DENVER -- This holiday season, a Denver company is hoping you’ll skip the mall and try its app or website where you can name your own price.
Greentoe has 10 categories of products, and you can make offers on things such as TVs, computers, guitars or work boots. There are no toys.
When you find a product you want to bid on, you type in an offer. A meter will show you how likely your bid is to be accepted.
When you finalize your offer, it is sent to a whole network of distributors. The first retailer to accept makes the sale, and ships you the product.
“It's a reverse auction, kind of the opposite of eBay,” Greentoe CEO Joe Marrapodi said.
The concept is simple. Instead of customers competing and driving up the price, retailers compete for business and drive down the price.
“Retailers are willing and able to sell a product below the published price,” Marrapodi said.
According to the company, customers typically save 10 percent to 15 percent off the lowest price found online, even compared to sale prices or prices with coupons.
Mike Walsh’s Denver production company uses Greentoe to buy camera equipment. He bought a new drone and said he saved $100.
“We have definitely saved probably more money than we thought with each and every purchase,” Walsh said.
The CEO hopes you’ll find something to put under the tree.
“Even on Black Friday or Cyber Monday you will still get a better deal via Greentoe,” he said.