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Seems like it's kicking up a hype in HWZ,

but it got my attention through their MRT ad:

a girl wearing an AKG K701 ("Brand new, from $6.74 on") :DD

(I'll try to post a photo of this later :)) )

 

 

Their business model seems to be this:

- put item up for bid at very low price

- lowest unique bid wins (meaning for an item with 10 bids at say 10 bucks, but 1 bid at 100 bucks, the 1 unique bid gets the item)

- here's the catch: every bid involves a processing fee

 

 

Any thoughts?

 

While the service is still new, seems like there'll be a lot of opportunities, since a bid ls unlikely to find competitors (or friends).

But ultimately sounds like a loss-making business, unless they drastically change the rules later on.

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Yeah, I also saw the ads on MRT and it caught my eyes too... :)) Wanted to snap a photo but gave up.

 

» Click to show Spoiler - click again to hide... «

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wah... in that case they earn quite an amount from the processing fee... definitely worth the price tag of the item they put up for auction..

 

N95 has 907 bid... 907 *2 = $1814.. looks good..

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907 bids? O.o

No ****, it's a good business after all then?

 

HWZers were questioning whether the processing fee per bid is actually illegal.

Apparently, there's a law against building a business/auction with profit based on such fees. Should be interesting to see what comes out of this, if any.

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the bidding i tihnk is a bit fake, well, i dunnom tried for some time, i realise i had nv charge me any fee for my first bid...only for my second bid...hha..

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I have tried it, an in mho... think u will lose more money trying to get the stuff u want.

 

Previously it was the lowest bid, now its the highest unique bid, but there is a cap to the amount u can bid for an item. The process fee varies from item to item, the hotter the item the more the processing fee. It can be from $2 - $10 or more. so far I have spent about $30 on processing fee and have got nothing.

 

The site would recommend that you make a few bids for an item. This is suppose to increase the chances of you getting the item. But so far no luck for me :(

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