It used to be that if it sounds too good to be true, then it's probably not true, but today the story opens:
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.The car had only 123 miles when he won/bought it.
Penny Auctions? Every time I turn around there seems to be something new on the Web. Until I saw the CNN video about the guy winning the Camaro for five bucks, I had not heard of them, but they exist with names like SkoreIt and Quibids. In the video above, Kent Kerns from FastPennyCars.com explains how it works. If you watch the video, you'll also find out you can lose money on penny auction sites. The auctions sites themselves, however, make money.