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Old 07-12-2011, 08:21 PM   #1
Vaderzer0
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Man buys brand new Camaro SS for $5

Reported on Camaro5 HOMEPAGE.

Not sure if posted before or not, its on the front page of CNN.com right now. Dude got lucky, these sites are pretty scammy to the untrained bidder.

http://www.cnn.com/video/#/video/us/...nem?&hpt=hp_c2
http://www.wnem.com/story/15062471/f...camaro-for-528


Quote:
FRANKENMUTH, Mich. -

Maybe you've seen the ads on the Internet, promising a Macbook $23.50, an iPhone for $5 or a $50 gift card for just pennies.

If it sounds too good to be true, welcome to the world of penny auctions. It isn't a scam, people actually win, but there are things you should know before you jump in.

Jonathan Mason from Frankenmuth is the proud owner of a brand new $35K Chevrolet Camaro, and you're not going to believe what he paid for it: $5.28. When he won, Mason says his wife didn't believe it either. "I said wake the baby up we just won this car, she made me show her on the Internet that it was my screen name that won."

Mason took advantage of a brand new website called fastpennycars.com. The owners of the website are here in Mid-Michigan, and this Camaro was its first-ever auction.

"We wanted to do something different, and there are no other websites selling new cars," said website founder Kent Kern.

Kern admits that the website took a huge loss on this first auction, but he's quick to point out selling the car for $5 earned them a ton of free publicity, which leads to new bidders. "It has helped, when the mustang goes up for sale on the 16th we are hoping it goes for more than the last one," Kern said.

Most of the well-known penny auction sites like Quibids, Beezid or Skoreit don't sell cars, they auction off gift cards, computers and other gadgets. On any penny auction site bidders have to sign up and buy bids. Bids generally cost anywhere from a dime to a dollar apiece.

Once they have bids, then the bidder chooses an item to try to win. Items for auction are on a timer, and the clock winds down to zero. Each bid adds time to the clock. In theory, the auction could go on forever, but since bids cost money, bidders drop out of the auction. The bidder who puts the final bid in before the clock hits zero wins the item.

Not every bidder wins a car like Jonathan Mason. In every auction, there is only one winner, and the rest lose their bids. It can be a fun and lucrative hobby, but people can and do lose money.
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Old 07-12-2011, 08:32 PM   #2
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Wow...Words escape me. Lucky guy.
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Old 07-12-2011, 08:33 PM   #3
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Repost, but still cool nonetheless.
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Old 07-12-2011, 08:34 PM   #4
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the bidding formula sounds like rocket science!!
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Old 07-12-2011, 08:34 PM   #5
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yay 30 second ads :(
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Old 07-12-2011, 08:38 PM   #6
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Quote:
Kern admits that the website took a huge loss on this first auction, but he's quick to point out selling the car for $5 earned them a ton of free publicity, which leads to new bidders.
Wonder how many times they can do this before they run out of money
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Old 07-12-2011, 08:40 PM   #7
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What the, how the....
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Old 07-12-2011, 08:46 PM   #8
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Wonder how long he keeps the car?
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Old 07-12-2011, 08:48 PM   #9
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I'm pretty sure he still has to pay tax on the purchase of the car at market value.
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Old 07-12-2011, 09:10 PM   #10
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Just saw this and was gonna post. Unreal!
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Old 07-12-2011, 09:14 PM   #11
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i cant post what i think too meny swear words dude HOLY F&*&^
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Old 07-12-2011, 09:16 PM   #12
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The story indicated that that was his his first time bidding. Also that bids cost $0.60 and there could be 85 bids on a given auction. Buyer beware...
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Old 07-12-2011, 09:17 PM   #13
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It's a marketing gimmick to get idiots like CNN to give the auction website free publicity, like ebay back in the day. Nevertheless, lucky guy. I doubt there will be any more deals like that again.
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Old 07-12-2011, 09:18 PM   #14
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Quote:
Originally Posted by Nessal View Post
I'm pretty sure he still has to pay tax on the purchase of the car at market value.
He still paid $5 for the Car, I think he wouldn't mind paying the taxes.

But, beware these sites are not very easy to win at, don't expect to win a car for $5, he's probably the only guy who's done it and i wouldn't be surprised if he is part of that business just trying to advertise it or they paid him to do so.
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Old 07-12-2011, 09:20 PM   #15
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compare it to wining the lottery and it all makes prefect sence right guy right place right time out of 6.9 billion people in this world (or what ever it is) and i agree its prob a stunt to get more ppl to bid lose 30 grand to one car gain 50 grand at people trying to "recapture" the magic and be that guy
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Old 07-12-2011, 09:23 PM   #16
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There are Gov't auctions of confiscated property. I think you won't get a deal like that. The Gov't auctions you'll get like 1/4-1/8 its value more than likely.
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Old 07-12-2011, 11:38 PM   #17
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Man wins a Camaro for $5.00...WTF

Dang talk about luck!


$5.00 Camaro
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Old 07-13-2011, 05:38 AM   #18
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Jon from Michigan won a brand new 2011 Camaro SS for $5.28 plus $40.00 in bid costs. The car has the full GM factory warranty and all the vehicle taxes were paid by FASTpennycars.com


Found this on there website.
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Old 07-13-2011, 06:01 AM   #19
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Quote:
Originally Posted by Skillz512 View Post
He still paid $5 for the Car, I think he wouldn't mind paying the taxes.

But, beware these sites are not very easy to win at, don't expect to win a car for $5, he's probably the only guy who's done it and i wouldn't be surprised if he is part of that business just trying to advertise it or they paid him to do so.
Uh...technically speaking, he paid $300 for the car. He won the bid at $5, but he paid $.60/bid for 500 bids. That equals $300. Still a damn good deal, but a little deceptive!
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Old 07-13-2011, 07:03 AM   #20
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Its a penny auction site, so if 100 people around the world use 500 bids, thats 50000 bids, and $30,000 for the auction site,etc.
Didnt see how many bids were made on that auction,.

If he spent 300, then someone spent 299 to be second, 298 to be third, etc. The auction site makes money.
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Old 07-13-2011, 07:28 AM   #21
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those sites are just glorified gambling. It's like playing penny slots at the casino. You keep throwing your money in the machine hoping that it'll spit out the jackpot. I mean, the bid timer doesn't even run out if people keep bidding... So totally luck of the draw...

The guy was lucky though.
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Old 07-13-2011, 07:28 AM   #22
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Quote:
Originally Posted by jrisebo View Post
Its a penny auction site, so if 100 people around the world use 500 bids, thats 50000 bids, and $30,000 for the auction site,etc.
Didnt see how many bids were made on that auction,.

If he spent 300, then someone spent 299 to be second, 298 to be third, etc. The auction site makes money.
Exactly! Plus there was probably some incentive to the dealer that provided the car to the site and therefore the site got the car at rock bottom pricing.
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Old 07-13-2011, 07:44 AM   #23
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It's probably a leftover '10 that a dealer discounted heavily to the site...great deal none the less.
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Old 07-13-2011, 08:41 AM   #24
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Lucky new owner

Frankenmuth man buys new Camaro for $5.28

http://www.wnem.com/story/15062471/f...camaro-for-528

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Old 07-13-2011, 08:44 AM   #25
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Here's a video:

http://www.cnn.com/video/#/video/us/...ive.bucks.wnem?

At first I didn't understand how no one bid higher than that, but seeing as how it's a penny-bid site, the car got 528 bids. And each of those bids cost .60c, so it adds up. Not to a price of an SS of course, so he wins
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