ONLINE AUCTION METHOD WITH ENHANCED SECURITY AND BIDDING OPTIONS

摘要

A method of conducting an enhanced electronic auction for real estate and other high-value items. Auction parameters including property identification and reserve price data are captured with respect to an auction lot, and stored in an auction profile record in an auction database. Auctions of auction lots listed for sale are conducted via a website system within an auction bidding window. An auction bidding window is extended by a bidding window time extension each time that a current winning bid is received, providing registered bidders with a minimum timeframe to make a highest bid before the auction closes. Registered bidders are required to provide a security deposit to participate in the auction, and the identity or qualifications of sellers is verified.

主权项

1. A method of conducting an enhanced electronic auction of an auction lot of a seller using a selected bidding method, said method comprising:
providing an auction server comprising:
an auction database comprising:
an auction profile record containing auction parameters and a selected bidding method for the auction of the auction lot;a seller profile record containing seller details of the seller of the auction lot;a plurality of bidder profile records, each bidder profile record corresponding to a registered bidder and containing verified bidder details; andat least one bid record corresponding to a bid from a registered bidder in the auction;auction software for conduct of the auction; anda network interface by which client devices of a plurality of registered bidders can engage in two-way communication with the auction server; conducting the auction of the auction lot by:
verifying the identification of the seller;verifying the identification of each registered bidder;during an auction bidding window:
displaying auction parameters from the auction profile record to registered bidders via the user interface of at least one client device in communication with the auction server;allowing registered bidders to transmit bids conforming to the selected bidding method to the auction server via the user interface of at least one client device, each bid comprising a bid price and the details of a transmitted bid from seller to auction server comprising a bid transmission;on receipt of a bid transmission to the auction server:
creating a bid record in the auction database corresponding to the transmitted bid, including linking said bid record to the corresponding bidder profile record; anddetermining if the transmitted bid comprises the current winning bid in the auction based on the bidding parameters in the auction profile record, wherein if the transmitted bid is a new current winning bid the registered bidder corresponding thereto is the current winning bidder; anddetermining the closure of the auction bidding window following which time no further transmitted bids will be accepted by the auction server;following closure of the auction bidding window, finalizing the sale of the auction lot to the current winning bidder.