It’s a fixed game. They string out the bids, and people pay for every bid they make. The auctioneer is making money off of hundreds of unsuccessful bids.
“It’s a fixed game”.
I guess I remember the old adage, “If it sounds too good to be true ..” If it was as easy and simple as the sight explained, we would all have camcorders, huge screen televisions, cameras... all for pennies.
That's exactly why I said is was an amazing business plan. I, too, think there are some "automated" bids going on by the auctioneer. It would be pretty simple to write a script that would keep the auction going until some "cost-covering" bid price is reached. At that point, the company could drop out of the bidding process and let "real people" take over, thus locking in a profit on the item. They could let a few cheaper items go at less than cost from time-to-time, if for no other reason than to use it in their advertising.
For what it's worth, I won't be buying anymore bids...