Overstock.com Auctions happily bills itself as “the easier, cheaper, friendlier auction site!” Easier, cheaper, and friendlier than whom? Why, eBay, of course. After eBay raised the prices it charges sellers early in 2005, Overstock. com Auctions' own In the News page quickly blossomed with links to news articles about sellers abandoning eBay in search of cheaper pastures. Many of them were migrating to Overstock, where listing fees were being sharply reduced instead of raised.
Overstock.com uses networking to bring buyers and sellers closer together. A buyer can view a seller's business and personal ratings (the scale is zero to five stars) on the Overstock site, and then follow a link to the seller's home page. At the home page, the buyer can typically see a picture of the seller and read comments the seller has posted about herself and the other items she is selling. Buyers can also contact sellers if they have any questions. The buyer has two options in an auction: place a bid or buy an item outright at its Make It Mine price, when that choice is available.
You won't always gain a bigger profit if you use a new or small auction site to save on seller fees. Experience shows that you may have a better chance of selling at a higher price on big sites such as eBay, where there are more potential buyers to push up the bidding.
Like uBid.com, Overstock.com Auctions keeps the bidding open beyond a listing's scheduled ending time, if there is a bid within the final ten minutes. The bidding will continue until no bid is posted in a ten-minute period.
Getting Started on Overstock.com Auctions
At the Overstock main page, click on the Auctions tab at the top of the page. This will take you to the Auctions site.
Scroll down to the bottom of the Auctions page and look for the How to Buy and How to Sell tutorials. To buy or sell on the Overstock.com Auctions site, you first must become a Verified Registered User. Registering on Overstock and other top auction sites is covered in Chapter 6.
Click on the Site Policies link at the bottom of a page to pull up the Frequently Asked Questions page. Read the restrictions and disclaimers in the Auction Site Agreement.
Like Yahoo!, Overstock.com Auctions provides an auction venue. Virtually everything that happens is between the sellers and buyers, as long as the site's restrictions and regulations are met and no laws are broken.