> What are Penny Auctions?| What are Penny Auctions? |
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Penny Auctions are online auctions where it costs money to place a bid for an item. The items for auction are brand new and usually come with the original manufacturer's warranty. Most Penny Auctions do not have a reserve price. The price of an auction item usually starts at $0.00 with each bid increasing the price of the item by a small amount, usually one cent, hence the term Penny Auction. The price of each bid varies by the different penny auction sites. For example, on one of our Featured Penny Auction sites GoBid , it costs $0.95 for each bid and each bid raises the auction price by one cent. The auctions on Penny Auction sites are timed, and the person with the highest bid when the auction ends. Many Penny Auctions offer users the chance to win brand new big screen TVs, game consoles and gift cards at significant discounts up to 99% off retail. No wonder they're the most popular form of online shopping and gaming entertainment -with real stakes and real prizes. 
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