Help
  • All Products
  • Electronics
  • Home & Garden
  • Jewelry & Fashion
  • Sports & Recreation
  • Specialty Shops
  • Gift Cards
  • Holiday Savings
  • All Auctions
  • Help

QuiBids 101

How does QuiBids offer such low prices?

Every day QuiBids sells products at 60-90% below their retail price. We’re able to auction products cheaply for the same reason you’re able to purchase them...cheaply. It’s because of the unique auction model that’s built into the core of QuiBids’ business.

In a traditional auction, people bid, driving the price higher and higher, until only one person’s left, right?. Well, also in a traditional auction, the item often sells for a price that’s usually pretty close to its actual market value. 

However, the QuiBids auction model ensures that almost every auction will end with the winner paying far below the retail value of the product. We’re able to accommodate this by charging $.60 to place a bid.

For example, QuiBids auctions a product that costs $259.00 when ordered from a traditional ecommerce site, but it recently sold in a QuiBids auction for only $4.35. Let’s break out the old calculator:

QuiBids purchases the product for $259.00. We turn around and set it on the auction block and bids begin to be placed by users who are competing for a chance to win. Eventually, the bidding ends at the price of $4.35.  Because each bid raised the price by $0.01, there were a total of 435 bids placed during the course of the auction.

435 bids x $.60 bid = $261.00

Cost for QuiBids to purchase the product = $259.00

Cost for the auction winner to Purchase the product = $4.35

In this auction, QuiBids made just enough to cover the cost of the product and thus, the lucky auction winner claimed an incredible product for 98% off the retail price. Plus whatever they spent on bids. But what about the users who don’t win? 

In order to make our auction model as fair as possible, QuiBids offers each participating user the chance to redeem what they spent bidding toward the “Buy Now” feature. ”Buy Now” applies the value of all the bids placed in that auction toward the cost of purchasing the product. The user pays the remainder of what it costs QuiBids to purchase the second item. No bid is ever wasted on QuiBids!

Similar Posts:

Comments (7)

1

rme345753 Says:

Wednesday February 17, 2010

If I buy 75 bids and only used 35 to win the auction. Can I use the remaining $24 worth of bids toward the price of the item? Or can I cash them back in for a refund?

eklyons@QuiBids Says:

No, you can't use the rest toward the price of the item as bids are not eligible to be used towards the cost of an auction, they are only for bidding purposes. However, you can request a refund of the unused real bids in your account at any time.

2

imnero Says:

Thursday February 25, 2010

is there a way to see the type of items up for auction before buying bids?

eklyons@QuiBids Says:

Absolutely! You can see all items being auctioned by clicking on the 'Auctions' tab in the left hand corner of the tool bar.

3

chevyvisa Says:

Monday March 1, 2010

In a regular auction, anyone can bid above the "next Increment Price." How do handle that? Example...An auction increments at $.01. The current bid is "$.58" and the next increment is "$.59" IF I know I won't be available for the bidding, and I know the bidding will go much higher, I choose to use Bid-O-Matic. To be safe and not waste bids, I put in a range of $3 -$4 with 20 bids. So... the bidding reaches $2.56. My minimum bid is more than the last price...Do I win at $2.57 or $3?

katiehern@QuiBids Says:

No, not necessarily. If the auction ended at $2.57, you wouldn't have won the auction b/c your BOM wouldn't have yet been activated (since you set it at $3-4). You would then still have all those bids for later use. Now if it ended at $3.06 and one of your BOM bids was the last bid, you would then win the auction at that amount.

4

koko1000 Says:

Sunday March 21, 2010

maybe I din't read enough and it might be answered but is all the items sold are brand new and if aaplicable comes with the warranty of the maunfacturer? thanks

katiehern@QuiBids Says:

That's ok. All items are brand new and factory sealed. The items do fall within the terms of the manufacturer's warranty, but you have up to 30 days to let us know if there was a problem with the item you received.

5

rgrlaw1 Says:

Tuesday April 20, 2010

So, to be clear. (I think), an item sells finally at 70.00 the bid increment is .01 That ends up being 7000 bids placed total. So, 7000x .60 = $4,200.00 which your company just made on the item? Yes ? No? I have missed something?

katiehern@QuiBids Says:

This equation is actually a little more complicated than that. You also have to account for us buying the item that we are auctioning off. Even more importantly, however, you have to account for all the Buy Nows that we do for an auction. Many of our users choose to use the Buy Now for the item that they have been bidding on, and because we do not make money on these bids that were placed (as they go toward the purchase of the item) these bids cannot be counted as profit. In addition, we also lose money on over 50% of our auctions.

6

grizzleysmomma Says:

Wednesday January 15, 2014

So if I'm bidding on a 25.00 gift card and my bid is $1.20 and I won the auction how much am I paying for? and if I didn't win the auction but bid on it several times do I still owe money?

jpayne5@QuiBids Says:

In this scenario, you would pay $1.20 (plus any taxes or fees as described in the Item Description). If you don't win the auction but bid you can choose to pay the difference between the value of your bids and the item value to receive that item.

7

buckster1 Says:

Sunday January 26, 2014

is there a monthly fee taken out of my card even if i am not on the site much

jpayne5@QuiBids Says:

No, there is not a monthly fee for our site. You are only ever charged for the purchases you do not make, so if you are not on the site in a while, you will not be charged.

You must be logged in to post a comment.

 

Contact Support

Got a question? We’ve got answers. For simple solutions, check out our easy-to-access Help section. For stickier situations, connect to Live Chat or submit a support request below.

Contact Support