Penny Auction

Penny auction is a fee auction bidding system wherein a small non refundable fee is charged per participant in order to place the first incremental bid. Post this; the price as well as time keeps on increasing with each successive bid that is placed. The participant, who is the last to place his bid when the timer comes down to zero, is the winning bidder. The winner of the Penny auction has to pay the final bid price for an item which is much lower than its retail price.

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