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Here's a day-by-day, step-by-step account of a simulated auction... A camera was just listed on Yahoo! Auctions... Starting Price: $10 (The price for the item at the start of auction is set by the seller.) Current Price: $10 (No one has bid on this item yet, so the current price is the same as the starting price.) Length of Auction: 5 days (This is set by the seller at the start of auction.) Bid Increment: $1 (In this case, the bid must increase in $1.00 increments. For instance, you cannot increase the bid in $.10 or $.50 cent increments. For more auction terminology, refer to the glossary.) Let's say that you're willing to spend up to $25 for this camera, but the current price is $10. If we didn't offer an automatic bidding option, you would need to monitor the current price and raise your bid as bidding continued, in order to stay competitive. Using our Automatic Bidding system, you do not need to act until the bid price goes over your limit of $25! This means it's very easy to participate in several auctions at once. Let's get back to the camera, and take a close look at how the Automatic Bidding process works. Day 1 You place your bid and set a maximum bid of $25. You are the first bidder. On the first day no one else bids for the camera. Current Price: $10 Time Remaining: 4 days High Bidder: You Day 2 No one else has bid for the camera. Current Price: $10 Time Remaining: 3 Days High Bidder: You

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