Monday, October 24th, 2011 - Bang Auction

Australian on-line auction house Bang Auction is about to create a world first, by knocking down a 2005 red Ferrari 430 Spider convertible for just one dollar!

The prestige automobile, worth $299,000 AUD, was designed by Pininfarina and has travelled less than 20,000km.

As one of the true motoring marques of the world, the dream of Ferrari ownership is beyond the reach of most people, until now.

Bang Auction, which runs ‘lowest unique bid’ auctions (the winner is the person who submits the lowest bid), without anyone else having submitted the same amount – believes the auction of a Ferrari is the first of its kind anywhere in the world.

“To the best of my knowledge, no other online auction house anywhere, has ever offered a Ferrari, and certainly not for one dollar!” enthused founder and CEO, Peter Tsallas.

To enter the Ferrari auction, a bidder must simply register online at www.bangauction.com.au and purchase bids. The winner will be the person who successfully submits the lowest unique bid. In the event that there are two or more bidders with the same entry, the winner will be the person who first registered the bid.

Ordinarily, the winner would be expected to pay the winning bid (for example $987.50) for the car as this constitutes the “winning bid” for the lot, however, as an introductory bonus to registrants, Bang Auction is discounting every single lot, including the Ferrari, for just $1. Likewise, the company is capping the value of the car at $2,999 to give entrants a much better chance at winning the aspirational prize.

“We set out to be the best in our category and to be the best, you have to offer value and be innovative. Bang is prepared to do what no other online auction house is, by offering ridiculous and unparalleled value for money! Where else can you buy a Ferrari for one dollar?!”

For as little as $1.10 per bid, registered entrants can submit lowest unique bids on a range of lots including but not limited to; a Harley Davidson motor cycle, an HSV Clubsport motor car and a Suzuki Swift.

Each lot has a pre-determined number of bids, ensuring that there is a winner within a reasonable time frame and further improving the odds of success for participants.

The company intends to keep all of its auction items highly transparent by showing a ‘Bids Sold’ percentage for each lot. Once the lot reaches 100%, the auction is effectively closed as no further bids will be sold, however, the site thereafter allows a further 72 hours within which entrants may submit their lowest unique bids. At the expiration of the said 72 hours, the winners are announced on the site next to the appropriate lot.

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Bang Auction


Bang Auction - www.bangauction.com.au - is a proudly Australian owned and operated company and is compliant with all applicable rules and regulations for an online auction house. All transactions are performed through Eway and the company offers a guarantee that none of its employees nor their family members, are permitted to register and bid on any items listed by the company.

CEO & founder Peter Tsallas is an ordinary man. A commercial painter by trade, Peter has always been fascinated by the internet and particularly auction sites. Bang Auction is a long-time dream of Peter’s that has taken every dollar he has seen – and a heavy mortgage – to make a reality. He is “an Aussie having a go” and he intends to donate a percentage of all monies raised to various charities and establish a foundation in due course, to assist young Australians looking for funding to develop ideas and initiatives.

For more information or to speak to Peter Tsallas, please contact Nicholas Karandonis at Power PR on 02 9550 1300 during office hours.


Nicholas Karandonis, Power PR
P: 02 9550 1300
M: 0412 977 888
W: www.bangauction.com.au

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