Launched on 12th July (2 days back of writing this), GankIt is based in Texas. We usually do not include penny auctions less than 3 months old since so many penny auction sites open everyday and get closed within few weeks or even days so we try our best to include only those penny auctions which are innovative and are here to stay.
Most penny auction sites let users take the money they've spent on bids and discount the buy-it-now price, but GankIt! lets everyone benefit from this discount. Each time anyone places a bid, the global "GankIt Price" drops 25 cents for anyone to buy-it-now. If someone ganks it, the auction keeps going because another identical GankIt item appears at retail price and starts dropping again. It's like an unlimited shelf of items that can be ganked while the auction is going on. Meanwhile, the auction and auction timer aren't affected and the penny auction goes on until the timer runs out. This way, lots of items may be sold with the GankIt button before the auction is over.
Sound interesting. Try GankIt! and share your feedback and reviews with us.
UPDATE: GankIt! now has a new design and a new feature. The new features they have added have to do with how bid butlers interact. Instead of butlers placing bids one at a time until they run out, when two butlers "brawl" at the same time, all of their bids are placed at once and the butler who had at least one more bid is set as the current high bidder.