Similar to a real-life auction in which property or merchandise are sold to the highest bidder, an online auction takes place via a Web site, usually offering items for sale by the individual who owns them (C2C). For example, eBay is a popular auction site whose mission is to help anyone trade practically anything on earth. There are hundreds of online auction sites that on any given day list millions of items across thousands of categories, such as collectibles, jewelry, musical instruments, cameras, computers, furniture, sporting goods, tickets, and even automobiles and boats. There are also B2B auctions, B2C auctions, C2C auctions, and reverse auctions.
NetLingo Classification: Online Jargon