Online Auction Site Bills Itself as - The New Art of Shopping
Combining the thrill of an auction, the convenience of the Internet and a unique business model, FantasticBid.com is making a name for itself in the online auction arena.
Unlike other online auctions, at FantasticBid.com an auction’s time limit is determined by the bidders, not by the auctioneer. Each auction continues as long as people are actively bidding on a product. Every new bid resets the remaining time for an auction up to 20 seconds so others have an opportunity to bid. Like a live auction, the person who makes the final bid wins the item.
“Our unique business model allows us to offer products for pennies on the dollar,” says Jenel Murgu, CEO of XM Solutions, the company that founded Fantastic Bid. Products are bought direct from factories at a significant discount. “That allows us to pass along the savings to the customer,” says Murgu.
So how exactly does the auction process work? First, a potential bidder must register at the site. Registration is free and includes five complimentary bids. Members must buy bids in advance; each bid is about 70 cents, and bids are sold in packs via credit card or Paypal.
Once a bidder finds an item to bid on, live bids are placed. With each bid placed, the price of the item increases by 6 cents and that amount is deducted from the member’s bid account. An automated Bid Buddy is available, which places bids if the bidder is away from the computer.
FantasticBid.com offers different auction types:
– Penny (Cent): Each bid placed increases the value or selling price of the auction item by 1 cent.
– Standard Auction: Each bid placed increases the value or selling price of the auction item by 6 cents.
Murgu says that laptops and small electronics are the most popular items. FantasticBid.com is careful to select items that are high in demand, such as iPods. “Everybody wants them,” he says, “whether for themselves or as gifts.”
In June, the site will expand its offerings to include charity auctions. Murgu says talks are under way with two major charities interested in partnering with FantasticBid.com.
FantasticBid.com is also giving back to the community by helping the environment. Every online auction means a tree is planted, because $1 is donated to The Nature Conservancy’s PlantABillion.org. The organization’s focus is to reforest the Atlantic Coastal Brazilian Rainforest.
For more information, visit http://www.FantasticBid.com
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Online Auction Site Bills Itself as - The New Art of Shopping
