On-line auctions represent a unique form of ecommerce that uses an arbitrated pricing method for the sale of goods or services.
The growth of on-line auctions has been phenomenal over the last four years and is expected to continue expanding into a great variety of markets.
Perhaps the most striking characteristic of on-line auctions has been their development as virtual trading communities.
On-line auctions have independently evolved with their own type of products and 'brand'.
Different on-line auctions feature different types of traders and a variety of trading rules, settlernent terms, commission structures and other electronic market reqoirements