|Description||Sold-out Tickets 99% off|
|Seed, 1/2011 ||$40k|
HiLo Tickets is a secondary ticket brokerage that sells sold out sports, theater, and concert event tickets for up to 99% off face value.
HiLo’s landing page will direct the potential customer to choose between two avenues: â€œAuctionsâ€ and â€œBuy Tickets Now.â€
â€œAuctionsâ€ will be the penny-auction market designed for the consumer to bid on tickets starting at one cent. Every time a customer “bids,” the total price of the tickets up for auction increases by one cent. The most recent customer to place a bid will become the “high bidder,” and if the timer runs out, he/she will win the auction. There will only be one winner, and the customer will pay whatever the final price is + a small shipping fee.
The remaining customers who did not win the auction will be given a full reimbursement for all bids. This reimbursement will not be a liquid cash deposit, rather a numerical value promotion code reflecting the exact dollar amount of the bids used. The customer may use this code during checkout of HiLo’s â€œBuy Tickets Nowâ€ avenue.
The second part of HiLo’s market revolves around â€œBuy Tickets Now.â€ This feature allows the customer to buy tickets immediately, if they would like to avoid the inconvenience of shopping/spending time at an auction. The inventory available for purchase is more than $1 billion worth.
Since all auction tickets are available on HiLo’s â€œBuy Tickets Nowâ€ market, the customers with a valid used bid credit code can apply their money spent at the â€œAuctionâ€ market for any tickets available in this market.