Purchase Now
Purchase Now is a feature that allows the seller to state a price
that any buyer can purchase the auctioned item for immediately without
waiting for the auction to close. Once a buyer has purchased the
auctioned item using the Purchase Now feature, the auction will be
closed if it is a Standard Auction.
If the Purchase Now price is not
set above the starting bid price, the auction functions as a fixed price
listing. Otherwise, the Purchase Now feature allows buyers the choice of
bidding or using the Purchase Now option to end the auction immediately and
win the item. If a bid is placed, the Purchase Now option is removed
(unless there is a reserve price, see below) and the auction continues
open for additional bidding until the auction closes at it's scheduled
time.
The Purchase Now option may
be used in conjunction with the Reserve Price option to set a threshold
to turn off the Purchase Now option. Until the Reserve Price is met,
the seller is not obligated to sell the item and the Purchase Now option
remains available. Once the Reserve Price is met, the seller is
obligated to sell the item, the Purchase Now option is removed, and the
auction continues until it's scheduled closing time allowing additional
bids.
There is no charge for using the Purchase Now
option.
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