RagingBid

Earlier this afternoon, Scott Matthews, CEO of popular and well-loved penny auction, RagingBid.com, announced that "Score Marketing and Promotions (SMP), dba RagingBid.com, in partnership with Bid-Bob.com, will be honoring the bid balance of all Bid-Bob customers with a 6-1 ratio."
On Feburary 1st, Bob MacReynolds, CEO of Bid-Bob.com, announced the suspension of operations and that, while all owed wins would be shipped out, they were unable to refund the bid balances of their customers. This caused much hub-bub in the community, both on the PennyBurners Penny Auction Forum and on PennyTalkRadio (find the Podcast here), where Bob requested an opportunity to answer the questions/concerns of his customers. Everyone with bid balances was angry, and rightfully so.
From the RagingBid News Article:
For every 1 Bid in your account at Bid-Bob.com, you will receive 6 Bids at RagingBid.com. Ragingbid.com just celebrated two years of operation and continues to be one of the most exciting and rewarding penny auction sites in the industry. Our customer focused approach continues to drive our daily operations, and we welcome the customers of Bid-Bob.com. For those of you with established accounts at RagingBid.com, we will add the bid value to your existing account.
Bid-Bob.com President Bob MacReynolds says “RagingBid.com’s generosity by providing bid transfers for Bid-Bob.com customers proves they care deeply about the loyal customers of the Penny Auction Industry, and I believe they will continue to be upstanding corporate citizens in the future. We thank Scott and his team in advance for their help in this process, and we wish our customers well.”
This is a very unique opportunity for RagingBid.com and Blukos.com our online shopping and entertainment mall. “We are in the process of developing alliances in the penny auction community that should give members the assurances that they can participate in a site without a financial risk” states Scott Matthews President of SMP. “Many sites get into a financial burden due to a lack of traffic to their site or by bidders that can monopolize a site from the onset.” “We don’t feel that is was Bid-Bob.com or the officers of the company caused the problem, we feel that it was some much unforeseen circumstances and events that any site could face”.
The Bid Transfers will occur over the next 2 weeks. Bid-Bob.com is responsible for all previous auction wins at Bid-Bob.com, so please continue to direct any product inquiries to Support@Bid-Bob.com. RagingBid.com invites you to preview our dynamic auction environment at RagingBid.com, and all questions and comments should be directed to Support@RagingBid.com.
While the skeptics may have more to grumble about for one reason or another, we applaud penny auction site owners who find a way to work together for the betterment of the industry and community, and we do so here.
We asked Scott Matthews why RagingBid decided on the 6 to 1 bid ratio, he said:
We chose a 6 to 1 ratio because we understand the dynamics of the economy and that each site has a different value in bids. At RagingBid we run many different multipliers on paid bids and free bid promotions that are exciting for all of our regular members. We also understand with all of the promotions and multipliers that this creates inflation in our auctions. Many people feel that it is harder to win at RagingBid; however, members have many more bids to use.The decision on the 6 to 1 ratio was based all of these facts and that we want to give the bidders an equitable and fair value for their bids. We will be honoring all bids. We feel that the members that may have participated in a promotion or received bids for enrollment are entitled to the same value as any other member at Bid-Bob.
RagingBid has been in operation for over 2 years and has received rave reviews on the PennyBurners Penny Auction Forum. They also have an almost cult-like following on the RagingBid Facebook Fan Page, full of dedicated, enthusiastic RagingBid bidders. These bidders love to talk not only about their wins and the auctions, but also about their day-to-day lives, making the RagingBid community a bit like family. There is lots of love for "Big Blue" everywhere he goes, and for good reason :-)
What do you think of this change in scenery?
If you were owed bids from Bid-Bob will you take up on RagingBid's offer?
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