This is a online penny auction website
This company is starting a penny auction website. A penny auction allows people to purchase expensive items for virtually just a few pennies if they are the last bidder on the item. These auctions have a wide demographic so there really isn't a core target audience other than people who like to get good deals or maybe into the thrill of winning or gambling (although this is a gambling site).
The logo should be classy but make the person looking at it feel like this is a great honest website to spend their money at. I have thought that maybe incorporating a penny into the logo may look good but I would like to see a few different looks such as shape of the penny. I am open to designers playing with different colors and fonts. Personally I prefer bright colors like yellow, blue and red. The logo also could maybe have some sort of person that represents the peddler who is selling items cheap.