The South American equivalent of eBay-before-it-spun-off-PayPal is MercadoLibre.
To me the two companies look similar. MercadoLibre runs on-line auctions as well as fixed priced sales and MercadoLibre runs its own payments system called MercadoPago. In contrast to eBay, you can ask their MercadoEnvios division to run your fulfilment as well. And if you really fancy yourself as an on-line trader then MercadoShops helps you build your own online shop.
Whilst MercadoLibre has enjoyed sales growth of close to 30% per annum, you could be forgiven for thinking that it is being run as a not-for-profit organisation. True to a point, until you realise that MercadoLibre is in land grab mode and that when they start turning their income margin back up to the 35% level of the past, the share price looks more than fair unless international competition wins their market over. Their shares are traded on NASDAQ in America so they are closer to home than you might imagine.
