Systems and Methods for Setting Up Sale Transactions for an Online Auction

• US 20180025418A1
• Filed: 07/20/2017
• Published: 01/25/2018
• Est. Priority Date: 07/20/2016
• Status: Abandoned Application

• Current Assignee: Ninkatek ACB LLC
• Original Assignee: Ninkasi Technologies, LLC
• Inventors: Slater, Jefferson Dean, Aschkenasy, Elieser J.
• Application Number:
  US15/655,858
• Publication Number:
  US 20180025418A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

Systems and methods for setting up and conducting the sale of regulated goods using an auction are provided. The methods include receiving information of one or more auction entries from a seller through a user interface, selecting at least one from the one or more auction entries for each buyer being logged into the auction system, receiving one or more bids from the buyer through the user interface for the at least one selected auction entry, selecting one or more bids among the received bids for each of the selected auction entries for the each buyer, generating one or more sale transactions for each of the selected auction entries between a corresponding buyer and a corresponding seller and informing the generated one or more sale transactions to the corresponding buyer and the seller of the auction entry.

Claims

1. A method for setting up one or more sale transactions on an auction system, the method comprising:

receiving information of a plurality of auction entries from one or more sellers of a plurality of sellers through a user interface of the one or more sellers, wherein the information includes a lot size of an auction entry of the plurality of auction entries;

selecting at least one auction entry from the plurality of auction entries for one or more buyers of a plurality of buyers being logged into the auction system;

receiving one or more bids from at least one buyer of the one or more buyers through a user interface of the at least one buyer for the at least one selected auction entry;

selecting one or more bids among the one or more received bids for the at least one selected auction entry;

generating one or more sale transactions for the at least one selected auction entry between a corresponding buyer of the plurality of buyers and a corresponding seller of the plurality of sellers; and

informing the corresponding buyer and the corresponding seller of the at least one selected auction entry of the generated one or more sale transactions.

2. The method of claim 1, wherein selecting at least one auction entry from the plurality of auction entries for one or more buyers of a plurality of buyers being logged into the auction system further comprises selecting at least one auction entry from the plurality of auction entries in view of government regulations applicable to a good being sold in conjunction with the at least one auction entry.

3. The method of claim 1, wherein the bid comprises a bid price, an order amount, and a desired sale location.

4. The method of claim 3,

wherein the one or more received bids is a plurality of received bids, the selecting one or more bids among the plurality of received bids for the at least one auction entry further comprises:

ordering the plurality of received bids in a descending order of the bid price; and

selecting at least one bid of the plurality of received bids until a total amount of the order amount of the at least one selected bid exceeds the lot size of the corresponding auction entry.

5. The method of claim 4, wherein a sale price for the generated sale transaction is determined according to the bid prices of the selected bids.

6. The method of claim 5, wherein the sale price for the generated sale transaction is the same as the bid price for the corresponding bid or the sale price is the same as the lowest bid price of the at least one selected bid.

7. The method of claim 4, wherein selecting at least one bid of the plurality of received bids further comprises selecting one or more bids from the plurality of received bids that are equal to or greater than a reserve price of the corresponding auction entry.

8. The method of claim 1, wherein the information of an auction entry further comprises a flag for allowing a partial sale and, if a partial sale of an auction entry is not allowed and the total amount of selected bids does not exceed the lot size of the auction entry, no sale transaction is created.

9. A system for setting up one or more auction sale transactions, the system comprising:

a storage device configured to receive and store information related to a plurality of auction entries from one or more sellers of a plurality of sellers, the information including a lot size of each auction entry; and

a processor in communication with the storage device to allow the processor to access and perform various functions in view of the information stored by the storage device, the processor configured to;

access the information from the storage device;

select at least one auction entry from the plurality of auction entries for each buyer of a plurality of buyers being logged into the auction system;

receive one or more bids from one or more buyers of the plurality of buyers for the at least one selected auction entry;

select one or more bids among the one or more received bids for the at least one selected auction entry;

generate one or more sale transactions for the at least one selected auction entry between a corresponding buyer of the plurality of buyers and a corresponding seller of the plurality of sellers; and

inform the corresponding buyer and the corresponding seller of the at least one auction entry of the generated one or more sale transactions.

10. The system of claim 9, wherein the processor is further configured to select at least one auction entry from the plurality of auction entries for each buyer of a plurality of buyers being logged into the auction system in view of government regulations applicable to a good being sold in conjunction with the at least one auction entry.

11. The system of claim 9, wherein the bid comprises a bid price, an order amount, and a desired sale location.

12. The system of claim 11, wherein the one or more received bids is a plurality of received bids, and

wherein the processor further orders the plurality of received bids in a descending order of the bid price and selects at least one bid of the plurality of received bids until a total amount of the order amount of the selected bids exceeds the lot size of the corresponding auction entry.

13. The system of claim 12, wherein a sale price for the generated sale transaction is determined according to the bid prices of the selected bids.

14. The system of claim 13, wherein the sale price for the generated sale transaction is same as the bid price for the corresponding bid or the sale price is the same as the lowest bid price of the at least one selected bid.

15. The system of claim 12, wherein the selection of at least one bid of the plurality of received bids is performed such that selected bids are bids that are equal to or greater than a reserve price of the corresponding auction entry.

16. The system of claim 9, wherein the information of an auction entry further comprises a flag for allowing partial sale and, the processor is configured such that if partial sale of an auction entry is not allowed and the total amount of selected bids does not exceed the lot size of the auction entry, no sale transaction is created.

17. A method for setting up one or more sale transactions on an auction system, the method comprising:

generating a plurality of auction entries for a plurality of batches of sales;

for each user being logged into the auction system, selecting one or more of the plurality of auction entries considering regulations governing sales between the user and a seller of each of the plurality of auction entries;

receiving bids from the user for one or more auction entries, the bids including a bid price and an order amount;

for each of the plurality of auction entries, selecting one or more bids among the received bids for the auction entry with the bids being disposed in a descending order of the bid price of the received bids until a sum of the corresponding order amount exceeds an amount of the auction entry, and determining a sale price for the auction entry based on the selected bids; and

setting up one or more sale transactions for each of the plurality of auction entries having a determined sale price between a corresponding user and the seller of the auction entry.

18. The method of claim 17, wherein selecting one or more bids among the received bids for the auction entry further comprises selecting one or more bids that are equal to or greater than a reserve price of the corresponding auction entry.

19. The method of claim 17, wherein information of an auction entry of the plurality of auction entries further comprises a flag for allowing a partial sale and, if a partial sale of an auction entry is not allowed and the total amount of selected bids does not exceed the lot size of the auction entry, no sale transaction is created.