I say “wow” because it’s the best business model I’ve ever seen.
Basically, they get new stuff (clearly by bulk) at retail or less, and charge everyone $.60 PER BID, INCREASING 1 CENT AT A TIME. So they make big ol’ bucket-loads of cash, and those with enough patience and bidding strength and will can get shit REALLY cheap. It’s hilarious. And it’s almost undoubtedly true that those who stay up at weird hours can get some comically good deals.
Examples: I’m currently bidding on a Bose Soundock portable system, retails for around $400, but I’m only coughing up $.60/bid, AS ARE DOZENS OF OTHER PEOPLE. The current bid is $3.59 but has probably gone up a bit by now. So that’s 359 bids at $.60/per, so Quibids has already made their money back when you count in the upfront nut, $60.00. 100 bids. They go fast.
It’s now up to a whopping $5.00. That’s 600 bids at $.60/per, which equals roughly the price of the item already. This place loses money every once in a while on a given item, but goddamn I love the business model.
(It’s now up to over $17.00 USD, which is a cool $1000+ for Quibids. The item retails at $380.)
A man must know his limits. I’ll burn through my bids and call it quits. In their honor and defense, it’s just like a real auction…you’re just playing against the whole world. I can’t find anything unfair about it, but it’s not a game for the weak of heart or wallet.
Update: I probably still have “money” with Quibids, but I haven’t been back, so maybe I was over-exuberant with the “business model” stuff since it didn’t exactly suck me in.