A Mount Maunganui company will auction off a brand new Fiat Punto Easy this week as part of their new auction website and mobile app.

The Fiat will be sold at a ‘reverse' auction, where the price will continue to drop for as long as the one minute auction lasts.

Peter Howell (left) and Brendan Howell with the Fiat that will be auctioned on Wednesday. Photo: Supplied.

Consumers will need to have 'nerves of steel” as they watch the car's price plummet before choosing when to swipe their smartphone or click their mouse to make the winning bid.

This sales concept, which is aimed at combining gaming and online shopping, is the brainchild of Mount Maunganui company Websoft Ltd, who launched their auction website and mobile app Dropitearlier this month.

Dropit sells premium items with no reserves in under one minute. There are five auctions per day starting at 10am, on the hour until the last one at 2pm.

The Fiat Punto Easy, supplied by Tauranga's Farmer Auto Village, is set to be auctioned on Wednesday, December 16, at 12pm.

Dropit chief executive Peter Howell says they expect thousands of New Zealanders to experience their first reverse auction bidding on this premium product.

'It's going to be a pretty exciting 60 seconds!” he says. 'One lucky punter is going to secure an incredible deal on what is the biggest ticket item we've offered to date.”

Over the past month, Dropit players have collectively saved thousands of dollars on high-end goods such as Bose speakers, iPod shuffles, an Xbox 360, mobile phone top up vouchers, a Tom Tom navigation unit, a Beach Cruiser Bike, Phil & Teds buggy and Laneway tickets.

'We auctioned off an iPhone 6 worth $1199 and it sold for $796 – saving the winning bidder over $400 on the brand new item,” Howell says.

'A $550 Go Pro camera sold for a stupid price of $147, while Beats by Dre studio headphones worth $520 went for an incredible $191. Kiwi consumers are loving it.”

Howell says he's confident Dropit has global potential as people look for a more lively shopping experience and bargain prices.

'Dropit is like nothing else on the market today,” he says.

'it's fast and super exciting because the price is always falling instead of increasing, which is the polar opposite to other auctions. The longer the auction lasts the cheaper the item becomes and that has got to be good.”

Dropit's retail partners are providing the auction items in return for profiling their goods and services on their promotional platform and social media channels.

Farmer Auto Village spokesperson Melissa Smith says the sporty Fiat Punto Easy is worth $16,940 and has all the latest safety features plus six speaker audio system and a three year/150,000km roadside assistance and warranty.

'We're excited to partner with Dropit to help promote this new way of shopping,” says Melissa.

'Their website and mobile app is slick, fun and fast. We can't wait to see what price it goes for on the day.”

During each daily auction punters can see how many others are vying for the same item. The website and mobile app have been designed to prevent people accidently buying items – only a very definite swipe up will seal the deal.

Over 6000 New Zealanders are currently registered on Dropit. To join in the fun or watch a video demo of how Dropit works, visit: https://dropit.xyz