Computer controlled priority right auctioning system

• US 6,907,405 B2
• Filed: 02/07/2001
• Issued: 06/14/2005
• Est. Priority Date: 05/23/1996
• Status: Expired due to Term

• Current Assignee: Live Nation Entertainment Incorporated
• Original Assignee: ITA Investments, LLC
• Inventors: Brett, Kenton F.
• Primary Examiner(s): Millin, Vincent
• Assistant Examiner(s): Bashore, Alain L.
• Application Number:
  US09/778,606
• Publication Number:
  US 20020023041A1
• Time in Patent Office: 1,588 Days
• Field of Search: 705/35, 705/37, 705/5, 705/26
• US Class Current: 705/37
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: H04L 12/1809 for auctioneering devices

Abstract

An automated priority right auctioning system receives and evaluates bid information records received from a plurality of remote terminals. The bid information records correspond to bids for one or more priority rights. The automated priority right auctioning system includes a memory storing a plurality of previously accepted bid information records, the previously accepted bid information records each including identification information, section information, quantity information and bid price information. The system further includes a central controlling computer operably connected to the memory. The central controlling computer is operable to first receive a message including a received bid information record from one of a plurality of remote terminals through a communication system. The received bid information record includes received identification information, received section information, received quantity information, and received bid price information. The central controlling computer is further operable to determine a lowest minimum acceptable bid value corresponding to the received section information using the previously accepted bid information records stored in the memory, and store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value.

Claims

1. An automated priority right auctioning system, the automated priority right auctioning system receiving and evaluating bid information records received from a plurality of remote terminals, said bid information records corresponding to bids for one or more priority rights, the automated priority rights auctioning system comprising:

(a) a memory storing a plurality of previously accepted bid information records, said previously accepted bid information records each including identification information, quantity information, and bid price information, said memory also storing a priority right database containing a rank for each available priority right;

(b) a central controlling computer operably connected to the memory and operable to

(i) receive a message including a received bid information record from one of the plurality of remote terminals through a communication system, said received bid information record including received identification information, received quantity information, and received bid price information,

(ii) determine a lowest minimum acceptable bid value using the previously accepted bid information records stored in the memory,

(iii) store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value,

(iv) associate one or more particular priority right having a rank with the stored received bid information record base on the received bid price information, and

(v) determine a price for each of the one or more particular priority rights associated with the stored received bid information record based on the received bid price information.

2. The automated priority right auctioning system of claim 1 wherein the central controlling computer is further operable to:

(a) receive subsequent messages, each message including a subsequent received bid information record from one of a plurality of remote terminals through a communication system, each of said received bid information records including received identification information, received quantity information, and received bid price information;

(b) for each subsequent message, determine a lowest minimum acceptable bid value corresponding to the subsequent message using the previously accepted bid information records stored in the memory; and

(c) for each subsequent message, store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value; and

(d) for each subsequent message, associate one or more particular priority rights with the stored received bid information record based on the received bid price information;

(e) determine a price for each of the one or more particular priority rights associated with the stored received bid information record based on the received bid price information;

(f) determine a closing time; and

(g) stop receiving subsequent messages after the closing time.

3. The automated priority right auctioning system of claim 2 wherein the central controlling computer is further operable to make available a programmed graphical representation of the arrangement of the available priority rights to each graphical of the plurality of remote terminals through a communication system, the programmed graphical representation of the arrangement of the available priority rights designed to convey to auction participants useful standing bid information, allowing priority right bid price locations to be qualified by the visible location of the priority right bid prices in association with the graphical representation of the arrangement of the available priority rights.

4. The automated priority right auctioning system of claim 3 wherein the central controlling computer is further operable to execute a programmed method for ensuring contiguous grouping of priority rights within each multiple priority right bid.

5. The automated priority right auctioning system of claim 4 wherein the central controlling computer is further operable to execute a programmed method for ensuring that the standing bid price information is automatically updated on a real-time basis and presented as such to all auction participants.

6. The automated priority right auctioning system of claim 1 wherein the central controlling computer is further operable to display a notice at the one of the plurality of remote terminals that at least one priority right has been awarded for the received bid information record submitted from the one of the plurality of remote terminals.

7. The automated priority right auctioning system of claim 1 wherein the central controlling computer is further operable to receive at least one participant preference option and associate one or more particular priority rights having a rank with the stored received bid information based on the at least one participant preference option.

8. The automated priority right auctioning system of claim 7 wherein the at least one participant preference option includes a priority right section option.

9. The automated priority right auctioning system of claim 8 wherein the at least one participant preference option includes a priority right subsection option.

10. The automated priority right auctioning system of claim 7 wherein the at least one participant preference option includes a personal bidding section option whereby a user of one of the plurality of remote terminals may define a personal bidding section.

11. The automated priority right auctioning system of claim 1 wherein the bid information record further includes priority right alternative bid information and the central computer is operable to process each bid in a series of alternative bids.

12. The automated priority right auctioning system of claim 1 wherein the bid information record further includes priority right lock-in information and the central computer is operable to determine a price for each of the one or more particular priority rights associated with the stored received bid information record based on the priority right lock-in information stored in the received bid information record associated with the priority right.

13. The automated priority right auctioning system of claim 1 wherein the bid information record further includes proxy bid information and the central computer is operable to determine a price for each of the one or more particular priority rights associated with the stored received bid information record based on the proxy bid information stored in the received bid information record associated with the priority right.

14. The automated priority right auctioning system of claim 1 wherein each priority right is the right to sit in a particular seat in a particular venue for a particular event.

15. The automated priority right auctioning system of claim 1 wherein each priority right is the right to obtain a particular product at a particular interval of time after the product'"'"'s market release.

16. The automated priority right auctioning system of claim 1 wherein each priority right is the right to obtain a certain service at a particular time.

17. The automated priority right auctioning system of claim 16 wherein said service is snow removal.

18. The automated priority right auctioning system of claim 16 wherein said service is admittance through a toll booth.

19. The automated priority right auctioning system of claim 1 wherein each priority right is the right to obtain a limited edition item with a particular limited edition number.

20. The automated priority right auctioning system of claim 1 wherein each priority right is the right to stay in a particular cabin on a cruise ship for a certain period of time.

21. The automated priority right auctioning system of claim 1 wherein each priority right is the right to stay in a particular hotel room for a certain period of time.

22. The automated priority right auctioning system of claim 1 wherein each priority right is the right to enter a location at a particular time for a particular event.

23. The automated priority right auctioning system of claim 22 wherein said location is a theme park and said event is spending a period of time in said theme park.

24. The automated priority right auctioning system of claim 22 wherein said event is a movie.

25. The automated priority right auctioning system of claim 22 wherein said event is an art exhibit.

26. The automated priority right auctioning system of claim 22 wherein said event is a theatrical presentation.

27. The automated priority right auctioning system of claim 22 wherein said event is a concert.

28. The automated priority right auctioning system of claim 22 wherein said event is a sporting event.

38. The automated priority right auctioning system of claim 1 wherein each priority right is golf tee time.

29. A method of conducting an automated priority right auction by receiving bids from auction participants located at a plurality of remote terminals, the automated priority right auction for a plurality of priority rights, the method comprising the steps of:

(a) providing a central computer including a priority right database containing a rank for each priority right;

(b) receiving bid records at the central computer from the plurality of remote terminals through a communication system, the bid records including information concerning bidder identification and bid amount;

(c) determining a lowest acceptable bid amount and determining acceptable bid records based on the lowest acceptable bid amount;

(d) storing acceptable bid records in an auction database of the central computer;

(e) assigning a rank to each acceptable bid record stored in the auction database based on the bid amount;

(f) associating each acceptable bid record stored in the central computer with at least one priority right based on the rank assigned to the bid record; and

(g) determining a price for the at least one priority right based on the bid amount in the bid record associated with the at least one priority right.

30. The method of claim 29 further comprising the steps of:

(h) terminating the receipt of bid records at the central computer; and

(i) notifying, at the remote terminals, auction participants submitting acceptable bid records that they have been awarded priority rights at the determined price.

31. The method of claim 29 further comprising the step of determining bumped bid records based on the lowest acceptable bid amount and removing bumped bid records from the auction database of the central computer.

32. The method of claim 29 wherein the bid records of step (b) further include desired quantity information, and wherein the number of priority rights associated with each acceptable bid record in step (f) is also based upon the desired quantity information.

33. The method of claim 29 further comprising the step of identifying key priority rights and displaying on the remote terminals a graphical representation of the available priority rights wherein the bid amounts for bid records associated with key priority rights are displayed to convey to auction participants useful bid information across a spectrum of priority rights.

34. The method of claim 29 further comprising, between steps (h) and (i), the step of executing a programmed method for ensuring contiguous grouping of priority rights associated with any bid record wherein the desired quantity information indicates a desired quantity of more than one priority right.

35. An automated priority right auctioning system for receiving and evaluating bid information records received from a plurality of remote terminals, said bid information records corresponding to bids for one or more ranked priority rights, the automated priority right auctioning system comprising:

(a) a memory storing a plurality of previously accepted bid information records, said previously accepted bid information records each including identification information and bid price information;

(b) a central controlling computer operably connected to the memory and operable to

(i) receive a message including a received bid information record from one of the plurality of remote terminals through a communication system, said received bid information record including received identification information and received bid price information,

(ii) determine a lowest minimum acceptable bid value using the previously accepted bid information records stored in the memory,

(iii) store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value,

(iv) associate one of the plurality of ranked priority rights with the stored received bid information record based on the received bid price information, and

(v) make available a programmed graphical representation of the arrangement of the available ranked priority rights to each of the plurality of remote terminals through a communication system, the programmed graphical representation of the arrangement of the ranked priority rights visibly associating the received bid price information with the one of the plurality of ranked priority rights associated with the stored received bid information record.

36. An automated priority right auctioning system, the automated priority right auctioning system receiving and evaluating bid information records received from a plurality of remote terminals, said bid information records corresponding to bids for a plurality of priority rights, said plurality of priority rights being divided into at least one group of priority rights, said at least one group of priority rights being divided into at least one subgroup of priority rights, the automated priority right auctioning system comprising:

(a) a memory storing a plurality of previously accepted bid information records, said previously accepted bid information records each including identification information, quantity information, and bid price information;

(b) a central controlling computer operably connected to the memory and operable to

(i) receive a message including a received bid information record from one of the plurality of remote terminals through a communication system, said received bid information record including received identification information, received quantity information, and received bid price information,

(ii) determine a lowest minimum acceptable bid value using the previously accepted bid information records stored in the memory,

(iii) store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value,

(iv) associate a quantity of ranked priority rights in a particular subgroup of the at least one subgroup with the stored received bid information record based on the received bid price information and the received quantity information, and

(v) execute a programmed method for ensuring contiguous grouping of the priority rights in the particular subgroup.

37. The system of claim 36 wherein the programmed method for ensuring contiguous grouping of the plurality of priority rights comprises the steps of:

(a) determining if the quantity of ranked priority rights are contiguous within the particular subgroup;

(b) associating the stored received bid information record with priority rights in another subgroup of the at least one subsections if the quantity of ranked priority rights are not contiguous within the particular subgroup; and

(c) associating previously accepted bid information records formerly associated with seats in another subgroup of the at least one subgroups with priority rights in the particular subgroup.