A new auction site is doing its best to lure luxury lovers away from eBay. Oohilove.com offers incredible bargains on some of our favorite brands. Just last week a Gucci Interlocking Hobo Handbag went for a mere $13 (including sale price and bids), a fraction of its $1134 retail value.
It all sounds too good to be true, but CEO Chris Couhault assures us it’s definitely not. The site uses a new pay-to-bid auction model; you buy a package of bids for 99 cents each and then bid on the luxury items that catch your eye. The goodies increase in value by two cents every time someone bids, at which time the auction is extended by 10 seconds. When there are just 30 seconds left things get really exciting. The auction duration is capped at 30 seconds, but the bids start to fly. You’ll need to be one cool customer and wait until the last second to take home the goods!
There are a number of cool features which make this site a cut above the average auction house. You can track the bidding history of your competitors to scrutinize their auction style, and use the Bid Assistant to automatically bid for you. It’s a great idea if you’ve got a busy schedule, or a computer that’s prone to crashing!
The prices people are paying for purses from Prada, Chanel, and Louis Vuitton are just incredible. Something tells me this site could be very addictive.
