Swoopo is an online discount auction (a.k.a. penny auction) where individuals purchase bids to place towards an item that’s up for sale. The cost of the bids are usually $0.75 and once placed they raise the price of the item by either $0.15 or $0.01 depending on the product. A 20-second countdown timer is reset by each time a new bid is placed and when the timer reaches zero, the last bidder wins. The winning bidder pays the final price of the auction which is usually at a great discount of the manufacturer’s retail price (MRP) for the item. Read more »