FRANKENMUTH, Mich. -

In an effort to drum up interest for its first online event that’s geared for both dealers and consumers, FASTPennyCars.com launched its penny auction website on Thursday.

What’s the hook? The expectation that a 2011 Chevrolet Camaro SS will leave the block for less than $1,000. The site lists MSRP for the unit at more than $35,000.

Site executives are partnering with Bell-Wasik Buick-GMC in Caro, Mich., for their first live online penny auction on June 25. As a bonus, FastPennyCars.com says it will arrange for the Camaro to be shipped to the winner within the continental United States at no additional cost.

FASTPennyCars.com contends penny auctions represent a new way to purchase products and services online, especially vehicles. Here’s how the site is intended to operate.

Participants 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 represent approximately 80 cents.

Every time a person places one bid on an item, the price of the item goes up by one penny.

As a consolation for unsuccessful bidders, FASTPennyCars is rolling out what it calls Bidder Assurance. The free program allows unsuccessful bidders to receive a credit for the cumulative value of bids in auctions they did not win. These credits — or a portion of them depending on the vehicle — can be applied to the purchase of a new vehicle delivered through FASTPennyCars.com’s dealer network.

“Through our automobile-centric auction site, we are changing the way a new car can be purchased online and inexpensively,” explained Sandra Daenzer, vice president of FASTPennyCars.com.

“In 1908, Ford offered its first car for less than $1,000. More than 100 years later, we are doing the same thing, only it’s a 2011 Chevrolet Camaro SS,” Daenzer continued.

“The FASTPennyCars.com website is built with the latest auction technology and offers a superior user experience,” she went on to say. “It is intuitive and easy to use and offers competitive bid packages and no hidden fees once an auction is won.”

Daenzer directed interested dealers and consumers to the company’s website as well as online videos that further explain the auction process and Bidder Assurance.