Method and system for matching sellers and buyers of spot metals

• US 5,715,402 A
• Filed: 11/09/1995
• Issued: 02/03/1998
• Est. Priority Date: 11/09/1995
• Status: Expired due to Fees

• Current Assignee: Spot Metals Online
• Original Assignee: Spot Metals Online
• Inventors: Popolo, Carl A.
• Primary Examiner(s): Hayes, Gail O.
• Assistant Examiner(s): Yount, Steven R.
• Application Number:
  US08/554,899
• Time in Patent Office: 817 Days
• Field of Search: 395/201, 395/226, 395/227, 395/237
• 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

A system for managing steel inventories in order to reduce the time and expense associated with selling prime and secondary steel that is no longer needed for the original intended application. The system permits sellers to post detailed specification of an item for sale and permits buyers to browse or search the posted inventory to locate items filling specific needs. A buyer may bid on part or all of an item posted and the seller may accept or reject any bid. The buyer and seller engage in an auction by electronic mail and optionally by facsimile. The detailed specifications of the item may be expressed in a variety of unit of measure. Regardless, of unit of measure used by a seller in posting an item, the system performs the necessary conversions to display information to an interested buyer in a unit of measure set by the buyer. A hierarchial menu structure permits ease of use in selecting available options during posting or bidding an item.

Claims

1. A computerized method of assisting remote users in the process of buying and selling spot metals, comprising sequence of the following steps:

storing preferred units of measure for each user,

displaying a data entry form to a remote seller in response to a request to post a new item for sale, said form including fields for entry of commodity, dimension of the metal and asking price,

requiring the entry of a commodity type by the seller,

modifying said form to display a set of attributes uniquely associated with the commodity selected by the seller,

displaying a list of values for an attribute upon selection of the attribute by the seller,

storing the commodity, attributes, dimensions, and asking price for the item,

displaying a non-editable version of said entry form in response to a request therefor by a prospective buyer,

converting dimension and asking price data entered by a seller to the preferred units of measure of a prospective buyer prior to display of said non-editable version of said entry form.

2. The method defined in claim 1 including the additional step of electronically mailing a bid from a buyer to a seller of an item and electronically mailing a response by the seller to the buyer.

3. An interactive on-line computer system for assisting remote users in the process of buying and selling spot metals, comprising:

means for displaying a data entry form to a remote seller in response to a request to post a new item for sale, requiring the selection by the seller of one of a plurality of commodities for sale,

means for modifying said form to display a set of attributes uniquely associated with the commodity selected by the seller,

means responsive to selection of each attribute by the seller, for displaying a list of values for the attribute selected,

said form including fields for entry of the dimensions of the metal and a asking price for the item,

means for storing said dimension and asking price data entered by said seller and for storing preferred units of measure for each user,

means for displaying a non-editable version of said entry form to a prospective buyer in response to a request therefor,

means for converting dimension and asking price data entered by a seller to said preferred units of measure of a prospective buyer prior to display of said non-editable version of said entry form.

4. The system defined in claim 3, further including;

means permitting a buyer to enter a bid on a item displayed,

electronic mail means for communicating said bid to the seller of the item and for communication a response by said seller to said buyer.

5. The system defined in claim 4, wherein said bid may be entered directly or as a percentage of the asking price.

6. The system defined in claim 5, further including;

means for transmitting formatted facsimiles of a bid to a seller and an acceptance or rejection of the bid by the seller.

7. The system defined in claim 6, wherein the means for transmitting facsimiles, further includes means for charging a service fee based on preferences established by the user.

8. The system defined in claim 7, further including;

means for displaying a browseable list of inventory of posted items for sale in response to a request by a buyer, said list including an item identification number, a commodity identification code, dimensions, and asking price.

9. An interactive on-line computer system for assisting remote users in the process of buying and selling spot metals, comprising:

means for displaying a data entry form to a remote seller in response to a request to post a new item for sale, requiring the selection by the seller of one of a plurality of commodities for sale,

means for modifying said form to display a set of attributes uniquely associated with the commodity selected by the seller,

means responsive to selection of each attribute by the seller, for displaying a list of values for the attribute selected,

said form including fields for entry of the dimensions of the metal and a asking price for the item,

means for storing preferred units of measure for each user,

means for displaying a browseable list of inventory of posted items for sale in response to a request by a buyer, said list including an item identification number, a commodity identification code, dimensions, and asking price.

means for sorting and displaying said list based on a predetermined criteria selected by a buyer,

means for searching said list using a search criteria entered by a buyer and displaying the results of said search, and

means for converting dimension and asking price data entered by a seller, to the preferred units of measure of a prospective buyer prior to display of said posted items.