It is a penny auction site.
I tend to stay away from them because 1. you have to buy bid packs (meaning like $25.00 for 65 bids or somewhere in that range), 2. more than likely you will have to pay shipping & handling, 3. if you're the top bidder, you have to pay that price (and on one site you pay like the amount of bids - the highest bid cost). Oh and in some cases, there may be closing fees and all that other nice stuff.
If you're indeed looking for an eBay alternative, go for Bonanzle.com