ebay

[Ridout]

MARCO:

What Don was trying to explain is how ebay is so much more convienent than a
regular auction. Say for example, that you find a comic book up for auction
that you have desperately wanted for many years. The comic is currently at a
price of only $8.00 and has 2 days to go until the end of the auction. Well,
you want this comic so bad that you would be willing to pay up to $50.00 for
it. You can bid the amount of $50, and it will not necessarily mean that
that is the price you will have to pay. If the previous high bidder had only
bid $8.00, the new bid price will only go to $8.50 and not all the way up to
$50. If the previous bidder checks back and puts in a new bid of say,
$25.00, then the new bid price will become $25.50 with you remaining the
high bidder. It continues like this until the end of the auction and the
final price is always just a specified amount above the second highest
bidder's price (usually 50 cents, $1.00, etc.) rather than the highest
bidder's top price. This system is very convienent because it allows a
person to bid only once and not have to constantly check the auction to
prevent paying too high of a price for the item. Ok, that was probably a
much wordier explantion than necessary, but I'm afraid I'm not terribly good
at explaining things.

rebecca