Product Name: Quibids
Product Type: Retail Auction Website
Price: 60 cents per bid and $60 for a bid pack of 100 bids
Owners: Matt Beckham and Shaun Tilford
Are you new to online penny auction sites? Are you thinking that you are maybe able to get some quality products very inexpensively by participating in Quibids?
If you answered yes to either of these questions you might be very interested in what the WFHW Team has discovered about Quibids.
Quibids launched in 2009 and is the World’s largest retailer that operates a bidding fee auction site also known as a penny auction.
Located in Oklahoma City, Quibids sells consumer electronics, home and garden products, apparel and jewelry.
How Does Quibids Work?
Quibids is more like a penny raffle because unlike a traditional penny auction, if you don’t win the Quibids auction you are out of pocket the money you bid unless you choose to purchase the item at the suggested value price, which is typically close to retail.
If you choose to purchase then you pay the difference between the value price and the amount you bid.
Customers must purchase a minimum bid package of 100 bids at a cost of $60 in order to participant in an auction. Although called a penny auction each bid is actually worth 60 cents.
Each bid increases the final auction price by 1 cent. Bidding doesn’t start until there is 5 minutes left in the auction.
A bid placed in the last 20 seconds resets the timer for another 10 to 20 seconds. Some auctions allow auto bidding by Quibids’ Bid-O-Matic tool. The winning bid can never be higher than the value price of the auction item.
Each bid on Quibids cost 60 cents. The minimum bid pack one can purchase is 100 bids for $60.
Who Is Quibids For?
Quibids is for anyone who wants to try their luck at winning an auction for a particular product. You must be willing to pay the retail price for the product in the event that you lose, otherwise you will be out of pocket the amount you bid on the auction.
Are There Any Complaints About Quibids?
According to the Better Business Bureau there have been several complaints about Quibids. There have also been several lawsuits filed against the company.
The major concerns that these complaints and lawsuits addressed are:
- Quibids does not disclose that the majority of customers lost money on the site by bidding on products that they did not win.
- Quibids is like illegal gambling as unlike traditional auctions, customers do not get back the money they bid on an auction they lose unless they opt to pay retail price for the item.
- False advertising because images and testimonials promoting the site are fabricated. As well as the discrepancy in currency where each penny bid is actually worth 60 cents. Yet promotions tend to reflect the penny value, and not its multiple factor of 60 times.
My Thoughts About Quibids
WFHW Team suggests you stay away from any program that uses false advertising to increase their popularity and profits.
Quibids hires marketing companies to post positive reviews about them and keep these reviews at the top of Google.
If you do decide to participate in Quibids it’s important to note that your odds of winning are very slim so unless you want to lose money, you should to be prepared to pay the value price for the item you’re bidding on.
- You never pay more than the retail price of the product.
- All products are brand name and factory sealed.
- Unlike a traditional auction, with Quibids if you don’t win you can’t reclaim the money from bids you placed.
- Although it is called a penny auction site each bid actually cost .60 cents.
- Quibids uses fake reviews to build a positive image on the Internet.
- Quibids is portrayed as an auction site where you can buy merchandise cheap. In actual fact your odds of winner are very slim.
Have you participated in any Quibids auctions? If yes we would like to hear about your experience. Place your comments in the box below.
Terri – WFHW