or one British penny, and extends the time of the auction by a few seconds. Bid prices vary by site and quantity purchased at a time, but generally cost 10-50 times the price of the bidding increment. The auctioneer receives the money paid for each bid, plus the final price of the item. A 2010 TechCrunch article about penny auction site MadBid called this business model "a license to print money."

For example,