Car being sold by reverse auction

From Dropit:

A brand new Fiat Punto Easy is about to be sold at reverse auction where the price will continue to drop for as long as the one minute auction lasts.

Consumers will need to have “nerves of steel” as they watch the car’s price plummet before choosing when to swipe their smartphone or click their mouse to make the winning bid.

This sales concept, which combines the thrill of gaming with the world of online shopping, is the brainchild of Mount Maunganui company Websoft Ltd who launched their auction website and mobile app Dropit earlier this month.

Dropit sells premium items with no reserves in under one minute. There are 5 auctions per day starting at 10am, on the hour until the last one at 2pm, with the Fiat Punto Easy car supplied by Tauranga’s Farmer Auto Village set to be auctioned on Wednesday 16 December 12pm

Reverse auctions are often good for buyers, but not so much for sellers. You only get to bid once, and you win it. But if you hold off you may get it cheaper – but someone may beat you to it.

Dropit CEO Peter Howell says they expect thousands of New Zealanders to experience their first reverse auction bidding on this premium product.

“It’s going to be a pretty exciting 60 seconds!  One lucky punter is going to secure an incredible deal on what is the biggest ticket item we’ve offered to date.”

Over the past month Dropit players have collectively saved thousands of dollars on high-end goods such as Bose speakers, ipod shuffles, an Xbox 360, mobile phone top up vouchers, a Tom Tom navigation unit, a Beach Cruiser Bike, Phil & Teds buggy and Laneway tickets.

“We auctioned off an iPhone 6 worth $1199 and it sold for $796 – saving the winning bidder over $400 on the brand new item,” Howell says. “A $550 Go Pro camera sold for a stupid price of $147, while Beats by Dre studio headphones worth $520 went for an incredible $191. Kiwi consumers are loving it.”

As I said, great stuff if you’re a buyer. You simply bid what you are willing to pay.

Farmer Auto Village spokesperson Melissa Smith says the sporty Fiat Punto Easy is worth $16,940 and has all the latest safety features plus six speaker audio system and a three year/150,000km roadside assistance and warranty.

“We’re excited to partner with Dropit to help promote this new way of shopping. Their website and mobile app is slick, fun and fast – just like this Fiat Punto Easy car. We can’t wait to see what price it goes for on the day.”

During each daily auction punters can see how many others are vying for the same item. The website and mobile app have been designed to prevent people accidently buying items – only a very definite swipe up will seal the deal.

Very cool to do it via an app so you can see how many others are following.

Comments (16)

Login to comment or vote