I concur, laszlo is wrong here.
Buy it now gives the buyer the option to end the auction immediately by using the "buy it now" option.
If the "buy it now" option is not utilized, then it is a normal ebay auction, starting at the opening asking price and ending when the auction expires. The highest bid at the expiration of the action is the winning bidder. Unless the reserve was not met, which is not the case in particular no reserve auction.
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