New Cars for a Penny?

Looking for info on Fast Penny Cars? A new penny auction site for cars.   Check out what is being said on our forum about FastPennyCars.com

Ok, not exactly a penny, but would you bid on a penny auction site that only sold new cars? Recently a member of our forum posed the following question:

  • How many cars a month would be auctioned to peek your interest?
  • What would be pros cons of this model?
  • What if you had the chance to reclaim all your lost auction money if you did not win in a certain auction?
  • What if the site allowed you to win a car only every 3 months or so?

You can answer these questions and discuss penny auctions in our entertainment shopping forum!

*Photo Credit: http://www.flickr.com/photos/msvg/ / CC BY 2.0

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4 comments… add one

  • bloo123456 April 16, 2010, 7:49 am

    You better have a billionaire to back up your losses…

    There are a lot of things that i can see wrong with that.

    1. The Users might not know everything there is to know about a certain car, maybe feel it with your own hands and then buy it.

    2. Chances for the site to survice-VERY SLIM. considering the fact that all the items/cars will be worth over 20G, and the chances for losing are higher than making a profit. Unless if you use buy-it-now option.. which would be a good idea either when thought about it.

    Reply
  • auctionwatcher April 16, 2010, 9:30 am

    Bid-to-buy would be a great idea, feel free to continue this discussion in the forum! http://pennyauctionwatch.com/forum/showthread.php

    Reply
  • ss January 11, 2011, 3:20 pm

    Actually, its a brilliant business strategy. Each bid is $.01, but costs the bidder $0.60/click. Consider a car that sold for $1,000. The company makes $1000*100 cents/dollar * $0.60 per click = $60,000! After selling the car and having all fees taken out, the company can easily come away with more than 10Gs. If you see any fault in my logic, please let me know.

    Reply
    • biddawinna May 22, 2011, 2:32 pm

      most of the time, auctions wouldn’t go up to $1000. if it did, or if the sellers had a reserve price, then they would make a ton of money.

      Reply

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