Johnathan Mason, a Frankenmuth, Michigan police officer, won the first penny auction on the FastPennyCars.com website, the new penny auction site for new cars. The final end price of the car was $5.28. It’s also important to note that Johnathan spent $40 in bids. On penny auction sites consumers pay the per-bid fee in addition to the final auction end prices.
Yesterday, FastPennyCar’s was featured in a news video on the front page of CNN: Man Buys Camaro for $5 Bucks
According to WNEM News, Kent Kern, the owner of Bavarian Motors and FastPennyCars.com, admitted to taking a huge loss on the first auction, but said it has earned them a lot of free publicity. “It has helped, when the mustang goes up for sale on the 16th we are hoping it goes for more than the last one.”
Here is a video interview from FastPennyCars with the winner that we found on YouTube:
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