Looks like it is time to separate the wheat from chaff when it comes to penny auctions. They have gone out of their way to establish stricter rules regarding how they operate and Quibids now has a 3rd party independent audit report. You can read the Grant Thorton Quibids Report. This is an audit from a certified CPA which should help Quibids try to project a better image of itself.
Quibids has been an industry leader among a lot of things, and this is just another of those. Quibids however isn't the only penny auction to do this. However, it is definitely a step in the positive direction, especially at a time when people wonder if Quibids uses bots or other methods to cheat the customers. A lot of aggressive strategies look like bots but are actually humans.
The penny auction industry needs better controls in terms of authenticity and not scamming customers. Quibids is taking some steps towards a more open environment. After all, it is in their best interest - if people don't trust penny auctions, companies like Quibids suffer.