The online auction business model is one in which participants bid for
products and
services over the
Internet. The functionality of buying and selling in an
auction format is made possible through
auction software which regulates the various processes involved.
eBay, the world's largest online auction site, is one of the better known examples. Like most auction companies, eBay does not actually sell goods that it owns itself. It merely facilitates the process of listing and displaying goods, bidding on items, and paying for them. It acts as a marketplace for individuals and businesses who use the site to auction off goods and services.
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