Big Flats, NY -- (SBWire) -- 12/07/2011 --The penny auction craze is sweeping the nation and providing outlets for consumers to purchase high ticket items such as computers, iPads, jewelry, and even designer handbags for pennies on the dollar.

Unlike other traditional auction sites like eBay, people participating in online penny auctions have to purchase bids or bid packages in order to take part in any of the auctions occurring on the numerous sites on the web. But with the price of a given item increasing by only a cent or two per bid, people can still win items for up to 95 percent off their retail prices; making penny auctions an extremely attractive way of buying merchandise in a poor economy.

However, with the bid pricing structures and other policies varying greatly from one penny auction site to the next, it is imperative for people gearing up to “pinch pennies” to understand the differences between each site and the best strategies to employ.

With in-depth reviews of current penny auction sites, and proven strategies to help people come out on top, PennyAuctionTalks.com is grabbing the attention of bidders everywhere. From the latest penny auction industry news to important penny auction scam information, PennyAuctionTalks.com presents consumers with an unbiased viewpoint about the sites to avoid and the ways to tell if an auction is legit. Furthermore, the site provides a list of proven strategies from successful bidders to help newbies understand the best methods to come out on top.

Most penny auction sites work similarly. But their rules, costs and features can differ. Understanding these differences is paramount in knowing how much products are actually costing someone.

For example, people must buy bids upfront to participate in a penny auction. Bid prices typically range from 50 cents to $1 each. If someone wins an auction for a watch for $100 and it took them 50 bids to complete the auction, they could have spent anywhere between $25 and $50 on the bidding process alone.

PennyAuctionTalks.com helps people understand these differences and also gives them invaluable tips to increase their rate of success.

One such tip provided by the site regarding bid timing states, “You are, in essence, wasting your bids by bidding when there is more than a minute left on the auction simply because someone is sure to outbid you. Stick with the auction until the end to be sure that you have a chance of winning.”

About PennyAuctionTalks.com
PennyAuctionTalks.com provides unbiased, in-depth reviews and rankings of various penny auction sites. In addition, the site offers the latest penny auction industry news and important penny auction scam information to help bidders avoid potential downfalls and increase their rate of success. Furthermore, the site provides a list of proven strategies from successful bidders to help newbies understand the best methods to come out on top. For more information, visit http://www.PennyAuctionTalks.com