This excerpt taken from the EBAY 10-K filed Feb 28, 2007.
Fixed Price Listing Format
Our fixed price format allows for a faster selling and buying experience as opposed to waiting for the auction period to expire. Sellers with appropriate feedback ratings can choose to use the Buy-It-Now feature at the time of the listing, which allows sellers to name a price at which they would be willing to sell the item to any buyer. Our Half.com subsidiary also provides a fixed price, person-to person e-commerce website that allows people to buy and sell previously owned books, movies, music and games at discounted prices. In 2006, all fixed priced trading accounted for approximately 36% of eBays gross merchandise volume, or GMV, which is the total value of all successfully closed listings on eBay.coms trading platforms.