Multiple auction coordination method and system

• US 6,415,270 B1
• Filed: 11/15/1999
• Issued: 07/02/2002
• Est. Priority Date: 09/03/1999
• Status: Expired due to Fees

• Current Assignee: Omnihub Incorporated
• Original Assignee: Omnihub Incorporated
• Inventors: Krane, Jonathan Adam, Trevisani, Peter J., Rackson, Randall I.
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US09/440,584
• Time in Patent Office: 960 Days
• Field of Search: 705/1, 705/10, 705/26, 705/37, 709/213, 707/10, 707/100, 707/104, 707/513
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/10 Tax strategies

Abstract

A multi-auction service system and method for replicating an item to be auctioned at a plurality of remote auction services, where the multi-auction service detects bids at the plurality of remote auction services for the item in order to replicate the optimal bid at each of the remote auction services such that the optimal bid is afforded to a bidder or seller.

Claims

1. A method for allowing a bidder to communicate with a multi-auction service to allow the multi-auction service to selectively place bids at remote auction services for a plurality of items where at least one item is desired, comprising the computer-implemented steps of:

a) the bidder specifying to the multi-auction service an item or items to be bid upon and their respective bidding parameters;

b) the bidder specifying to the multi-auction service at least one rule for bidding on similar or dissimilar items across auctions;

c) the multi-auction service periodically detecting the current optimal bid of the item at each of the respective remote auction services;

d) the multi-auction service generating and transmitting bids on the item or items such that an optimal bid for the bidder is active via at least one of the remote auction services if permitted by the at least one rule.

2. The method of claim 1 wherein if the quantity available is greater than one, the bidder may bid on up to the available quantity.

3. The method of claim 1 wherein the bidder is not identified directly at one or more remote auction services and the bidder'"'"'s identity is concealed.

4. The method of claim 1 wherein at least one item identifier and at least one rule for bidding is stored in memory associated with the multi-auction service.

5. The method of claim 1 wherein at least one rule specifies at least one of the maximum payment the bidder is willing to pay for the item and the duration of the bid to buy the item.

6. The method of claim 1 wherein at least one rule specifies that similar items are sought by the bidder where the bidder has a preference for one of the similar items as expressed by either a willingness to pay a premium for the item or other expressed preference scheme.

7. The method of claim 1 wherein the timing of transmitting replicated bids is based on the time remaining to the close of the auction, level of bidding activity at the auction, proximity of the current bid level to a reserve or sudden death price, or the value of the item being auctioned.

8. The method of claim 1 wherein the periodicity of the multi-auction service probing one or more remote auction services in order to detect that bids have been received by one or more remote auction services is based on time remaining to the close of the auction, level of bidding activity at the auction, proximity of the current bid level to a reserve or sudden death price, and/or the value of the item being auctioned.

9. The method of claim 1 further comprising the step of the multi-auction service requesting or responding to a request by the remote auction service seller that bidding is to be suspended at the determined remote auction services.

10. The method of claim 1 wherein the bids placed on various remote auction services are denominated in different currencies, further comprising the step of translating the currency of the bid into another currency in order to facilitate a comparison of value.

11. The method of claim 1 wherein the bids placed on various remote auction services are denominated in different currencies, further comprising the step of translating the replicated bid into the appropriate currency for the particular remote auction service prior to transmitting the bid.

12. The method of claim 1 wherein the multi-auction service determines that a closing event has occurred based on the selling parameters for the auction and/or indicia received from one or more remote auction services and initiates a closing process that signals the end of the auction.

13. The method of claim 12 wherein the closing process comprises at least one of the steps of:

a) communicating with a seller the optimal bid(s) received and the optimal bidder(s);

b) communicating with the bidder his status as the optimal bidder;

c) communicating with remote auction services from which optimal bids originated;

d) communicating with remote auction services from which optimal bids did not originate;

e) communicating with “

backup”

bidders their status in the event the optimal bidder fails to perform;

f) calculating and reconciling fees associated with the auction;

g) coordinating payment of the fees with participants;

h) coordinating payment of the item by the bidder to the seller;

i) shipping the item to the bidder;

j) communicating with the buyer after the sale to assess satisfaction; and

k) making data related to the bidders and auction activity available as marketing data to third parties.

14. The method of claim 12 wherein detecting that a closing event has occurred comprises periodically communicating with each of the selected remote auction services.

15. The method of claim 12 wherein the closing process comprises comparing the optimal bid or bids to a reserve price or amount established by the seller (or established by the bidder in the case of “

reverse”

auctions).

16. The method of claim 12 further comprises the step of communicating the existence of a closing event to the determined remote auction services.

17. The method of claim 12 wherein the multi-auction service determines that a closing event detected or initiated at a remote auction services should trigger the premature close of auctions at other remote auction services and communicates such to the other remote auction services.

18. The method of claim 1 further comprising verifying that the transmitted bids were successfully replicated on the remote auction services so determined by comparing a current remote auction service bid to a previous optimal bid intended to be replicated.

19. The method of claim 1 further comprising storing detected bids and bidder identifiers for items in memory of the multi-auction service for a variety of uses, including but not limited to identifying optimal and substitute bidders, and developing bidder data to be marketed to the seller and/or other purveyors of services.

20. The method of claim 19 wherein an alternative optimal bidder is selected if an original optimal bidder does not perform.

21. The method of claim 19 further comprising the step of analyzing the bid history for items in order to determine the efficacy of any or all of the following:

auction formats;

various remote auction services;

auction duration and timing;

closing events;

expected closing price range;

descriptive text, graphics, video and audio.

22. The method of claim 19 further comprising the step of providing a database reporting system for clients to monitor and track bidding and transaction activity occurring on remote auction services on selected items.

23. The method of claim 1 further comprising the step of the multi-auction service determining which item at the remote auction services match the bidder criteria for items to be bid upon.

24. The method of claim 1 wherein the item to be auctioned is not split into multiple lots and is auctioned as a single lot at more than one remote auction services concurrently by replicating and coordinating the auction at more than one remote auction service.

25. A networked system for coordinating the sale of an item to an optimal bidder across a plurality of remote auction services comprising:

a) a networked multi-auction service system comprising;

i) means for communicating with the plurality of remote auction services;

ii) means for replicating the item to be auctioned at the plurality of networked remote auction services;

iii) means for detecting a plurality of bids from a plurality of remote auction services;

iv) means for determining which of said plurality of detected bids is the optimal bid;

v) means for replicating the optimal bid across the plurality of remote auction services;

b) the plurality of networked remote auction services each comprising;

vi) means for receiving selling parameters for the item to be auctioned from the multi-auction service or sellers directly;

vii) means for receiving bids for the item to be auctioned from the plurality of bidders and said multi-auction service;

viii) means for updating the bid for the item to be auctioned; and

c) a plurality of bidders comprising means for bidding on the item to be auctioned at one or more of the remote auction services.