QuiBids LLC
Consumer Fraud-Reports on line that they do not make a lot of money
- 03-01-2010
- 9
Quibids, along with many other "penny auctions". They bait you by saying that you can buy expensive items for penny's on the dollar. The truth is, they Sell you bids at. 60 per bid and you are required to purchase "Bid Packs" ranging from ~45.00 to ~400.00. As the auction begins, there are very few bids placed until it moves to the 20 min round robin where every time someone bids, the clock is reset to 20 min, eventually it moves to 15 min then 10 min and continues the same round robin in those categories. To give an example of want they clear, take a MacBook That sells for ~1300.00 at Apple. The winning bid may range from ~13.00 to 300.00. It may sound like a deal but if one bid is. 60 and each bid raises the bid amount by. 001, then if the item sells for 300.00 then they have accumulated 30000 bids at. 60 each, thereby clearing 18000.00 (. 60 x 30000). So every deal is far from a "deal". The bids you buy are nonrefundable, if you lose the auction, you forfeit all the money that you have bid. This is a shady internet enterprise that should be banned.
Company: QuiBids LLC
Country: USA
State: Oklahoma
City: Oklahoma City
Site: quibids.com