A COMPUTER BASED FRACTIONAL AUCTIONING SYSTEM

摘要

A method for effecting auctioning of products using the Internet, the method allowing a seller to post to a web site a product for sale and information on the product. The product being sold in fractional quantities as determined by the seller. The fractional quantities being sold at a fixed price or a flexible price at the determination of the seller. Buyers have the option to bid on one or more fractions of the product until the auction is closed. The auction is closed based upon criteria selected by the seller, which may include a fixed time or minimal fulfillment criteria. Once the auction is complete the sale is conducted between the buyer and the seller without an intervening broker, thus reducing expense for both buyer and seller. Another form of auction provides for a reverse auction, whereupon the buyer posts information on the product wished to be purchased and sellers attempt to fill the potential order.