Don't get pulled in by these guys. They are an auction house that promises savings of up to 90% on great items like PS3's and Laptops, and high end electronics. And most items have a starting bidding price of $4.95. Sounds great right?
But... It's not an ordinary auction. You have to pre-purchase bids before you can bid on an item. And each bid will cost you about $1. You generally buy bids in bulk. You can buy them in lots of 10 bids, 20 bids, 50 bids... Etc.
So... Before you ever even get to bid on the merchandise... You've already spent money on it. Now comes the part where they really get ya.
You go to the item you want to bid on (for this demonstration... We're going to say we're bidding on a Sony PSP Handheld Gaming Device... Usually around $200 in the store)
Ok... So let's say we pre-purchased 20 bids to bid on this thing. Ok... So you're already $20 in. True enough... It seems like a great deal as the bidding is only at $5.15 so you place a bid. It raises the cost of the item 10 cents. Every time you bid (or anyone else does... It raises the cost of the item a dime). So with you bidding and usually several others... It doesn't take long for that item to go up to $10 or $12.
And here is the kicker... Once the item has gotten down to only 20 seconds left in the auction... Everytime someone (anyone) places a bid... It resets the countdown clock back to 20 seconds left in the auction so that it can keep going and make more money.in other words... If you try to throw in a winning bid with 1 second left... As soon as you do... The countdown clock resets itself back to 20 seconds... And now you're having to wait and see if anyone is going to outbid you again (and they usually do).
Now... When you've used up your $20 worth of bids (20 bids that have raised the item price by a dime each time. So you've already added another $2.00 to the cost of the item)... You're done bidding and you can't win the item anymore. So you figure... What the heck... I'll drop another $20 bucks on bids and see if I can't pull out a win on this thing.
Nope... Before you know it... Those 20 bids are gone too. The item is up to $21.00 now. And now you realize that you've gone through $40 worth of bids... And since you have none left... You still can't win! But do you get your bids back if you lose? NO! Of course not... This is where they get they're money.
And also... It seems odd that no matter how many bids you place on an item... Someone always manages to outbid you. And it's usually the same four or five names that are outbidding everyone on all the auctions! It seems that there are bidders on that site that have a never ending supply of bids. It's crazy.
Before you know it... The cost is considerably higher than the $4.95 starting bid. And remember... You've already dropped anywhere from $20 to $100 or more on bids to win this item. So is it really worth it to spend $100 on bids... Use up 75% of them or more to win an item... Then spend the $40 to get the item and then another $10 on top of it for shipping?
And the saddest part is... You have to wait for them to ship it to you. They won't ship it next day... They say they will ship it within 10 business days. That means that technically they have two weeks to ship it out to you even though you've already spent $150 on it winning it from this supposedly great auction site that promises magnificent savings on items.
90% off? Whatever... I've watched a lot of their auctions and I have seen VERY FEW that would even come close to touching that claim.
And remember... Each item starts at $4.95 for a bid. So if an item has gotten up to $21.95... That's $17.00 that has been accumulated in bids on the item... And each bid has cost someone $1. So these guys have already made $170 on this item... Plus they'll get the cost of the item (anywhere from $20 to $40)... And then a flat shipping fee on top of that. So they are making an average of about $210 off of each PSP. And I can assure you that this company is not buying them at retail. So they are making a killing here.
And as was stated earlier... The same five or six users seem to have a never ending supply of bids... So one has to wonder... If they have people watching these items. It seems like they just keep on bidding so that a real bidder (you or I) won't win. That way they collect money up front for your bids... You end up using them all trying to win... And since they have a never ending supply of bids... They have one of their auction watchers win the item so that they never have to actually sell the item. And they've already collected a bunch of money up front in pre-purchase bids... So it's just a cash cow for these guys.
If you don't believe me... Go to www.fantasticbid.com and just watch a while. See if you don't pick up on some of the same red flags I did. I got lured in by the promise of something for nothing (or next to nothing)... And it came back and bit me in the butt. I saw all the red flags... But I ignored them... And kept playing their game. Finally... I realized that what was happening... Was a scam. Like I said... If you don't believe me... Go to the site... Register... Spend money on bids... Bid on an item... See how quickly your bids go... And then come back and tell me I'm wrong. I don't think you'll be able to do it. Good luck to everyone who goes there... You're going to need it.
Hope this opens a few eyes... Let my loss be your gain.
J
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