FRANKENMUTH, Mich. -

Now that it has partnerships lined up with franchise dealerships representing all three domestic automakers, FastPennyCars.com has high hopes for making one segment of its online auction site successful.

Officials insist their specialized program — Bidder Assurance — is designed to make all auctions a positive experience for every participant. They explained unlike traditional online auctions, each bid in a penny auction is not refundable. So if a person does not win an auction, their total investment incurred throughout the bid process is lost.

FastPennyCars.com emphasized, the upside of penny auctions, however, is that the winning bidder will be able to purchase the item — such as a 2011 model vehicle — for a fraction of the cost.

Then, the relationship with franchise dealers comes into play.

As a free service of FastPennyCars.com, Bidder Assurance can allow unsuccessful bidders to receive a credit for the cumulative value of bids in auctions they did not win.

Integrated into the Bidder Assurance program, FastPennyCars.com has partnered with General Motors, Ford, and Chrysler dealerships to accept the cumulative credit, which can be used to purchase any new car model they offer.

Through the Bidder Assurance program, every penny spent on one or more FastPennyCars.com auctions that were lost can be totaled and put toward the purchase of a new vehicle.

Depending on the make and model, there is a maximum allowable credit extended to the FastPennyCars.com customer. If the customer can only use a portion of the Bidder Assurance coupon toward the sticker price of a new vehicle, the remaining balance can be utilized for other purchases at the dealership.

“With Bidder Assurance, we are removing the risk associated with participating in our online car auctions,” stressed Sandra Daenzer, vice president of FastPennyCars.com.

“The program guarantees that your monetary bid investment in FastPennyCars.com auctions can be converted into actual dollars that can be used toward the purchase price of just about any vehicle offered through our dealership partners,” Daenzer continued.

Daenzer went on to highlight penny auctions represents a new way to purchase products and services online, especially vehicles

Participants can purchase “bid packages” for a pre-determined dollar amount and then use them to bid on specific auctions. FastPennyCars.com anticipates the average penny bid for their auctions will cost approximately 80 cents. Its auctions will increase in two bid increments; every time a person bids on a car, they will use two bids, and the auction price of the car increases by two cents.

“Our first auction of a 2011 Chevrolet Camaro SS is scheduled for Saturday, and we want to ensure a positive experience for all auction participants,” Daenzer stated.

“The winner will likely purchase the car for under $1,000, which is an excellent opportunity,” she continued. “Bidder Assurance gives those that did not win peace of mind knowing that their investment can be converted into an actual credit to purchase a new vehicle.”

The winning bid for each FastPennyCars.com auction includes free shipping to anywhere in the continental United States.

The site will also make travel arrangements if the winner would like to pick up the vehicle in Michigan.