The company is called BidCactus and they auction the hottest, most in-demand electronics like Apple iPads and iPods, MAC and PC notebooks, HDTV’s as well as other items like gift cards from the top retailers.  Like other online retailers, everything they sell is brand new with manufacturer’s warrantees.  But, unlike other sites, the prices people pay are nowhere near retail.

How low are the prices?  Well, here are some recent winning bids that we verified BidCactuscustomers have paid for items:

• $33.84 for a new Apple iPad 32 GB (retail $600)
• $22.10 for a new Nikon D90 Digital SLR Camera (retail $1070)
• $61.73 for a Apple MacBook Pro (retail $1800)
• $24.02 for a Sumsung 46” LED HDTV (retail $1945)

Our first reaction on seeing these prices was disbelief.  After all, how could BidCactus possible afford to sell these items for so little – surely they must be losing a lot of money.

That’s where their unique business model comes into play.  You see, whenever a prospective buyer places a bid for an item on BidCactus, the company collects a small fee from the bidder. The fee to bid is only about 60 cents, but based on the volume of sales and bids, the company is able to collect enough to make up for the ridiculous prices the items sell for.

For the auction winner, the true cost of the item is slightly higher than their winning bid price because they have also spent a little for their bids, but this amount is usually modest, and the savings still work out to be spectacular in most cases.

But, best of all, participating in the BidCactus auction is incredibly fun. Because each bid costs a little to place, shoppers can strategize when to place their bids.  Each auction has a strict time limit.  When you place your bid, the system adds a little time to the auction to see if any other bids come in.  If you have the winning bid when the clock runs out – you win the item for that price.  According to BidCactus CEO Michael Staw, “Thousands of new customers are trying BidCactus every day – so we must be doing something right.”

But, the best part of BidCactus may be the “Buy Now” feature.  This allows bidders who did not win an auction to still buy the product they want and apply the cost of the bids they placed as a discount on the regular product price.  So, you still get the item and the bids you placed previously in the auction don’t cost you anything!

Today, it’s more important than ever to seek out the best possible deals on must-have items and BidCactus seems to have figured out a way to give savvy shoppers the opportunity to nab products at ridiculously low prices. Add in the excitement of the auction, and the fact that their “Buy Now” feature means that you can’t ever pay too much – and it means there is simply no reason not to try it out for yourself.

Click here to check out the great merchandise on the site and see just how low it’s being sold for.