[335e92tx]

http://www.cnn.com/video/#/video/us/...wnem?hpt=hp_c2

Probably about the right price as far as a GM product goes.

[E90SoFlo]

wow.

Lucky dude.

[Freakazoid]

meh marketing hype...

[Freakazoid]

looking more into the site, I hold there's something shady about that whole thing and it was definitely planned marketing hype....

they have $100 gift cards that sold with 1200 bids. Makes no sense that the car wouldn't have gotten just as many....

something fishy with the buyer I say

[immiketoo]

[E90SoFlo]

Originally Posted by Freakazoid

looking more into the site, I hold there's something shady about that whole thing and it was definitely planned marketing hype....

they have $100 gift cards that sold with 1200 bids. Makes no sense that the car wouldn't have gotten just as many....

something fishy with the buyer I say

99% of all those "penny" auction things are that way. I have stayed away from them..

But marketing or not, still cool the guy won.

[Freakazoid]

Originally Posted by E90SoFlo

99% of all those "penny" auction things are that way. I have stayed away from them..

But marketing or not, still cool the guy won.

I agree they're all similar to that, but never to that extent. (I believe I had the idea before it ever became a 'thing', never thought it would catch on) a $100 item taking over 1000 bids, but a $35k item not even getting 600? meh basically I think the guy is somehow affiliated with the site.

[Kensta335]

Not sure how much the car is worth but the site probably didn't lose much money. If bids cost .60 cents per bid then multiply that by 528 bids. It still took in $31,680 for the car.

[Nifty]

Originally Posted by Kensta335

Not sure how much the car is worth but the site probably didn't lose much money. If bids cost .60 cents per bid then multiply that by 528 bids. It still took in $31,680 for the car.

I think you're off by a few decimal places, they only took in about $310.

I've actually won a few items off of these sites before, and I can see how this happens. If everyone has the mindset that the car is going to garner far more than 600 bids, then why would they place their bid until it reached a higher level? More than likely everyone thought someone else was going to bid and someone got really lucky.

[Spool]

holy shit what a smart website....fuck, people are morons these days...some dude spent 54 dollars to buy a 50 dollar gift card...and other people that bid, they spent a total of 127 dollars to win that 50 dollar gift card which the website probably bought for 25 dollars...

i wish i'd think of this

[Kensta335]

Originally Posted by Nifty

I think you're off by a few decimal places, they only took in about $310.

I've actually won a few items off of these sites before, and I can see how this happens. If everyone has the mindset that the car is going to garner far more than 600 bids, then why would they place their bid until it reached a higher level? More than likely everyone thought someone else was going to bid and someone got really lucky.

lol snap. totally forgot.

[yakev724]

No different than a guy winning the lotto. Instead of a few mil, he cashed in at $30k.

ebay probably banned this, but people were selling 'virtual raffle tickets' for an item and some sold $500 worth of tickets for a $200 item, got the difference.

Also, CNN is the most ridiculous news channel I have seen. Anyone watch the daily show? They showed CNN with 3 stories at the same time asking viewers to text in the one they wanted to see, and ended up showing some pointless shit in favor off the Libya issues...

[Freakazoid]

Originally Posted by Nifty

I've actually won a few items off of these sites before, and I can see how this happens. If everyone has the mindset that the car is going to garner far more than 600 bids, then why would they place their bid until it reached a higher level? More than likely everyone thought someone else was going to bid and someone got really lucky.

good point

[chinoxs203]

this may shed more light. http://www.mlive.com/business/mid-mi...ml#postComment

this was the first car to be sold as a penny auction on this new site.
MI based man wins MI based auction site
lots of local advertisements.

im guessing they got burned on this deal but hope that making many news headlines will get people to their site. deff a marking job ploy and a good one. dont hate

35k - not a bad investment to make CNN homepage.

http://www.cars.com/go/search/detail...Y_URL&stkTyp=U

[Freakazoid]

Originally Posted by chinoxs203

35k - not a bad investment to make CNN homepage.

exactly

[Freakazoid]

oh and it's no hating, just people shouldn't get too excited.

in fact doing this onthe car level is a fucking brilliant idea.


35 grand car cost, say it goes up to 3 grand. 3 grand in bids is FIVE HUNDRED grand coming in. indeed doing this on the car level is fucking brilliant and I wish i had come up with THAT idea.

[Spool]

that is strong marketing, im considering joining now

[AngelinIsRich08]

This might be Ebay's biggest competitor.

[khaye1]

Originally Posted by Kensta335

Not sure how much the car is worth but the site probably didn't lose much money. If bids cost .60 cents per bid then multiply that by 528 bids. It still took in $31,680 for the car.

Damn...you non Asian

I call bs though on the whole car deal

[E90SoFlo]

haha I'm going to buy 100 bids and go try.

[silvergray545]

I thought the concept of the penny auctions were pretty cool so I signed up for one of them. What a waste of time. You sit there and wait for the time to run down before you start bidding. Then the last few seconds of the auction is a bid war. Every time a bid is placed, the time increases to the set "timer." So in theory, there is no actual time limit to end an auction. The only way to end it is for people to stop bidding. I was watching a gift card to Target that was worth $400. I quit watching it once it reached $50.26. That means, there were 5026 bids when I had to go to class. At 60 cents per bid, 5026 x .6 = $3015.60 on a $400 dollar gift card the site made. Absolutely amazing.

If you don't pay attention, you could blow a lot of money on those sites without getting anything in return.

[CollinsE90]

Originally Posted by Kensta335

Not sure how much the car is worth but the site probably didn't lose much money. If bids cost .60 cents per bid then multiply that by 528 bids. It still took in $31,680 for the car.

**scratches head**