The Cheapest Bid | "To get it cheaper, you'd have to steal it"

TheCheapestBid.com makes it possible for you to bid in auctions where you may be the successful bidder on valuable merchandise. And, since the goal is to get more for less, we limited the top bid on every auction to just 10% of the actual value of the item being auctioned, we kept the per-bid site maintenance fee to a low 99¢ per bid and no auction will ever require more than one bid to enter.

We then engineered a system whereby the Cheapest Unique Bidder is the successful bidder. That way, the successful bidder is guaranteed of getting the goods for way less than the actual value of the goods. Then, we thought about what people want the most - we figured that would be gas and cash. After all, with cash, you can go buy anything you want. And here it is.

Put your bid in today on any of the auctions. Who knows, your bid may be the Cheapest Unique Bid and you could possibly walk away with a $1,000.00 gas card or a $1,000.00 pre-paid debit card for as little as 1¢ (plus, of course, the 99¢ per bid site maintenance fee).

Let's say that TheCheapestBid.com is auctioning off a $1,000.00 Visa Gift Card (which is good at all retail locations)or a $1,000 GAS Card (can be used at any gas station) . First of all, TheCheapestBid.com cuts the top allowed bid to one-tenth (or 10%) of the value of the merchandise being auctioned - in this case, the top bid allowed would be $100.00 - so, even if the top bid of $100 happened to be the Cheapest unique bid, you would get a $1,000.00 gift card for only $100.00.

And here's where it gets interesting you can place a bid for one cent, two cents, three cents, eleven dollars and ninety seven cents, etc. In other words, bids can be placed at every increment of a penny all the way up to the top bid price of $100.00. Now, it's the Cheapest unique bidder that is the successful bidder so, for sake of this example, let's presume that 10 people bid 1 cent and 10 people bid 2 cents and 10 people bid 3 cents and 10 people bid on every penny increment all the way to the top allowed bid of $100.00 with the exception of a bid placed at $9.67 where only one bidder bid at the $9.67 price point - it would be the bidder at the $9.67 bid price that would become the successful bidder because she/he was the only person bidding at that particular price point. That's what makes her/him the Cheapest unique bidder.

TheCheapestBid.com



Let's use a much less expensive product to show how this works. Let's presume that TheCheapestBid.com is auctioning off a $1 Gift Certificate - yes, we know that's ridiculous, but we'll use it for purposes of example. There are a total of 10 possible unique bids, all the way from 1¢ (one cent) to 10¢ (ten cents). Now, let's presume that 19 people place bids on this gift certificate and 2 bids are placed at each one penny increment, except one, and that one increment becomes the Cheapest unique bidder. In other words, only one person placed a bid at that one price and 2 bidders placed bids at all the other prices.

What is TheCheapestBid.com?

TheCheapestBid.com is a reverse blind auction service where the lowest (cheapest) unique bidder is the successful bidder.

What are the allowable bid increments?

Bids may be placed at any increment of a penny. In other words, you may bid 1 penny, 2 pennies, 3 pennies and so on all the way up to the top allowable bid?

How do I place multiple bids at one time?

To use the "Place Multiple Bids" tool from within your account, you specify the range of bids you would like to place. For instance, if you want to place 5 bids in the range of 10¢ to 14¢ you would type in 0.10 in the first box and 0.14 in the second box. This will place five bids for you at 10¢. 11¢. 12¢, 13¢, and 14¢ respectively. To use the "Place Multiple Bids" tool, you must have enough bids in your account to cover the number of multiple bids you are requesting. Bids are placed in consecutive order - in other words, if you want to place one bid at, say, $11.16 and another bid at $35.29, you will have to place those bids individually because if you place those bids with the "Place Multiple Bids" tool, the system will attempt to place every single bid from $11.16-$35.29 which would be 2,414 bids. You may of course do this, however, you would need to have 2,414 bid credits in your account to do so.

Why is the top allowable bid 10% of the value of the merchandise being auctioned?

The top allowable bid is 10% of the value of the merchandise so that even if a bidder places her or his bid at the highest possible bid point, they will still be getting the goods for 90% less than the total value, should they be the successful bidder at that highest bid.

How can I place bids without incurring the 99¢ per bid site maintenance fee?

To bid without incurring the 99¢ per bid site maintenance fee, go to Terms and Conditions page and follow the instructions there for place a feeless bid.

Does TheCheapestBid.com require large bid fees and multiple bid fees on expensive items like other sites do?

No. It's true that other sites have bid fees as high as $9.99 per bid and with the requirement of multiple bids per auction, some of those other sites can cost as much as $20.00 or $30.00 just to place one bid on one item. TheCheapestBid.com never charges more per bid than our industry leading 99¢ per bid site maintenance fee. Thecheapestbid.com will also never require multiple bids per auction like many other sites do.

Why is there a maximum number of bids allowed on an auction?

We place a maximum number of bids on all auctions so the auctions end sooner. Our goal is to have so many people visiting the site and bidding on the merchandise that we can complete 20 or more auctions per day.

This seems too good to be true. How can you do it?

TheCheapestBid.com always accepts twice as many bids as are required to pay for the merchandise. Example: When a $2,000.00 Visa Gift Card is being auctioned, the number of bids on that auction would be 4000 bids. 4000 bids X .99¢ site maintenance fee per bid = $3,960.00 in gross revenues for that auction. Approximately 10% of the collected site maintenance fees are "eaten up" by credit card processing fees. This leaves approximately $3,564.00. Of that $3,564.00, $2,160.00 is for the cost of the Visa Gift Card ($2,000.00 + $160.00 [8% sales tax]) That means that, based on this particular example, TheCheapestBid.com would retain $1,404.00 which is used to pay for server costs, bandwidth costs, programmers, support, rent, insurance, salaries, etc.

TheCheapestBid.com