| Although there are other Internet companies that auction new and used items online, eBay is the best known and number one as it goes into its 11th year in business. |
eBay celebrated its 10th anniversary at its annual convention. This year it was held in San Jose, California, drawing more than 11,000 attendees from 62 countries.
The company is thriving, doing as much business as Ford and General Motors --combined. But it doesn't sell or make anything itself -- it simply connects buyers and sellers over the Internet.
Amy Morsini makes over $2,000 a month selling baby clothes on eBay while raising her twin sons at home. "It gives me the freedom of not having to go back into the corporate world."
It all started with collectible Pez candy dispensers. And now anything from stamps to salt and pepper shakers, to cars, and even houses are sold on eBay. In fact, one out of every four dollars spent on the Internet goes through the site.
Meg Whitman, the Chief Executive Officer of eBay Inc., says, "The one [statistic] that was quite amazing to me was the highest-priced item that has ever sold on the site, which was a $4.9 million business jet."
Other Internet companies, such as Amazon and Google, are featuring auctions and third party sales that are putting pressure on eBay.
Now, eBay's goal is to keep its users happy and still be on top of the business when it reaches its next anniversary.
Ms. Whitman greeted an audience of convention attendees with, "Hello power sellers!"