They sell bids for an average of 70 cents a bid. Each time someone bids on an item to raise the price by 1 cent they spend that 70 cents to do that. So IE: an item that has a value of $100 gets $10 worth of bids means Beezid is making $700.00 off of a $100 item.
I also think they are using either BOTS or they have people signed up to bid on items to jack the price.
Think about it, do they really care if the product sells to an actual "REAL" buyer? NO THEY DON"T! Because they are making their money off the prepurchased "BIDS". Once you use a bid your money is gone. If they Buy their own product then they just keep relisting it. All the while making money off the BIDS even if you don't win it.
The timers they use are very erratic they pause, skip numbers, and just when you try to bid with even 2 secs left the system won't register your bid and you lose the product.
Just go there and watch the timers count down and you will see it. They Claim it is your Internet, it is not.