Are you tired of boring, no-shenanigans eBay auctions? Would you rather have a more intense bidding experience, with actual money on the line, but where the prize could mean discounts of up to 99% off? Because that is the idea behind “penny auctions,” where you buy bids, and then use those bids to push up the price of a particular item, usually by a penny. Each bid resets a timer, given competing bidders a chance to get in on the action. Once the time runs out, the last bidder left standing then gets to buy the bargain-priced item, which sometimes even includes a new car.

A new penny auction site, BidWhammy, is breaking into the world of online auctions in a big way, offering up a brand new 2012 Chevy Corvette Z06 Centennial Edition for bid, according to their press release on PR Newswire. But BidWhammy is doing things a little differently.

Car-centric Fast Penny Cars recently “sold” a brand new Camaro SS for $5.28, but a Corvette is a bit of a step up, especially the Centennial Edition. BidWhammy is also holding a “seated” event for the Corvette auction, which will take place in November on Black Friday. This will limit the competition in its inaugural event.

Bidwhammy also goes on to say that it holds itself to a high moral standard, and has also done away with the “extending timer” feature of many other penny auction sites. Instead of beating a timer, each auction is set to end after a certain number of bids… for the Corvette, the magic number is 6,999. Each time you place a bid, you are shown what number bid you were. The winning bidder then wins the prize, simple as that. And if you’re number 6,999, you could be driving home in a brand new Corvette. Pretty sweet deal if you ask us.