i think its real,.. there are lots of auction sites that work that way, and the reason the prices seam so low is because you have to buy bids. the bids are roughly $1.00 each, and you can only bid one penny at a time, so essentually if a gun sells foe $150.00 the site really got $15,000.00 plus the $150.00 for it. because there were 15,000 bids made on the gun for roughlt $1 per bid. and you will end up paying the $150.00 plus you have to buy each bid you make. not my cup of tea. 
It's definitely real and the seller makes a ton of money on each gun.
If you like to gamble, this is a great way to buy guns cheap. From what I've researched, you need to spend some time in the beginning winning "credits" because often times you can buy them quite a bit cheaper than the $1.00 penny. After you bank a bunch, it costs you less money to bid and you'll end up winning some great guns for a good price....but that's just what I've taken from it. I'm not the gambling type so I've never tried it...if you give it a shot, be sure to let us know how it goes
