3.4. Online Auctions: Shop for and bid on

Online auctions--where buying means "winning"

Online auctions combine characteristics of bargain hunting through classified ads, and competing with other buyers in live face-to-face auctions. When you bid at an online auction, you'll probably feel like you would gambling with slot machines, and you'll probably feel the rushing excitement similar to the final minute of a close-scoring football game. As with classifieds ads, you can search these sites for categories that interest you, and you can scan the auction's listings for items you find interesting.

Similar to face-to-face auctions, you are bidding against other people who want the same goods, and who, like you, are looking for a great bargain or trying to get hold of something that is very hard to find. But unlike a live auction, you don't have to be on hand at a certain time, and you don't have to wait while the auctioneer sells all the other goods on which you have no interest in bidding.

With an online auction, you click from item to item and bid on any item or items you like, however often you like. Each item being auctioned has a certain timeframe that it will be offered for sale. As each offered item's auction deadline approaches, the online action intensifies.

The name of the game is to just barely outbid the next highest bidder, as near to the deadline as possible. Then you "win," and have the honor of paying for and receiving the merchandise. At the auction's close, you the buyer deal directly with the item's seller to arrange payment, shipping the purchased item, and any remaining details.

At some auction sites, you buy directly from the manufacturer or from a store rather than an individuals, and the merchandise for sale is new or refurbished. These sites, designed to quickly turn overstocked inventory into cash, often go out of their way to heighten the excitement and draw buyers back. Some hold "flash auctions" -- auctions which begin and end in a very short time period, rather than lasting for days or weeks, which is common at sites where individuals sell to one another.

For instance, at First Auction (http://www.firstauction.com/) you will find numerous auctions that last just 30 minutes, and where the first bid -- even on merchandise worth hundreds of dollars -- is always just $1. Such a set up can easily create a bidding frenzy.

Like a competitive contest, participating in online auctions can become very exciting. Especially at a "flash auction," you might get caught up in the competitive thrill of the moment. If you are not cautious, you could wind up buying things you don't want or need. As with gambling, you could become addicted. But if you can manage to maintain some self control, you can find bargains and hard-to-find collectibles--along with enjoying the exhilarating experience.

One additional sideline benefit is that you'll meet lots of people online who have similar interests to yours. Here is a listing of a few sites to get you started in the thrilling world of online auction activity:

• eBay: This site is one of the largest auction sites, boasting that it currently has nearly two million items for sale in over a fifteen hundred categories. This site receives over 140 million visits per week [That number has gone up considerably since 1999]. With so much to offer, eBay is a great place to check out as your first online auction site. But before you begin bidding, first read their tutorial and frequently asked questions to learn the rules of how eBay conducts its business and charges fees for participation.
• Amazon.com - The Internet book-selling giant entered the auction business in April 1999, with many of the features and much of the look-and-feel of eBay.
• The Internet Auction List: This site is actually a list of over 1400 different auction sites, and lets you search for specific types of auctions in a variety of ways, including by geography. Depending on what you want to buy or sell, you may prefer an auction site in your state, or at least in the same country, to reduce shipping and customs costs, delays, and hassles.
• BidFind: This site is a searchable index of items for sale in on-going auctions at numerous sites (including eBay).
• OnSale.com: This site holds auctions for manufacturers and resellers that are trying to reduce excess inventory. So while you'll see lots of used and collectible merchandise at eBay, here you can look for bargain prices on new goods in the categories of computer products, sports and fitness, home and office, and travel.
• DealofDay.com: Deal of day has an auction listing page where buyers and seller participate and sell all different kind of stuff. You can join it to bid for the products you want to buy or the ones you want to sell.