Thursday, February 28, 2013

02-27-2013::Show No.68 - For Just Pennies



(recorded live on 02-27-2013)
Doc, Grant and AJ talk with Hank Whaley, CEO of Pennygunauction.com; AJ reviews the STI Guardian and then we discuss a few emails.  

Reactions:

3 comments:

Interesting show... I haven't done a penny auction but I can't get over the basic statistics:
If a a gun sells for $50 then, collectively, site users will have paid $2500 for the gun. That also means that if you win auctions at an average rate, you will pay $2500 average for each gun that sells for $50. Of course you can do better, but only by beating out others in the statistics - others have to do worse. Doesn't seem like much of a bargain to me.

I agree with you!
I guess what makes it fun is getting caught up in the "action" of it all???

In the above example, the winner pays $50 plus $0.50 x number bids he/she used. That seems like an OK bargain by me.