Dear Co-Merchant,
Well this feature is available untill the BUY now AUCTION has not been bid upon. Means, till the first bidder bids on the auction, he / she will have the option to either bid on the starting price of your auction or can straightaway save your and his / her time by buying at what ever the price you have mentioned in the buy now price. One the auction recieves a bit on your startinbg price the auction will no longer display the Buy Now price, as the no reserve auction has already been bid upon.
Hope that clarifies your doubts.
The Cyberwiz
Tarun
Anmol Kreations
Anmol Sparkys