Following a study of the auction market, the principals at pennyauction.com have reported that an unprecedented confluence of events is fueling the growth of the penny auction craze.
Online PR News – 22-November-2010 – – As the holiday shopping season draws nearer, the fantastic world of the penny auction is seeing a profound increase of value shoppers trying to hunt down some amazing bargains. Consumers are taking part in countless penny auctions in an effort to win coveted products without having to pay retail prices. Some shoppers are seeing the penny auction landscape as a great opportunity to locate the perfect gift for someone in the family or a partner or even just to find something at bargain basement prices for themselves.
Some fantastic, top quality products may be acquired through the auction process, but there is an element of competitiveness as bidders try to acquire the desired item at the best possible price while at the same time fending off all other bidders. Using their bid packs, consumers engage in the bidding process and will soon know whether their bid will hold. Others may try to outbid, and that action will extend the time limit of the auction. It is here, in the final few seconds, where the action gets hotly contested.
Observers have noted that the government has been monitoring the penny auction landscape, and are not holding back on cleaning up the shady operators. “The action taken by local and federal agencies against illegitimate operators is a confidence booster for consumers wishing to participate in penny auctions but have been reluctant owing to anecdotal evidence of unscrupulous operators,” notes Peter Lessard, partner of the upcoming penny auction site, pennyauction.com.
Penny auctions are fast gaining notoriety around the globe, despite its humble roots as a US online phenomenon. Numerous sites offering this online service are being established frequently in response to consumer demand for them. This global phenomenon is turning what once was a simple twist on the traditional auction format into an international craze, and consumers will be able to find sites not only in the United States, but also in Europe and even Australia that offer penny auctions. Some sites even have localization option allowing consumers to bid in the currency of their choosing.
"We are entering the market just as the phenomenon is building sustainable critical mass," states Peter Lessard, in reference to the increasing number of consumers expressing interest, and signing up to participate in their upcoming service, launching on December 1.
Pennyauction.com promises to be one of the largest penny auction sites in the United States. The site is poised to launch on December 1, 2010, and when it opens its doors, it will auction off loads of coveted products including, but not limited to electronic equipment, televisions, computers as well as household items and gift cards.