MadBid is becoming widely acknowledged for it’s great savings.
See what the local and international media have to say about it.

"Snap up luxury goods, from cars to mobile phones, for 98 per cent less than their recommended retail price. [...]

Sandeep Anantharaman, a 26-year-old Watford engineer, picked up a brand new Mini One car, worth £12,135 for £6.83 on MadBid.com.

The same site claims that the average profit of its top five winners is more than £20,000.

The site offers a multitude of shiny, high-end goods such as Apple Mac-Book Pros, 50in plasma screen TVs, even gold bars or wads of cash... [...]

I decided to have a go on MadBid.com to see if I would have more luck.

Juha Koski, madBid.com's managing director, pointed me to the "do's and don'ts" on the website, for some tips on how to win bids.

These include placing your bid early or late, and keeping your eyes "always focused on the countdown timer". The site also suggests bidding "at the right time of day", adding: "You can pick up bargains by bidding when others are busy having breakfast or taking the dog for a walk." [...]

I struck it lucky eventually with a hamper of retro sweets, for which I was the only bidder. I managed to win the lot for only 1p.

Mr Koski says: "The odds of winning one of our rookie auctions [beginners' auctions offering cheaper items] range from 30 to 70 per cent.

"Sometimes there is just one single bidder in an auction who bags a bargain for a single penny. In our larger auctions hundreds of MadBidders participate."

He is adamant that penny auction sites do not promote gambling. "It is purely a game of skill as it requires knowledge, judgement and strategy," he says."

The Times, saturday september 19, 2009

“Madbid is not a reverse auction, but one in which goods start at nothing and bidding rises in increments of 1p for a fixed period.

The average saving on high-street prices is 98%. Madbid has also introduced “Bid4Free” auctions, where you only pay the closing price if you win, although savings tend to be lower at 41%.”

“My £6 Mini was a dream come true

Telecoms engineer Sandeep Anantharaman couldn’t quite believe his luck when he snapped up a brand new Mini One car for little more than loose change.

The 26-year-old, from Watford in Hertfordshire, bought the shiny red car for just £6.83 — a far cry from its list price of £12,135. He drove away with the bargain in September — a month after passing his driving test. He had made 24 bids on madbid.com, an auction site where bids rise in increments of 1p. They cost him £1.20 each — a total of £28.80.

“Wow! Is it really me? That was my first reaction when I won,” he said.
“I had to pinch myself to believe that it wasn’t a dream.”

Anantharaman has also bought a Tom Tom satellite-navigation system, worth £120, for 10p and an iPod Shuffle, worth £32, for 6p on the site.”

“MadBid.com is the first UK-based penny auction where brand new products, such as Nintendo Wiis, iPods, laptops and flat screen TVs fall under the auction hammer everyday and sell for prices that can only be described as totally mad.”

“LONDON: Everyone dreams of buying a car of their own and if they can get a bargain all the better. Sandeep Anatharaman had just such a dream, but the bargain he has got is beyond belief!

The 26-year-old Indian has managed to snap up a brand new Mini One car for just £6.83. For Rs 546, the converted value of the amount he paid for the car, Anatharaman couldn’t buy even a wheel of a car in India or Britain let alone a brand new Mini One.”

“Most of those of us who fancy a new car this year are just not getting one. A survey out this week showed that 77% of buyers expect the current financial climate to "drastically change their car-buying plans". And that's when car sales have already plummeted and several car manufacturers have moved to cut production dramatically.

But what if you could get a new car – a brand new car – for £6.83? That would change your car buying plans pretty dramatically too, wouldn't it? Just in rather a different direction from the way the credit crunch has changed them. Take then the case of Sandeep Anantharaman, a 26-year-old profiled in The Sunday Times this week. In September he bought a new Mini One (list price £12,135) for just under £7. At the same time he picked up a Tom Tom navigation system for 10p (list price around £120) and an iPod Shuffle for 6p. Look to 'reverse auction' sites for the best bargains

In Dec ‘08, BBC 1 visited MadBid HQ in London to interview Managing Director Juha Koski. The reporters also travelled to Watford to pay a visit to our first Mini One winner Sandeep A.

The interviews were screened on the BBC Breakfast News programme.

MadBid recently conducted a survey to investigate regional spending habits.

The survey concluded that women in Manchester were the biggest spenders, forking out more than £1,738 on shopping sprees per year.

Three-quarters of women from Manchester said that they felt much happier after a good trip to the shops, and over half saying that they see it as a form of therapy.

Women from Swansea came second in the poll with an annual spend of £1,653, followed by residents of Cambridge, Birmingham and London.

More on Daily Telegraph

A BARRY teacher has struck gold twice on a UK-wide penny auction site – winning £5,000 towards his mortgage just days after he won a brand new Mini Cooper!

Mike Moreton, from Barry, has been amazed by his luck – and after finding out he had won the £12,000 car, he waited until his wife was signing for it before telling her about the cash win.
He said: "Winning the £5,000 towards our mortgage is an absolute lifesaver."