| Website | hizliolkazan.com |
| Category | eCommerce |
| Phone | 902163295141 |
| Employees | 10 |
| Founded | 1/09 |
| Description | Online Auction Site |
Online auction site with an alternative bidding system.
As of July 2009, HOK (hizliolkazan.com) auctioned over 100 products per month and had more than 50,000 registered customers.
How it works: online customers buy “bids†in advance. They cost $0.50 each and are sold in packs of 25, 50, 100, 250 or 500. Bidders have the choice of placing single bids. Every bid placed, increases the price of the product by 7c and the auction countdown by up to 10 seconds. To help keep track of the money spent on bidding, each auction displays the amount spent on bids by the customer and how much the bidder would save overall, if they won the auction at that moment. The ‘last bidder standing’ when the countdown reaches zero, wins the auction – usually at a very low price; winners save, on average, 95% when compared to the recommended retail price.
