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System and method for creating a spot market

  • US 20020111894A1
  • Filed: 02/15/2001
  • Published: 08/15/2002
  • Est. Priority Date: 02/15/2001
  • Status: Active Grant
First Claim
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1. A method for soliciting and receiving bids, in a computer network, for goods or services necessary to satisfy a spot need of a buyer, comprising the steps of:

  • receiving a request to procure goods or services that are required to satisfy the spot need of the buyer, wherein the request includes information identifying a type of good or service being procured by the buyer;

    automatically selecting potential bidders in response to the good or service identified in the buyer'"'"'s request by querying a database that includes a plurality of groups of potential bidders, wherein each of the groups of potential bidders is associated with purchasing requests directed to a particular good or service;

    electronically notifying each of the potential bidders in the selected group of an opportunity to submit a bid to satisfy all or part of the buyer'"'"'s purchase request;

    electronically accepting bids from each of the potential bidders in the selected group; and

    selecting a winning bidder in accordance with the received bids.

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