First Ever, Online Automobile-Specific Penny Auction Site Launches Today – First Auction to be Held June 25

FASTPennyCars.com Estimates 2011 Chevrolet Camaro SS Will Auction for Less Than $1,000

FRANKENMUTH, Mich.--(BUSINESS WIRE)--FASTPennyCars.com today announced the launch of its namesake penny auction website. Unlike other penny auction sites that offer personal electronics, FASTPennyCars.com focuses solely on automobiles and automotive related products, an industry first. In advance of its first live online penny auction on June 25, showcasing a 2011 Chevrolet Camaro SS, website registration is now open. The company estimates that the winning bid for the car will be less than $1,000!

“In 1908, Ford offered its first car for less than $1,000. More than 100 years later, we are doing the same thing, only it’s a 2011 Chevrolet Camaro SS.”

Through a partnership with local dealership, Bell-Wasik Pontiac-GMC-Buick, in Caro, MI, FastPennyCars.com will arrange for the 2011 Chevrolet Camaro SS to be shipped to the winner within the Continental United States at no additional cost.

Penny auctions represent a new way to purchase products and services online, especially automobiles. Participants purchase “bid packages” for a pre-determined dollar amount and then use them to bid on specific auctions. FASTPennyCars.com anticipates the average penny bid for their auctions will represent approximately 80 cents. Every time a person places one bid on an item, the price of the item goes up by one penny.

As a consolation for unsuccessful bidders, FASTPennyCars offers Bidder Assurance. The free program which allows unsuccessful bidders to receive a credit for the cumulative value of bids in auctions they did not win. These credits (or a portion of them depending on the vehicle) can be applied to the purchase of a new vehicle delivered through FASTPennyCars.com’s dealer network. For more on this, check out the Bidder Assurance video.

“Through our automobile-centric auction site, we are changing the way a new car can be purchased online and inexpensively,” explained Sandra Daenzer, Vice President of FASTPennyCars.com. “In 1908, Ford offered its first car for less than $1,000. More than 100 years later, we are doing the same thing, only it’s a 2011 Chevrolet Camaro SS.”

The FASTPennyCars.com website is built with the latest auction technology and offers a superior user experience (see How It Works video). It is intuitive and easy to use, and offers competitive bid packages and no hidden fees once an auction is won.

About FASTPennyCars.com

Founded by a group of Michigan entrepreneurs in 2010, FASTPennyCars.com is the first and only penny auction site to exclusively focus on new automobiles and automotive-related products. FASTPennyCars.com leverages the vast reach of the Internet and the simplicity of penny auctions to provide a cost-effective and convenient way to win a car via an auction and have it shipped to anywhere in the Continental United States. For more information, visit FASTPennyCars.com, Facebook.com/FASTPennyCars or Twitter.com/FASTPennyCars.