Importance

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Abstract

An automated priority right auctioning system receives and evaluates bid information records received from a plurality of remote terminals. The bid information records correspond to bids for one or more priority rights. The automated priority right auctioning system includes a memory storing a plurality of previously accepted bid information records, the previously accepted bid information records each including identification information, section information, quantity information and bid price information. The system further includes a central controlling computer operably connected to the memory. The central controlling computer is operable to first receive a message including a received bid information record from one of a plurality of remote terminals through a communication system. The received bid information record includes received identification information, received section information, received quantity information, and received bid price information. The central controlling computer is further operable to determine a lowest minimum acceptable bid value corresponding to the received section information using the previously accepted bid information records stored in the memory, and store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value.

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First Claim