SkoreIt.com

[D-BOE34]

I just took a small step into the penny auction side of life. It is really addicting. Just watching the site so far is blowing my mind. So I did a little looking around on the site trying to see what the average bid is for such and such item.

Anyway, are any of you into this? It is people like me that will get so caught up in it that before I win anything I will be out hundreds of dollars just to hit the bid button and not win. Is their a trick to this? Is it best to bid late at night with less users? Does a trick exist?

HELP!

 

[ACamp1900]

I've looked into beezit and skoreit a little bit... I guess they make their $$ on the sale of the bid and not of the sale of the actual item??... so the seller makes money while the bidder gets a lower price?? Something along those lines... interseting stuff either way

 

[D-BOE34]

Just from looking a few pages into the sold items. Some guy won 4 $1000 Visa gift cards for a total of $100.

 

[Irish Insanity]

Never heard of this before. But I did just peek at the site. My question is how is shipping set up? And how will you know the cost?

 

[ACamp1900]

Just from looking a few pages into the sold items. Some guy won 4 $1000 Visa gift cards for a total of $100.

here is my thing... I would love to see the amount of bids used on that auction... otherwise I don't understand the logic behind the whole deal

 

[IrishLax]

here is my thing... I would love to see the amount of bids used on that auction... otherwise I don't understand the logic behind the whole deal

That's exactly the business model. And they make a profit on nearly every item. I believe quibids was the first website to employ this profit scheme and they charge ten cents per bid and it goes in increments of $.01.

So if it's a $1000 giftcard and it goes for $100... that means there were 10 thousand bids for a total of $1000 + the $100 purchase price = $100 profit for the website on the auction.

My father and I spent about 2 hours talking about this a couple months ago... and I devised a scheme which has worked surprisingly well on 'commodity' style items but is hardly surefire. If you can look up bid history of things like giftcards you can anticipate what the 'typical' purchase price is. Armed with this information, if you start bidding right around that threshold and have a good chance at winning. But there is really no guarantee. Also, on quibids they close you out for a period of time after you win multiple auctions... so be careful with what you go after if they use the same rules on skoreit.

 

[HoosierIrish]

Never heard of this stuff before. Interesting though. I'm going to research it before I try anything if i even do, but theres a promo code for this site. "mikeandmike" and you get 16 free bids

 

[JadeBrecks]

here is my thing... I would love to see the amount of bids used on that auction... otherwise I don't understand the logic behind the whole deal

Take a look at how many bids are made and multiply that by the bid price and you will see how they make their money. Plus only one person gets the item. Everyone else paid for bids for nothing unless you buy the item for the "retail"price listed then they take your money spent on bids for that item and put it towards the "retail" price they have listed. To me it looked like an easy way to get money out of people by making them feel like they are getting a killer deal when they don't see where the real charge is (in the cost of each bid)

 

[NCDomer]

Hmm... I studied a lot of game theory in college, so I'll have to check this out if for no other purpose than to figure out what's the most rational way to bid.

 

[Who'saWildManNow]

You save money IF you get the product. Obviously its the people that sit for hours buying bids and using them but never winning anything that pay for the products. If you have a handful of hours to experiment it is fun but understand, just like Vegas, the house eventually wins. Otherwise its a pointless business model.