Been watching 2 people having a bidding war on a PSP Go for the past few minutes.
About 100 bids later, and the auction still not over, the site is making $$$ for .60 a bid. As far as using it to win something, seeing how it works, I doubt you would win unless you have a couple hundred bids.

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2011 ///X5 M (On Order)

2009 X5 4.8 M Sport Space Gray/Black Fully Loaded

2007 GMC Yukon XL Denali Loaded and Customised