NEWARK, Del., Oct. 3, 2012 (GLOBE NEWSWIRE) -- HappyBidDay is launching a new auction model this week aimed at offering their customer base guaranteed pricing on select penny auctions. The change is expected to be warmly welcomed by users, as it's designed to ultimately guarantee savings for auction winners.
HappyBidDay says their Capped Auctions will work in similar fashion to their traditional penny auctions, with the exception of the final price. Typically, penny auctions are progressed by the number of bids placed in a given auction. Each bid placed increases the auction price by one cent (hence the name "penny auction"), and the price continues to increase as the auction goes on. In this scenario, once the auction timer runs out and there are no more bidders, the last bidder wins the item for the final auction price, often for considerable savings. This final price, however, is entirely dependent on the number of bids placed.
HappyBidDay's Capped Auction model offers an alternative to this idea, designating Capped Prices that stay fixed regardless of the number of bids placed. The Capped Auctions will run like traditional penny auctions, allowing bidders to place bids and increase the price incrementally at the auction start. However, once a Capped Auction reaches the predetermined fixed price, bidders can continue to bid but the bids no longer increase the price. The winning bidder pays the Capped Price amount. While all their auction styles offer bidders an opportunity to save money on retail products, the Capped Auctions guarantee a designated savings amount for winners.
Company CEO Lisa Dee says the Capped Auction integration is yet another project HappyBidDay has initiated to support their users.
"We're always exploring new ideas for HappyBidDay and constantly looking to improve the customer experience," says Dee. "We felt we needed to give customers a way to guarantee their savings, and that's exactly what the Capped Auctions offer."
The company says the Capped Auction model will be branded on select auctions throughout the site with an octagonal red icon, and that the Capped Price amount will be identified from within the auctions themselves. Bidders will get the opportunity to try the Capped Auction experience beginning Thursday (10/4/2012), when the model goes live at HappyBidDay.com.
HappyBidDay is an online auction site offering brand new, brand name electronics, gift cards, computers, game consoles, jewelry, home goods and more that regularly sell for 60%-90% below retail.
For additional information visit www.happybidday.com.