also known as a penny auction. The prices of auctioned products increase by one QuiBids penny with each bid. A QuiBids penny is equal to $0.60. Bidding does not start until there is only 5 minutes left in the auction. The final prices are typically much lower than other auctions, but all bidders pay to bid. Losers of the auction have the option of paying the retail price, minus the cost of their bids. The company has been sued under allegations that it is a form of illegal gambling and that its Users of the service purchase "bids" to participate in auctions.[5] Bidding may begin only when there are five minutes remaining on the auction's timer. A bid placed in the last twenty seconds resets the timer for another ten to twenty seconds. Each bid increases the final auction price by a small amount (e.g. about 1 cent in the US).[5][6] There are some variations. In Speed Auctions each bid adds ten seconds to the timer. Additionally, some auctions allow auto-bidding via Quibids' Bid-O-Matic tool.
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