Kellie L.

In a "nut shell" this site IS a penny auction. Facts: You DO have to purchase 'bids' at $0.60 cents a bid with the lowest package of bids costing $27.00 for 45 bids. There are NO false charges to your credit card and to be reassured, they have a "PayPal" option (which is what I use). The auctions IS live. The 'count-down clock' does give other bidders the options to place bids in the last 20 seconds of the countdown and when a bid is placed there IS 10 seconds added to the clock. After you've spent time bidding on an item, even if you did not win, you are given a 2 hour window to purchase the item MINUS each bid you placed@ its $0.60 cent value (if you submitted 50 bids and lost; you can purchase the item MINUS the $30 you put into the auction). The site recommends that if you are in the market to buy an expensive item and you have the money to purchase it then see if they offer the item and take the chance of getting it cheaper by bidding: if you don't win the auction, as I said, you can still apply the money you spent towards the purchase of the item at the REASONABLE price its valued at. They are recognized by the BBB as well.
Now, I AM NOT anything more than a customer to this website. I came across it accidentally, to be completely honest. It looked like fun so I gave it a try. I bought $60 in bids (100 bids) with the intention of just 'having fun'. I started bidding on a 55" 3D HDTV LCD/PLASMA & 3D starter kit... being VERY new to this whole 'bidding/auction" thing, I spent about 45 minutes 'clicking away' & then got board & went to have supper with my family. An hour and a half later, I came back to my computer and the bidding was still going on for the same TV; so I clicked another bid; and another and, VERY MUCH TO MY SURPRISE, the auction ended! And I won the 55" 3D HDTV LCD/PLASMA & 3D starter kit for the cost of $16.05! I only had to pay a $29.99 shipping fee and my items were delivered to my house within under 13 days (won@ 7pm on 1/5/10 & received my items on 1/15/10 & 1/18/10-two seperate BIG packages via FedEx home delivery). All together, I spent 80 bids ($48.00 worth) & $16.05 for the final auction price & $29.99 for shipping; all totaling: $94.04 for a $3,000.00 package! All BRAND NEW items, still in their original packaging and fully functioning!
Now, I do feel I 'got lucky' for winning such a big item at such a cheap cost. I've studied the site at different times of the day and I watched a 63" HDTV go for $220.00 which means a $1,700.00 valued item had 22,000 bids (over a LONG 8 hours! Some people are VERY determined!) which, yes, means the site profited over $11,000.00 on this one item BUT, naturally, they need to make money on the site or it would be a bust! I've watched Apple IPADs go for as little as $5.14 to as much as $53.00... it all depends on how determined the bidders are!
All in All, I can not speak for other penny auction sites (and I've read some HORROR stories about others: i. E. 'wavee.com') but quibids.com IS A VALID, REASONABLE SITE! & a lot of fun!