Penny Auction for Cars? Just when you thought you had seen everything ;) Well, actually we shouldn't claim we have seen everything because niche penny auctions are a very good way for new penny auctions to stand out. Unfortunately not everyone is able to pull it off. For example, in the luxury segment, LuckyChic is a nice penny auction. Would it be as famous if it stuck to gift cards? Of course not.
Anyway, we are here to talk about cars right? So here it is: FastPennyCars is betting big on penny auctions. And by big I mean really big. The site is up and running and the auctions are scheduled for Saturday. Clever. However, I am not too sure how much losses the company can bear in the initial days. A car is a big deal really, although it also sells related products including gift cards for gas.
They also have a feature similar to "Buy It Now" where your lost bids are converted to credits and you can use these for discounts on any cars.
What are your thoughts on this? I'd love to hear from you! Don't forget to join me on Facebook for the latest information and updates from Penny auctions!