Computer-based auction and sale system
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Dec 30, 2003
Grant Date -
N/A
app pub date -
Mar 16, 2000
filing date -
Mar 16, 2000
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A computer-based method and system for executing an auction. The invention discloses a method for conducting an online auction in which a nonredeemable fee is collected from each auction participant to enter the bidder pool for a particular item. The collective nonredeemable fees from all bidders are then allocated to reduce the minimum bid required to purchase the item for the seller's asking price and to pay the transactional costs associated with the auction. Using this invention, a high value item can be purchased at very low cost to the high bidder, without the seller having to accept a reduced price for the item. Furthermore, this invention is amenable to a wide variety of auction systems because the computer-based auction and sale system can ensure the seller obtains their asking price for an item without requiring that the item be awarded to the high bidder.
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