By Britton Buttrill

If you need something a little more fast pace and competitive for your online auction habit, check out Wavee.com – the creation of six Emory University graduates that launched last fall.

In November 2009, Emory grads Jacky Lai, Terence Poon, Jeff Chan, Paul Tsyrlin, Daniel Yang, and David Chan launched the auction site, which allows consumers to maximize their dollars, while competing with other shoppers for massive discounts on electronics.

That means, if you bid correctly, you could get a MacBook or that flat screen TV you’ve always wanted for a few hundred bucks rather than thousands. Wavee.com has a special relationship with drop shippers and other electronic retailers, which allow them to acquire various products.

The concept is simple: a customer joins the Wavee community and buys credits for 60 cents each and is then ready to start bidding. Using the credits, the customer bids against other shoppers for the item of his or her choice at an incredibly low price (typically 70 to 90 percent off retail).  However, if the customer doesn’t win the new item, he or she can reinvest the money spent bidding to buy the item at retail cost.

Co-founder Lai got the idea to start Wavee in 2008 through a series of phone conversations with his future business partners.

“I started thinking about auctions and how we can make money through this model,” Lai said, noting that profitability came within just a few months. It also brought competitors, who have set up similar auction sites.

Lai also believes that Wavee is a good alternative to other online shopping sites such as eBay and Amazon. “The whole thing about Wavee is the fact that a shopper has nothing to lose, Laid said. “If you come on and bid, you can apply everything you bid towards the item. The worst-case scenario on Wavee is the best case anywhere else. If you start bidding, and you don’t win you simply pay retail.”

In March, the company added even more value by launching a rewards store, giving consumers the opportunity to earn points that can later be redeemed for products in the store.

Wavee is also offering a special promotion for Atlanta INtown readers. Log onto www.wavee.com and enter the code ATLNTOWN25 for twenty free credits.