Penny auctions are becoming more and more popular every day, beginning as simple auction websites and growing almost to household names, as in the case of QuiBids.com. In fact, the penny auction site Beezid just paid Lindsay Lohan more than $25,000 to shoot an ad for them; further proof of the rising popularity and competition in the penny auction world.
Penny auctions are a particular form of online auction, where users must purchase bids in order to participate in the auction. While each penny auction site has their own particular prices, the average seems to be around 60 cents per bid.
Each bid that is placed during the auction