Move aside,ebay! Here comes thenextbid.com

A newly launched online auction sets to give ebay a run for her money.

Started by a 20-year old entrepreneur from Singapore with just a few hundred dollars and with no financial backing at all, thenextbid.com charges no sellers/buyers' fees and no transaction fees.Members have the option of paying US$2,US$5,US$10 or US$20 for extra exposure for their item posted.

"We know we have a long way to go compared to ebay but we are positive that with the free service, we hope to expand our members database greatly in the next one or two years," sais Mohd Faizal Ahmad,the company's founder.

Like ebay,it targets the general public who seeks to auction off their personal items but thenextbid.com also focuses on the b2b market where companies involved in export/import can buy and sell their products.

Already,marketing efforts are underway to get a slice of the huge auction market. Looks like ebay will have to keep a lookout for this unknown 20-year old.