For Penny Auctions users need to buy bids beforehand. When WooAuction Software plugin is installed there are 3 bid products already created which admin can see those products in WooCommerce Products area. These products are priced as 25 Bids for 25 currency units, 50 Bids for 50 currency units, 100 Bids for 100 currency units.
You can also create/edit/remove different bid packages at your own custom pricing. To create custom bid packages follow WooCommerce > Settings > Auctions > Bid Packages > Add New Package
Here you can then simply provide Name for Bid Package, Unique SKU, Price & number of bids. To Edit/Remove bid package hover on name of created bid package & you will notice the Edit and Remove links.