 Posts
The Penny bid sites are cash cows, but if you play them right you can get some crushing deals on items. I have been watching guns4pennies.com for a while and won a couple items.

Lets break it down on an actual Item sold Live Auctions | Guns4Pennies.comtem Sold for 149.15 which means the last bidder paid 149.15+cost of his bids.

The site made $10142.2 in bids (14915*.68=$10142.20 assuming everyone bought the biggest bid package) plus 149.15 sale price. Cash cow.....

Now on the other hand if you were the last bidder and lets say for argument this bidder used 1000 bids to get the winning bid. $668 for 1000 bids and 149.15 final price means the winning bidder paid $817.15 for a rifle that retails for over $2000. A good deal in my eyes.

The key is to keep and eye on how many bids you are willing to "wager". And I say wager because you are just wagering that every one else will give up or run out of bids before you are out of bids.
 

·
Registered
Joined
·
27,449 Posts
I regard penny auctions more as a form of gambling than shopping. If you enjoy casino style gambling - go for it.
I'd rather spend the time shooting, reloading, or even cleaning my guns.
Oh, I might register and use the free bids to try to "win" something, but I'd never buy a bid.
 

·
Registered
Joined
·
1,369 Posts
I am not sure I would regard this as gambling when you have such a poor chance of winning; sort of like the lottery. When your chances of winning are one in a zillion can you consider this gambling or tossing good money in hopes of getting something for almost nothing.
 
1 - 20 of 23 Posts
Top