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Finally An Online Pay-Per-Bid Express Auction Site Where Customers Can Sell Their Own Items A new pay-per-bid online auction website that enables users to list their own items has opened in the United Kingdom. Bid1O1.com is unique in that it has democratised the pay-per-bid auction process by enabling users to share in the bid proceeds generated by their individual auctions. The company founder and CEO, Omo Okuonghae, said, "This is a first in the world of reverse and express auctions. Bid1O1 aims to be many things to many people, a source of affordable luxury items, a virtual marketplace with excellent customer support, a quality auction site, a fun way to get round the deficit blues AND a fast-growing social community of like-minded buyers and sellers looking for good deals."Bid1O1 uses the express/reveal auction format where the price of an item goes down with each bid. The format has been further developed by Bid1O1 to enable users to list their own items at close to market or cost price. This implies that each time a bid is placed on that item, the bid proceeds generated are purely profit to be shared between the seller and the host site. The website...more
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