A change from the usual pay-per-bid auction, over at Jungle Cents*, you can find an auction you would like to try a chance at winning and buy a seat. You then wait for all of the required seats to be purchased then they contact you and tell you when the auction will begin.
Jungle Cents gives you an unlimited number bids so you can bid as many times as you’d like and hope you end up being the last bidder standing. Similar to purchasing a raffle ticket. Seat auctions guarantee that you won’t spend an exorbitant amount of money to try and win an item, and the winner will be sure to get a great deal.
Jungle Cents has a 2009 Mercedes C300 Sport listed, each seat costs $22.50 and before the auction can start 1,800 people have to purchase a seat. You have an unlimited number of bids to try and win and JungleCents, once they fill up the seats with 1,800 bidders, will have made $40,500 on the Mercedes C300 Sport.
The 2009 Mercedes C300 Sport Sedan has a base price of $36,200. So Jungle Cents can be assured they are not losing money by listing a Mercedes.
Will you really drive away with a Mercedes for $22.50?
What’s the catch?
If you are the last bidder standing you ALSO have to pay the final price to get the item. Each bid increases the price by increments of $30. If all 1,800 people who purchased a seat bid one time and the 1800th person wins the item the “winning” bidder will be obligated to pay $54,022.50. Chances are if all 1,800 bidders have an unlimited amount of bids they will all bid more than once, and the system does not crash from so many people bidding, will anyone be willing to pay over MSRP for the Mercedes?
*Update* According to the comments we received on this post it looks like Jungle Cents does put in place time limits to their auctions.
So far only three people have purchased a seat.
Jungle Cents also currently has a 13″ MacBook, each seat for that one costs $35.00 and they need to make $1,050 before the auction starts.
Have you tried Jungle Cents or any other pay-per-seat auction? Talk about it in our forum!
*In an effort to support and further the mission of Penny Auction Watch if you wish to register for penny auctions found here please register with our affiliate links. Thank you and, as always, remember to use your own discretion and do some research when bidding on penny auctions.
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Michale Lee June 18, 2009, 9:02 pm
I think this model is awesome!!! Even though the 30 dollar increments are high, there is a time limit so it won’t get that high, and nobody will really bid until the end right? And if you think that’s low, all the other ones only increment by 1 dollar…it sounds good now, but let’s see what happens when the auctions begin. An interesting model.
Sameer Mehta June 18, 2009, 9:17 pm
Hi,
I am one of the founders of Jungle Cents. I appreciate the words, and we are always looking for comments and suggestions before we get going with the site. As far as the price of the Mercedes going high, we took all that into consideration, that’s why we have a time limit. There is a FINAL clock that lasts 25 minutes for this auction. We are presuming that people won’t bid in the final moments, so this will be able to keep it at a very reasonable price. Of course, if you guys have suggestions let us know, either shoot me an email or post em down below. Thanks!
AuctionWatcher June 19, 2009, 3:40 pm
Thanks for the comments Michale and Sameer, they are greatly appreciated! I was wondering if there would be a time limit. By FINAL clock do you mean the auction will only last 25 minutes? Pretty neat idea you have with Jungle Cents I hope it goes very well for you!