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Overstock.com launches online auction site, Ocean

Salt Lake-based online closeout retailer Overstock.com Inc. has launched its own online auction community.

Called "Ocean," the auction involves buyers and sellers connected through their personal and business networks at www.Overstock.com.

President Patrick Byrne said www.Overstock.com believes it will challenge eBay through lower seller fees and discounts on volume listings, a simpler and "more intuitive" Web site and "the philosophy embodied in our community is deeper than simple positive/negative feedback."