How? Via its bid to win approach model.
Off & Away’s Bid-to-Win Auctions are different than typical Internet auctions – which is why its winners are able to get such an amazing deal on the best hotel suites in the world.
Once you find a suite you’d like to bid on, the first step is to buy a package of bids.
In Company’s Own Words:
Off & away is all about giving you the best offers which is almost non-existence in market. It’s offering amazing suites at unheard of prices.
How It Works:
Each auction prominently displays the current price of the auction and the time remaining in the auction.
To participate, you simply place a bid on an auction, which increases the auction price by $0.10 and makes you the high-bidder.
Once the time remaining in an auction falls below two minutes, each bid also adds up to 20 seconds to the auction clock. This gives other bidders a chance to respond to your bid.
When the auction clock reads “closed” the high-bidder is the winner and has the opportunity to book the suite for the final auction price (plus the cost of any bids used during the auction). Because these are exclusive deals, its hotel partners require these suites be booked within 24 hours of the end of the auction.
If you don’t win the auction (or choose to stop participating), you can apply your used bids towards the purchase of another hotel room at any of its partner hotels at the best published rates on the Web.
Who Is Backing Them?
Its founded by former Amazon.com and travel industry executives, and recently raised Series A funding led by Madrona Venture Group, the venture capital firm behind Amazon.com, Farecast.com (now Bing Travel) and VacationSpot (now a part of Expedia).