eBay is an online auction and shopping website where people and businesses buy and sell a wide variety of goods and services worldwide. Established in 1995 and headquartered in San Jose, California, eBay operates as an online auctioneer, enabling individuals to buy and sell nearly anything through the Web.
In the context of auctions and competitive bidding, 'outbid' refers to placing a higher bid than a competitor. A person who has been outbid has lost the auction to the highest bidder.
A public sale refers to a sale conducted through a notice to the public where members of the public are invited to bid. These sales are typically characterized by transparency and open competition among bidders.
In auctions, an upset price, also known as a reserve price, represents the minimum price at which a seller is willing to entertain bids for a property.
