Lesson 2. How Online Auctions Work

In this lesson, you learn how eBay auctions work and how much they cost.

Understanding Online Auctions

About half of all eBay transactions are in the online auction format. (eBay used to be 100% auctions, but in recent years it has migrated to more fixed-price transactions.) If you want to buy and sell on eBay, you need to understand how online auctions work.

Let’s start with the basics. An eBay online auction is an Internet-based version of a traditional live auction—the type where a fast-talking auctioneer stands in the front of the room, trying to coax potential buyers into bidding just a little bit more for the piece of merchandise up for auction. The big difference is that there’s no fast-talking auctioneer ...

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