Tweet Business of the Day: HiLoTickets.com

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Tweet Business of the Day: HiLoTickets.com

Who: Co-founders Rob Perez and Ian Wells, both 23

What: A ticket-auctioning site for sports, concerts and theater shows

When: March 2011

How: Perez said he and Wells were inspired to start their penny auction-style ticket site to market tickets to major events at lower prices.

"The idea sprang from trying to find those high-demand, premium tickets without emptying your bank account," he said. "It's a unique auction format, because it’s like an arcade. If you win, you get about 85% to 90% off of the ticket value." If you lose the auction, you get your credits returned to you to use on a different auction on the site.

Where: Wilton, Conn.

In his own words: "It originated from being a fan, and trying to get the ticket you want."