Penny auction model allows desirable items such as a BMW 3 Series to be bought for pennies

Penny auction model allows desirable items such as a BMW 3 Series to be bought for pennies

BidChase.com is a new internet-based auction site hoping to take the UK by storm, where highly desirable products can be bough for pennies.

Launched in the UK last week, BidChase.com is part of a new breed of website that is proving a hit in the US. Based on the ‘penny auction model,’ high-value items such as iPads, iPods, Nintendo Wiis and even a BMW 3 series can be bid on for a fraction on their retail price.

People bidding for an item pay a small fee (75p) to place each bid. Each bid adds just a penny onto the total price of the item and extends the end time of the auction by 60 seconds. Just like a traditional auction, whoever has the highest bid when the clock stops, wins the auction.

Bidding and bargains

BidChase.com said it sets itself apart through by guaranteeing to offer a bargain price on all products sold. If bidders don’t win or wish to leave the auction, they can use the “buy now” option to buy the product for less then the manufactures recommended retail price (RRP) while also getting all their bids back – paid into their bidding account.

The “buy now” option also means people can simply use BidChase.com to buy desirable products for bargain prices straight away instead of having to bid.

Brian Clarke, managing director of the site said: “BidChase.com is for anyone who wants to save money and loves the buzz of competitive auctions. It’s simple, fun, fast and safe to use. It’s set to take the UK by storm.”