It’s not a secret that penny auction is a special type of auction where participants pay a non-refundable fee to place each small incremental bid. The auction ends after a set period of time if there are no bids; the last participant who places a bid wins the item and also pays the final bid price, which may be significantly lower than the retail price of the item. Auction operator usually makes money by two ways: charging fees for each bid and the payment for the winning bid. Usually the final income exceeds the price of the product which is very beneficial.
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