One of the world’s most innovative auction sites, Swoopo, was founded in Germany in 2005. The company sells premium products like: computers, cameras, game consoles and even cars, according to its Web site, based on a unique software solution and business model. The company’s Web site says Swoopo auctions over 10,000 products per month and has more than 1.2 million registered customers.

It works this way: Online customers purchase “bids” in advance. They cost 60 cents each and are sold in packs of 40, 75, 150, 400 or 1,000. Bidders can choose one of these options: place single bids, or use an electronic bid assistant called “BidButler.”

Every bid placed increases the price of the product by 12 cents and the auction countdown by up to 20 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.

When the countdown reaches 0:00, the “last bidder standing” wins the auction — usually at a very low price. Winners save, on average, 65 percent when compared to the recommended retail price, according to the company Web site.

In December 2007, Swoopo was successfully launched in the UK, followed by Spain in May 2008 and the US and Austria in September 2008.

Swoopo is an Internet company with a unique, worldwide business model. Swoopo states it is one of the first companies to combine e-commerce and entertainment, and the creator of “Entertainment Shopping.” All of its auctions are buzzing from the first to the last second. Swoopo’s Web site states every user can get top of the range, brandname products for extraordinarily low prices.

Its Web site states that the company’s staff has the passion and ambition to carry the Swoopo idea from its origin in Munich to the rest of the world, on the way establishing the company as a major international e-commerce player.