LOT BIDDING OPTIMIZATION AND COMMUNICATION

• US 20140297444A1
• Filed: 03/14/2014
• Published: 10/02/2014
• Est. Priority Date: 03/15/2013
• Status: Abandoned Application

• Current Assignee: Ten-X, LLC
• Original Assignee: Ten-X, LLC
• Inventors: O'Brien, Elizabeth, Harrity, Samuel
• Application Number:
  US14/213,513
• Publication Number:
  US 20140297444A1
• Time in Patent Office: Days
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

A method and system of optimizing portion bidding in a lot auction is provided. Disclosed examples include a bid detector configured to identify the occurrence of portion bidding in a lot auction. Further features can include communication module configured to communicate auction updates to the lot bidders participating in the auction.

Claims

1. A computer-implemented method for optimizing lot bidding for a lot auction taking place on an auction forum, the method performed by one or more processors and comprising:

monitoring the lot auction on the auction forum, the lot auction including multiple items;

identifying portion bidding by one or more bidders taking place in the lot auction, the portion bidding including one or more bids for a portion of the multiple items; and

optimizing the portion bidding by determining a maximum return on the lot auction at any given time during the lot auction.

2. The computer-implemented method of claim 1, further comprising, in response to optimizing the portion bidding, sending a notification to participants of the lot auction indicating a bid amount that is required to overcome a highest portion bid.

3. The computer-implemented method of claim 2, wherein the notification is sent to a current highest portion bidder.

4. The computer-implemented method of claim 2, wherein the notification includes optimized bidding results and activity.

5. The computer-implemented method of claim 1, further comprising tracking portion bids received during the lot auction, wherein optimizing the portion bidding includes determining, based on tracking the portion bids, whether any portion bid is more optimal than a highest bid for the lot auction.

6. The computer-implemented method of claim 1, wherein the maximum return comprises one or more highest portion bids.

7. The computer-implemented method of claim 1, further comprising automatically submitting one or more bids during the lot auction at or below a reserve price set by a seller of the lot auction.

8. The computer-implemented method of claim 7, further comprising extending an auction period for the lot auction is automatically extended upon the occurrence of one or more events.

9. The computer-implemented method of claim 8, wherein the one or more events include a portion bid being placed by the one or more bidders, the portion bid amounting to less than the reserve price.

10. A system comprising:

one or more processors; and

a memory resource storing instructions for optimizing lot bidding on an auction forum, the instructions, when executed by the one or more processors, causing the one or more processors to;

monitor a lot auction on the auction forum, the lot auction including multiple items;

identify portion bidding by one or more bidders taking place in the lot auction, the portion bidding including one or more bids for a portion of the multiple items; and

optimize the portion bidding by determining a maximum return on the lot auction at any given time during the lot auction.

11. The system of claim 10, wherein the instructions, when executed, further cause the one or more processors to, in response to optimizing the portion bidding, send a notification to participants of the lot auction indicating a bid amount that is required to overcome a highest portion bid.

12. The system of claim 10, wherein the instructions, when executed, further cause the one or more processors to track portion bids received during the lot auction, wherein optimizing the portion bidding includes determining, based on tracking the portion bids, whether any portion bid is more optimal than a highest bid for the lot auction.

13. A non-transitory computer readable medium storing instructions for optimizing lot bidding on an auction forum, the instructions, when executed by one or more processors, causing the one or more processors to:

monitor a lot auction on the auction forum, the lot auction including multiple items;

identify portion bidding by one or more bidders taking place in the lot auction, the portion bidding including one or more bids for a portion of the multiple items; and

optimize the portion bidding by determining a maximum return on the lot auction at any given time during the lot auction.

14. The non-transitory computer readable medium of claim 13, wherein the instructions, when executed, further cause the one or more processors to, in response to optimizing the portion bidding, send a notification to participants of the lot auction indicating a bid amount that is required to overcome a highest portion bid.

15. The non-transitory computer readable medium of claim 13, wherein the instructions, when executed, further cause the one or more processors to track portion bids received during the lot auction, wherein optimizing the portion bidding includes determining, based on tracking the portion bids, whether any portion bid is more optimal than a highest bid for the lot auction.