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Purchase Now:  Purchase Now is a feature that allows the seller to state a price that any buyer can purchase the auctioned item for immediately without waiting for the auction to close. Once a buyer has purchased the auctioned item using the Purchase Now feature, the auction will be closed if it is a Standard Auction. The Purchase Now price should be set above the starting bid price, or the Fixed Price auction format is a better choice. The Purchase Now feature allows buyers the choice of bidding or using the Purchase Now option to end the auction immediately and win the item. If a bid is placed, the Purchase Now option is removed (unless there is a reserve price, see below) and the auction continues open for additional bidding until the auction closes at it's scheduled time. The Purchase Now option may be used in conjunction with the Reserve Price option to set a threshold to turn off the Purchase Now option. Until the Reserve Price is met, the seller is not obligated to sell the item and the Purchase Now option remains available. Once the Reserve Price is met, the seller is obligated to sell the item, the Purchase Now option is removed, and the auction continues until it's scheduled closing time allowing additional bids. |