Yet Another Auction Site is on The Block: This Time, It's itsyBiD

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October 26, 2010 at 10:42 AM | by MsRebecca | Comments (4)

Another hotel auction site?! Yes, indeedy. But before you start to panic about trying to figure out yet another one, look at this shot of the pool at the Atlantic Hotel in Fort Lauderdale. We're finding it hard to keep with all the new Hotel Auction Sites, too, but if anything will inspire us to give them all a whirl, it's the fast-approaching winter and our desire to get away to fancy places for a whole let less.

So, how can itsyBiD help us do that? The system sounds similar to that of Off & Away, where, after you register, you must purchase bids to start playing a kind of luxury hotel bingo.

On itsyBiD, bids cost 75 cents each, but must be purchased in bundles of 20�500. When an auction begins (at $0--with no reserve), you can start bidding. Each bid raises the price by just 1 cent but it can add 20 seconds to the clock, giving others a chance to bid as well.

The auctions last for 24 hours and when the timer ends, the high bidder wins the deal--itsyBiD claim that most of their auctions can save the winners 90�95% off the retail rates. (Even if you lose an auction, you have the choice of applying your bids towards the purchase of the auction to receive a discounted price. Presumably not as sweet a deal as the actual auction winner's, though.)

One aspect we like the sound of with itsyBiD is that it's not only room rates that you can win. For the Atlantic Hotel auction that kicks off today at 2 p.m. EST, for example, the prize is a $500 gift certificate from the hotel, which can be used toward a room of any category, meals and drinks at the hotel's restaurant, Trina, or at Spa Atlantic.

We haven't played with itsyBiD yet, but it looks like you can score amazing deals if their examples of ended auctions are any indication. A $500 gift certificate for the Napa River Inn sold for just $1.88.

Even if the winner bid 188 times--which they wouldn't have, since there was clearly other bidders helping to drive the price up--that would make the cost $141 (bids cost 75 cents each, remember--but one bid only raises the sale price by 1 cent).

So, unless we are total math dunces, paying less than $141 for a $500 gift certificate is quite a steal.

Have you used itsyBiD yet? Or any other hotel auction sites? Share your experiences and details of any deals you've snagged in comments below.

Comments (4)

Return to » Yet Another Auction Site is on The Block: This Time, It's itsyBiD

Thanks for the great write-up! We'd like to offer your readers 10 FREE bids to try us out. After you register, use the promo code 'chatter' to receive your free bids!
Graham Keavney - CEO - itsyBiD

itsyBid looks interesting but I still prefer Off & Away..the upside is about the same if not better and if you lose you can combine your unused credits and get to use them from the same hotel pool with the same competitive prices as Expedia...plus you get an extra 10% credit if you purchase a room from the same sponsoring auction hotel..Anyway you cut it these types of hotel auction sites offer an intriguing new way to purchase hotel rooms

This site and Off and Away are more like gambling sites. You make the assumption that everyone wins. If there are 10 bidders and 1 winner, that leaves 9 losers. I work hard for my money and sure don't want to drop $100 and end up with nothing. No to mention that the whole 1 cent principle is a total joke. As in the example you gave, the cent should really be called a point as each point is 75 cents.

I'll stick with the discount travel sites and stay away from these gambling sites. Thanks anyway!

Speaking of auction sites, Pricefalls.com is the perfect addition to follow the booking of a vacation. On the site, a marketplace for sellers to reach buyers, consumers can find tickets to various shows and destination sports by searching for tickets.

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