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August 18, 2005
eBay Online Bidding To Change
eBay has announced online bidding changes that will affect both buyers and sellers. The new rules states that sellers may adjust their Reserve price downward, even after bids have occurred.
The reserve price is a bidding floor to protect sellers. If the bidding doesn't reach the level of the reserve, the seller is under no obligation to carry out the auction. This is why a seller might not $50 to break even on an item - but can open the bidding at one cent, to attract attention and encourage bidding.
Until now, once a bid had occurred, the seller couldn't change the reserve.
The new rule allows sellers to reduce ''downwards to a minimum of one bid increment above the listing’s current price''. Bidders will be informed of the change via email.
eBay hasn't announced when this change will occur, but it is already in effect on eBay Motors and on eBay UK.
Posted by SydneyJohnston at August 18, 2005 3:53 PM
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