PRLog (Press Release) –
Aug 14, 2009 – One of the newest penny auction sites on the Internet is auctioning off a vinatage Ferrari. The vehicle is a 1984 308GTSi, the vehicle made famous in the "Magnum P.I." television series.
With the emergence of several new penny auction sites the competition is fierce amoungst the new companies, and the site members may be the ones that come out the ultimate winner.
PennySold's Ferrari auction will conclude on December 24th, 2009 at midnight. This auction has a very well timed ending to insure that someone's Christmas is going to be a very happy one. While the reserve on this vehicle is not being announced it is entirely possible that the winner of this auction will spend less than $1000.00 on a very well known exotic sports car.
Reverse auctions or penny auctions are shaking things up because there are no time limits on the auctions and each bid increases the price of the item by just one penny. Bidding in a penny auction is unique because like a real "farm auction", as long as there are bidders willing to bid the time does not expire. With each bid the auction timer is increased a predetermined amount and continues to count down. No more strategy on how to get the item before the auction is closed. In a penny auction bids are purchased in packages - and then each bid increases the price of the item by one penny. Imagine getting a new car for the price of a candy bar.
Strategy, skill, timing and a small amount of sheer luck can all play a role in placing the last unique bid and winning the auction. Many people have claimed to have paid pennies for items like laptop computers, iPods and other high-tech items. The practice of "sniping" at the last second of fixed time auction such as eBay is no longer a concern because bidding at the last second extends the clock for an additional time increment.
To see the rules on this auction visit PennySold's website at http://www.pennysold.com and look at their "unique" auctions.
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