New Auction Site Launches announced the launch of its innovative online auction website Wednesday, with the brand new Honda Insight hybrid, floor seats for the opening night of Michael Jackson’s sold-out final concert series in London and tickets to the opening game at the new Yankee stadium among the first items that will be auctioned off at deeply discounted prices up to 90% off of retail.

Among the other items that will be auctioned at significant discounts on the site are brand new flat screen TVs, digital cameras, Nintendo Wiis, iPods, cell phones, GPS systems, vacation packages and laptops.

“Amidst the worst economic downturn in U.S. history since the Great Depression, we are thrilled to offer consumers the opportunity to purchase some of today’s hottest cars, electronics and sports and event tickets at unprecedented discounts through Rockybid’s online auctions,” said co-founder Isaac Grossman.

Unlike e-Bay and other traditional auction sites, Rockybid’s auction strategy starts sale items off at $0 and sets a closing date and time for auctions. Each time a bid is placed, the price increases by just $0.01 or $0.15, depending on the auction, and 15 seconds are added to the auction countdown clock. The winner of the auction is the last person to bid when the timer reaches zero. Rockybid customers pay just $0.75 per bid.

As an added bonus, Rockybid allows registered users to put money spent on losing bids towards the purchase price of a winning auction within 30 days. The site also offers reward points for purchased bids that can be redeemed for prizes and gift cards.

Rockybid’s auction of two field box seats for the Yankees. vs. Cleveland Indians opening game on April 16, the first season game to be played at the much-anticipated new Yankee stadium, was scheduled to close last night at 8 p.m., but bidding continues. The auction for the Michael Jackson floor seats at the O2 arena on opening night, which are part of a six-day vacation package to London, is scheduled to close May 30. And the bidding for the Honda Insight is set to close May 17.

Rockybid is launching in the U.S. and the UK this week and plans to expand to Australia next week.