On websites like Swoopo, BigDeal.com and Beezid, flat-screen televisions, laptops, Apple iPads and other products sell for a fraction of their retail price.
There's a catch: Bidders pay a few pennies each time they bid, and each bid delays the ending time of an auction by a few seconds. Now traffic on penny auction sites is declining.
Source:
http://articles.sfgate.com/2010-08-15/business/22220428_1_penny-auction-auction-sites-bid-delays
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