The Next Bid Reverse Auction?


just been sent info about this site from cashbackkings. Has anyone heard of it, used it, or know much about it please. I think I now understand how it works, but don't know who's sellling the goods in the first place. Seems like a potential way to pick up a good bargain if it actually works. Also potentially a bit too good to be true. If genuine, then maybe one for the newsletter!? Answers on a postcard please!

Lowest Unique Bid wins the Auction! TheNextBid is a reversed auction website that operates "Lowest unique bid" auctions and "Express" auctions. It offers a new way to win brand new products for a fraction of their market value!

The Lowest unique bid auction gives you the opportunity to buy brand new products at very low price. The winner is the bidder who has placed the closest bid to 1 pence (£ 0.01) and that no one else has placed (unique bid).

Sorry, can't work out how to get a shorter link, but I think it should work anyway.



  • cyberbob
    cyberbob Forumite Posts: 9,480 Forumite
    Here's the info from Whois

    reg_created: 2008-09-09 09:24:44
    expires: 2012-09-09 09:24:44
    created: 2008-09-09 11:17:52
    changed: 2009-08-12 09:57:52
    transfer-prohibited: yes
    nic-hdl: JK1579-GANDI
    owner-name: Reef Interactive
    organisation: Reef Interactive
    person: Jochen Kovic
    address: '145 - 157 St John Street'
    zipcode: EC1V 4PY
    city: London
    country: United Kingdom
    phone: +44.02032399098
    fax: ''
  • StaffsSW
    StaffsSW Forumite Posts: 5,788
    Part of the Furniture 1,000 Posts Combo Breaker
    Reverse bid auctions - a tax on the gullible.
    <--- Nothing to see here - move along --->
  • Enfieldian
    Enfieldian Forumite Posts: 2,893
    Part of the Furniture Combo Breaker
    What if their are no unique bids below the value of the item or worse still, no unique bids at all.
  • stripee
    stripee Forumite Posts: 54 Forumite
    edited 28 October 2009 at 11:31PM
    ok, answered my own question now- I know how it works. I think i've worked it out, other than just watching their demo video - you have to pay to bid!!!!!!! What a stupid system!!!


    So it's £1 per bid for a Iphone valued at £659. Bids are in 1p increments which means in theory, (even if all bids are unique) there's a potential income of £65,900. The number seems so stupidly high that I've had to work it out three times.

    Looking at an EOS camera in the closed auctions, the average number of bids (crudely calculated) is 5 bids per penny. Which is £1,000 in bid revenue for the first £2 of potential bids... WOW

    It appears it's a licence to print money for people who want to grab a greedy bargain. Crazy stuff...

    I will personally be staying well clear

  • I am not clear about the post! Please guide me through it in a simple process.
  • cyberbob
    cyberbob Forumite Posts: 9,480 Forumite
    I am not clear about the post! Please guide me through it in a simple process.

    If you want information you need to be a little more specific. This whole thread is pretty self explanatory. Not sure how much clearer people can be
  • bid4bid
    bid4bid Forumite Posts: 146 Forumite
    stevew8975 wrote: »
    Reverse bid auctions - a tax on the gullible.

    Yes possibly correct.
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