Computer-Assisted Interactive Reverse Auctions

摘要

The present invention comprises a system and a method of competitive reverse auctioning that drops the price of a good in predetermined increments over pre-determined time intervals until it is sold. The first buyer to click the hammer to purchase will stop this reverse auction process. In theory the person who first bids the “cheapest dropping price” wins the auction.

主权项

1. A computer executable method of conducting an auction, comprising:
receiving a request from one or more parties to enter an automated auction controlled by an auction administrator who controls the automated auctioning system; entering details about a good received from a seller, including a reserve price, wherein the price level of the item to be auctioned cannot be lowered to be sold below the reserve price; hosting the auction via a computer network which links one or more parties participating in the auction, to the automated auction system controlled by the auction administrator; setting an opening price for an item to be auctioned; displaying the opening price to the parties participating in the auction and beginning the auction by broadcasting via the computer network to the parties that auction bids at the opening price will be accepted; setting a time interval after which the opening price for the item to be auctioned will be decreased to a new price level if it has not been sold; setting a price increment by which the opening price for the item to be auctioned will be decreased to a new price level; lowering the price of the item to be auctioned by the selected price increment to a new display price after the set interval has expired without a bid from the parties to the auction; displaying the new display price to the parties participating in the auction and broadcasting via the computer network to the parties that auction bids at the new display price will be accepted; administering the auction via the administrator to automatically repeat the step of lowering the display price of the item for auction by the selected price increment to a new price level after a selected time interval has expired, displaying the new price and broadcasting via the computer network to the parties that auction bids at the new price will be accepted; accepting a bid for the item to be auctioned horn a party participating in the auction, or terminating the auction if a pre-determined reserve price has not been meet; broadcasting across the computer network to the parties to the auction that the auction has been concluded; concluding the auction.