Psycho Auction is a penny auction site that has been around at least since the spring, but I didn't hear about them until this week. Psycho Auction is kind of a smorgasbord of penny auctions, all packed under one roof.
The site has traditional penny auctions, as well as Virgin, Killer, Speed and Reverse auctions. Virgin is for people who haven't won before, Reverse drives the price down (can go negative), both Speed and Killer are won by casting the most bids - Speed doesn't add time with each bid and Killer does.
Psycho Auction is fairly hard to understand because there is so much going on and because the user interface is not spectacular, but if you like variety, it certainly has that going for it.
The site also has a tab for selling items which is intriguing but this is the only explanation that is given: "Sell an item and get all the bids placed on it plus the fair value equivalent in bids! Or do you want to open your own Psycho Auction site? We can help you! Contact us under software@psychoAuction.com." I don't understand how selling things works from this explanation but allowing users to post their own items on the site is interesting, although it has some logistical complications I don't see a way to get around. Clearly, Psycho Auction did not address any of my concerns in its explanation.