How it Works - User Experience
Whether you are new to auction world or a seasoned player. Auction works on very simple fundamental - if you are paying more than others than you are the winner.
In an auction, if you have liked the listed item, then you can either buy it right away - the option called "Buy Now" (if that is an available option) or you can place a bid - called as "Auction". Auction also comes with an option called as Custom Offer for the under bidders.
"Buy Now" gives you the right to own the listed item as soon as the payment is settled (depends on the mode of payment - if PayPal or any other Payment Gateway, then its instant else the ownership varies).
All the Auctions are time bound be it pure "Buy Now" or an "Auction" with or without "Buy Now" or Custom Offer options. They can also be future listing. All the auction listing gives information of when it will be closed or starting (if a future listing), current bid, details about the product, currency etc.
There are three type of listings: Auction, Buy Now, Classified. Listing setup need starting price, reserve price or buy now price.