I've gone to some of these auctions. Seen them advertised in the paper, and they are ligit.
First I've seen or heard of a website thou.
They operate very similiar to bank auctions. Illegal , confiscated, repo's that kinda thing. I wouldn't be shocked that a private company has gotten into it. Buys the goods and reselles them at a mark-up.
As to the concept of the site ; sounds good.
As to the site itself; ????
Sorry, I can't help more. I am checking this thread for post's thou..
Good deals