How do those online auctions work where people buy, for example, a $1200.00 TV for $100.00. See the ads and read a little bit about them but really just don't get it.
Online Auctions
- Thread starter KenX
- Start date
I checked into those auctions and how they work is every time you bid it cost you $.99 and they up the price $.01, so when enough people bid to raise the price $1.00 the auction company has made $99.00. In the end something sells for $500.00 they have already made $49499.01 off losing bids and $500.99 from the "big winner" for a total of $ 50000.00 
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