Snagoo.com, the lowest unique bid auction site has just closed after being open for 5 months, apparently not enough money or interest was being generated.
“Although there were some people that took to this idea and stuck with Snagoo, there were not enough. The model works, I still believe, but not without significantly more traffic and interest in such a service. I simply do not have the time and money to make this happen. Thousands of dollars in the hole, I am forced to cut my losses and discontinue Snagoo’s service.”
Like we’ve told you before it’s not easy to run a penny auction site, be it lowest unique bid or traditional penny auction. If you don’t have enough capital & customers you run the risk of losing a lot of money (well depending on the value of your items), this is a rather controversial and interesting industry that has been growing, we’ve watched it grow over the past year and will be looking forward to seeing what happens in the future.
John, the creator of Snagoo tells us the site is up for sale and that it could return at some point:
“Because I still believe in the potential of a site like Snagoo, it is possible it will return at some point, but not certain. Thanks very much to those of you that participated regularly – you gave Snagoo a fighting chance. I wish I could have proven to everyone that an honest site can work based on recommendations of happy customers, but I can’t afford to stick it out anymore. “
Snagoo will be issuing partial refunds for unused days of their premium memberships with a prorated refund of $0.50/remaining day, John is asking that to get refunded you e-mail him at john-at-snagoo-dot-com.
Penny Auction Watch forum members did receive & win items from Snagoo.com.
Discuss penny auctions & lowest unique bid auctions in our forum!
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