Penny Auctions World: Brazil

We will start a new segment on the blog: The Penny Auctions World. Anytime we hear any news about online Auctions in different countries we will share it with you. The first country we will talk about is Brazil.

The pioneers of the idea in Brazil were Sylvio Avilla and Guilherme Pizzini. They decided to start this business in the country after Sylvio Avilla went to Germany and learned about this new kind of e-commerce. In 2008 they launched the first Penny Auctions site in Brazil, Olho no Click ("looking at the click"). After that the Penny Auctions fever completely swept the country.
With the help of two other partners they launched Olho no Click in 2008 with a budget of about 270.000 dollars and the success was immediate. By the begining of 2011 the website had already 400.000 customers, after achieving a profit of about 2.5 million dollars in 2010.

In 2012 Brazil has 121 Penny Auction sites. Despite the fact that only 43 of them are active, the brazilian online Auctions market expects for this year a profit of about 21 million dollars (same profit achieved in 2011).