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Amazon plans auction site
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March 29, 1999: 8:18 a.m. ET
Online retailer to launch electronic auction house competing with eBay
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NEW YORK (CNNfn) - In another sign of growth in Internet commerce, Amazon.com said Monday it will launch an online auction service, putting it in competition with eBay.
The move by Amazon.com (AMZN), one of the biggest names in electronic retailing, is consistent with its past diversification beyond selling books and music over the Internet.
"The real benefit is for our customers," said Amazon.com spokesman Bill Curry. "We want to be the leading destination for e-commerce."
Seattle-based Amazon.com last month bought a stake in Drugstore.com, which offers prescriptions over the Web.
Monday's announcement pits Amazon.com against eBay (EBAY), which pioneered electronic bidding on a range of items from antiques to Beanie Babies.
San Jose, Calif.-based eBay is also the target of an investigation into the authenticity of items sold over its site.
Recognizing this verification problem, Amazon.com will offer refunds of up to $250 if buyers can prove they were misled about an online purchase.
The rebate applies if "what's promised is not delivered," Curry said.
The company didn't say when the auction service will become active.
Despite stellar stock performance, Amazon.com, like other online retailers, hasn't yet turned a profit. Its shares fell 13/16 to 139 1/16 Friday. 
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