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Method, system and business model for a buyer's auction with near perfect information using the internet

  • US 7,330,826 B1
  • Filed: 07/09/1999
  • Issued: 02/12/2008
  • Est. Priority Date: 07/09/1999
  • Status: Expired due to Fees
First Claim
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1. A fully automated method of facilitating an electronic auction between a prospective buyer and a plurality of prospective sellers with near perfect information, comprising the steps of:

  • inputting into a computer a buyer'"'"'s request for an offer;

    communicating the request for an offer to at least two of the sellers;

    receiving offers, including terms of sale in response to the request for an offer, from at least two of the sellers;

    automatically generating rating information about seller offers based on a plurality of predetermined criteria;

    communicating information regarding at least some of the seller offers to at least one other seller;

    receiving an adjusted offer from at least one of the sellers during a specified auction period; and

    communicating information regarding at least some of the seller offers and at least part of the rating information to the buyer, wherein a software process initiates the communicating of seller offers and rating information to the buyer when a buyer-specified event occurs, and wherein the buyer-specified event is the receipt of a seller offer with a rating above a buyer-specified rating level.

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