My friend showed me the website of Bid4Prizes. This contest runs on a reverse auction concept. While a normal auction is always won by the highest bidder, in Bid4Prizes, the person who has submitted a unique lowest bid will WIN!

This is actually not as simple as it sounds but rest assure, you will never pay a premium prize for your winning items since participants try to outdo each other by lowering the bid price.

Bid4Prizes is really generous in their prize range. There’s no doubt that the BMW 3 Series wins hands down as THE most desired prize to win!

There are two ways to participate in Bid4Prizes auctions for free; via SMS text or through the website. If you bid via SMS text, though, you will be charged by your cellular service provider. Unfortunately, this contest is only open to US residents. This is a fun concept. Can you imagine what would happen if they open up bidding to the world?