Magazine article Black Enterprise

Going Once, Going Twice: Online Auctions Offer Great Deals

Magazine article Black Enterprise

Going Once, Going Twice: Online Auctions Offer Great Deals

Article excerpt

To shop for new and used products at a price you can command, try online auctions. "Virtual marketplaces" such as www.ebay.com, www.auctions.yahoo.com, www .luxurylink.com, and www.ubid .com are timed, public sales driven by bids, with items sold to the highest bidder. From DVD players to coins to vacation stays, prices can be up to 70% off retail.

Gia Kenner, a 23-year-old graduate student at Hampton University in Hampton, Virginia, appreciates the bargain basement prices of eBay because it "doesn't cramp [her clothing] style." She purchased a designer handbag for about $300 less than the retail cost. She raves, "As a grad student, it's more economical for me to purchase things from an online auction. I had a great experience and the item was authentic."

So how do these auctions work? Websites vary in setup, but on eBay, for example, there are throe quick and easy steps: (1) Search for an item by inserting the item's name or by selecting a category; (2) Buy the item if the price is right. …

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