SAN JOSE, CA, August 12, 2002 - Tired of being outbid? Or can't wait for an auction to end? eBay, The World's Online Marketplace(TM), introduced a new fixed price option that will allow users to buy and sell at a fixed price. Buyers will be able to purchase items immediately - without bidding or waiting. Sellers will be able to sell items at the price they want without waiting for a listing to end.

Similar to the current Buy It Now option available with auction-style listings, this new Fixed Price feature allows sellers to offer items for sale at a fixed price with no option for bidding. This means that sellers have two fixed price merchandising options available.

1. With Buy it Now, sellers list an item at a set price. If someone offers to pay the price the item is considered sold. However, if someone enters a bid below the set price, the Buy It Now option is canceled, and the sale becomes a regular auction.
2. With the new Fixed Price feature, sellers offer their item (or more than one of the same item) at a fixed price, with no auction bidding available. The item(s) sells for the listed price or not at all.

Although auction-style transactions are still the majority of buying and selling on eBay, the fixed price format has gained in popularity with about 35 percent of all listings being offered with Buy It Now, a system that gives buyers the option of bidding or offering a fixed price.

"Many of our users indicated a strong desire to buy and sell at a fixed price," said eBay Ambassador Jim Griffith. "eBay's new Fixed Price option will make it faster and even more convenient for users to buy and sell from one another."

Sellers will have an easy option to sell multiple quantities of the same item using the new Fixed Price feature. Sellers must have a feedback rating of 10 or more to list single quantity fixed price items and a feedback rating of at least 30 and be a registered user for at least 14 days to list multiple items in a single fixed price listing. Standard insertion and final value fees apply to listings. There is no additional fee for the use of the new Fixed Price feature.

eBay is The World's Online Marketplace(TM). Founded in 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items across thousands of categories for sale on eBay. eBay enables trade on a local, national and international basis with customized sites in markets around the world.