/prbuzz/ -- Wikipedia defines an online auction as a business model 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.

When one thinks of online auctions they typically think of eBay, the world's largest online auction site. 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 which in turn use the site to auction off goods and services.

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