Reverse auction system and method

• US 20060253366A1
• Filed: 05/03/2005
• Published: 11/09/2006
• Est. Priority Date: 05/03/2005
• Status: Abandoned Application

• Current Assignee: Daniel T. Rebibo
• Original Assignee: Daniel T. Rebibo
• Inventors: Rebibo, Daniel T.
• Application Number:
  US11/121,259
• Publication Number:
  US 20060253366A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

An apparatus and method for implementing a reverse auction comprising steps of gathering a first set of personal information from at least one buyer of goods or services, creating a second set of personal information based on the first set of personal information, disposing the second set of personal information on an electronic medium coupled to a network, permitting sellers of goods or services to offer bids to the buyer, and disclosing the first set of personal information to only the winning seller.

Claims

1. A method for implementing an auction comprising the steps of:

gathering a first set of personal information from at least one buyer of goods or services;

creating a second set of personal information based on the first set of personal information;

disposing the second set of personal information on an electronic medium coupled to a network;

permitting sellers of goods or services to offer bids to the buyer; and

, disclosing the first set of personal information to only the winning seller.

2. The method of claim 1, wherein the electronic medium comprises a computer.

3. The method of claim 1, wherein the network comprises the Internet.

4. The method of claim 1, wherein the seller of goods or services comprises a lending institution.

5. The method of claim 4, wherein the buyer of goods or services comprises a borrower.

6. The method of claim 1, wherein the seller of goods or services comprises an automobile dealership.

7. The method of claim 6, wherein the buyer of goods or services comprises an automobile purchaser.

8. The method of claim 1, wherein the seller of goods or services comprises a pharmacy.

9. The method of claim 8, wherein the buyer of goods or services comprises a prescription drug purchaser.

10. The method of claim 1, wherein the seller of goods or services comprises an insurance agent.

11. The method of claim 10, wherein the buyer of goods or services comprises an insurance purchaser.

12. The method of claim 1, wherein the seller of goods or services comprises an electronics retailer.

13. The method of claim 12, wherein the buyer of goods or services comprises an electronics purchaser.

14. The method of claim 1, wherein the seller of goods or services comprises an appliance retailer.

15. The method of claim 14, wherein the buyer of goods or services comprises an appliance purchaser.

16. The method of claim 1, wherein the second set of personal information comprises information on the term and annual percentage rate of a loan.

17. The method of claim 1, wherein the second set of personal information comprises information on the term, estimated closing costs and annual percentage rate of a loan.

18. The method of claim 1, wherein the first set of personal information comprises name and contact information for the buyer of goods or services.

19. The method of claim 1, wherein the winning seller is determined to be the seller which has offered the most optimal bid at the end of the auction.

20. The method of claim 1, wherein the step of permitting sellers of goods and services to offer bids to the buyer comprises the steps of:

accepting an initial bid from a first seller of good or services;

comparing a first subsequent bid from the first seller or another seller to the initial bid to determine if the first subsequent bid is more optimal for the buyer than the initial bid; and

, replacing the initial bid with the first subsequent bid if the first subsequent bid is more optimal.

21. The method of claim 20, wherein the step of permitting sellers of goods and services to offer bids to the buyer comprises the further steps of:

(a) accepting one or more additional bids from the first seller or another seller after the first subsequent bid;

(b) comparing each of the one or more additional bids to the first subsequent bid to determine if the any of the one or more additional bids are more optimal for the buyer than the first subsequent bid;

(c) replacing the first subsequent bid with one of the one or more additional bids, if one of the one or more additional bids is more optimal than the first subsequent bid or any of the other one or more additional bids; and

,

repeating steps (a)-(c) until the termination of the auction.

22. The method of claim 1, comprising the further steps of:

permitting the at least one buyer of goods or services to rate one or more sellers; and

,

displaying a seller'"'"'s aggregate rating to other buyers.

23. A computer system comprising:

at least one server computer; and

, at least one user computer coupled to the at least one server through a network, wherein the at least one server computer includes at least one program stored therein, said program performing the steps of;

gathering a first set of personal information from at least one buyer of goods or services;

creating a second set of personal information based on the first set of personal information;

disposing the second set of personal information on an electronic medium coupled to a network;

permitting sellers of goods or services to offer bids to the buyer; and

, disclosing the first set of personal information to only the winning seller.

24. A computer readable medium having embodied thereon a computer program for processing by a machine, the computer program comprising:

a first code segment for gathering a first set of personal information from at least one buyer of goods or services;

a second code segment for creating a second set of personal information based on the first set of personal information;

a third code segment for disposing the second set of personal information on an electronic medium coupled to a network;

a fourth code segment for permitting sellers of goods or services to offer bids to the buyer; and

,

a fifth code segment for disclosing the first set of personal information to only the winning seller.

25. A computer data signal embodied in a carrier wave comprising:

a first code segment for gathering a first set of personal information from at least one buyer of goods or services;

a second code segment for creating a second set of personal information based on the first set of personal information;

a third code segment for disposing the second set of personal information on an electronic medium coupled to a network;

a fourth code segment for permitting sellers of goods or services to offer bids to the buyer; and

,

a fifth code segment for disclosing the first set of personal information to only the winning seller.

26. A method for implementing an auction comprising the steps of:

permitting at least one seller of goods or services to offer an initial bid to at least one buyer of goods or services;

allowing the at least one seller, and one or more other sellers, to view the initial bid;

permitting the at least one seller and the one or more other sellers to offer one or more additional bids;

allowing the at least one seller and the one or more other sellers to view each additional bid; and

,

awarding personal information about the at least one buyer to the at least one seller with the most optimal bid at the end of the auction.

27. The method of claim 26, comprising the additional steps of:

replacing the initial bid with one of the additional bids, if the terms of the one additional bid are more favorable for the buyer than the terms of the initial bid;

allowing the at least one seller and the one or more other sellers to view only the one additional bid.

28. The method of claim 26, wherein the seller of goods or services comprises a lending institution.

29. The method of claim 26, wherein the seller of goods or services comprises an automobile dealership.

30. The method of claim 26, wherein the seller of goods or services comprises a pharmacy.

31. The method of claim 26, wherein the seller of goods or services comprises an insurance agent.

32. The method of claim 26, wherein the seller of goods or services comprises an electronics retailer.

33. The method of claim 26, wherein the seller of goods or services comprises an appliance retailer.

34. The method of claim 26, comprising the further steps of:

permitting the at least one buyer of goods or services to rate one or more sellers; and

,

displaying a seller'"'"'s aggregate rating to other buyers.