4 "entrepreneurs" from Ohio started Swipe It Up.com, looks interesting.
I get it. The site buys stuff to sell. Bidders put up bids that cost $0.50 but bump the price up only 1¢. Snipes don't work because the clock gets an added 15 seconds per bid.
I just witnessed an auction for 40 $0.50 coupons ($20 value). SwipeItUp earned $0.68 PLUS $34 for the bids. The bidders at the end of the auction are insane. It's more irrational than Ebay.
All those bidders pay but don't get the prize unless they win. Wow. This is legal?
Dollar Auction Wikipedia entry