Dutch auction system with preregistered bid feature

• US 7,409,368 B2
• Filed: 05/21/2001
• Issued: 08/05/2008
• Est. Priority Date: 07/13/2000
• Status: Expired due to Fees

• Current Assignee: OES Inc.
• Original Assignee: OES Inc.
• Inventors: Hogendoorn, Paul
• Primary Examiner(s): Kazimi; Hani M.
• Application Number:
  US09/862,800
• Publication Number:
  US 20020007339A1
• Time in Patent Office: 2,633 Days
• Field of Search: 705/37, 705/26, 705/27, 713/400, 713/401
• 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 descending bid auction system includes preregistered bids from remote locations. Preregistered bids submitted before an auction cycle begins are awarded a sale when the pricing device declines to a price that matches that of the preregistered bid. In keeping with traditional Dutch auction style, in one example, local bidders who submit a bid are given priority because of the first-submitted tradition. Similarly, when more than one remotely submitted preregistered bid is for the same price, the first such bid submitted is given priority. An alternative way of using a remote bidding terminal designed according to this invention is to competitively bid while an auction cycle is in process. Bids submitted while the auction cycle is in process preferably are submitted when a remote clock, which operates in advance compared to the auction site clock, reaches a desired price. the remote bid preferably is received at the auction site before the auction site clock reaches the intended price.

Claims

1. A computer readable medium having a plurality of computer executable instructions for facilitating remote bidding in a declining price auction, comprising:

a communications instruction set that facilitates communication between a remote location and a declining price auction site;

a remote clock instruction set that utilizes information regarding an auction clock at the declining price auction site and determines a desired timing difference between a remote clock and the auction clock at the declining price auction site and controls operation of the remote clock to precede the clock at the declining price auction site; and

a bid selector instruction set that allows a remote purchaser to communicate an intention to purchase an item at a selected price.

2. The computer readable medium of claim 1, wherein the remote clock instruction set utilizes a synchronization time stamp provided by the auction site and a start delay variable that is indicative of an expected communication processing delay between the remote location and the auction site.

3. The computer readable medium of claim 1, wherein the communications instruction set facilitates communicating the purchaser'"'"'s desired purchase price to the auction site prior to a time when the clock at the auction site reaches the desired purchase price.

4. The computer readable medium of claim 1, including a bid carrying instruction set that permits a remote purchaser to have a selected bid be carried over during the auction cycle to a subsequently reached purchase price in the event that a desired purchase price is not accepted at the auction site.

5. A method of facilitating remote bidding in a declining price auction, comprising the steps of:

facilitating communication between a remote location and a declining price auction site;

utilizing information regarding an auction clock at the declining price auction site;

determining a desired timing difference between a remote clock and the auction clock at the declining price auction site;

controlling operation of the remote clock to precede the auction clock at the declining price auction site;

allowing a remote purchaser to communicate an intention to purchase an item at a selected price; and

generating at least one signal including information regarding the desired purchase price of the remote purchaser.

6. The method of claim 5, comprising utilizing a synchronization time stamp provided by the auction site and a start delay variable that is indicative of an expected communication processing delay between the remote location and the auction site.

7. The method of claim 5, comprising communicating the purchaser'"'"'s desired purchase price to the auction site prior to a time when the clock at the auction site reaches the desired purchase price.

8. The method of claim 5, comprising displaying a visual indication of the remote auction clock, information regarding a currently offered product and selectively displaying information regarding other products to be offered at the auction site.

9. The method of claim 5, comprising permitting a remote purchaser to have a selected bid be carried over during the auction cycle to a subsequently reached purchase price in the event that a desired purchase price is not accepted at the auction site.