Over the last few years many consumer-related virtual auction sites have sprung up on the web. One of the most successful of these is eBay. Single item auctions on this site share characteristics with both English and a hybrid combination of first-price and second-price sealed bid auctions. This paper describes research in progress to determine the effects of the specific structure of eBay auctions on bidding strategies while drawing on traditional auction theory which was devised by examining "live" auctions not mediated by computers. The results of the study should have implications for bidders, sellers, and managers of auction web sites.