Method for conducting a computerized government auction

• US 6,947,906 B1
• Filed: 05/30/2000
• Issued: 09/20/2005
• Est. Priority Date: 05/30/2000
• Status: Expired due to Fees

• Current Assignee: GovDeals Incorporated (Liquidity Services Incorporated)
• Original Assignee: GovDeals.Com, Inc.
• Inventors: Simonton, Forrest, Underwood, Michael
• Primary Examiner(s): Kazimi, Hani
• Assistant Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US09/580,145
• Time in Patent Office: 1,939 Days
• Field of Search: 705 14- 40
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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

Abstract

The invention provides a method for conducting a computerized auction of government-held property that is subject to a tiered restriction process. The sale or transfer of a government-held asset can be restricted as to the community a potential buyer must be a member of and specific attributes of the buyer. The buyer is only allowed to bid on those assets for which his organizational community and attributes match those specified by the seller. Government agency sellers set up and define their own asset profile codes comprising community groups, which permits the seller to restrict the sale of a particular asset to as large or small a community as the seller desires and enables the government agency to accommodate any regulations or procedures that might be in place for a particular asset.

Claims

1. A tiered method for automatically auctioning an asset over a computer network comprising a plurality of computers in communication with one another, the asset comprising government surplus or excess, the tiered method comprising the steps of:

(a) storing in computer memory buyer information for a plurality of potential buyers, the buyer information for each of the plurality of potential buyers including a buyer profile code;

(b) retrieving from computer memory asset information for the asset to be auctioned, the asset information including a first asset restriction;

(c) retrieving from computer memory the buyer profile codes from the plurality of potential buyers;

(d) comparing the first asset restriction with the buyer profile codes and determining a first group of authorized bidders from the potential buyers having a buyer profile code matching the first asset restriction;

(e) notifying only the first group of authorized bidders of the asset for auction;

(f) conducting a first tier auction, the first tier auction comprising;

(1) presenting the asset for auction only to the first group of authorized bidders;

(2) receiving bids from the first group of authorized bidders; and

(3) concluding the first tier auction at least upon expiration of a first specified time period;

(g) automatically performing a second tier auction if an outcome of the first tier auction is that the asset remains available, performing the second tier auction comprising the additional steps of;

(1) assigning a second asset restriction to the asset,

(2) retrieving from computer memory the buyer profile codes from the plurality of potential buyers;

(3) comparing the second asset restriction with the buyer profile codes and determining a second group of authorized bidders from the potential buyers having a buyer profile code matching the second asset restriction;

(4) presenting the asset for auction only to the second group of authorized bidders; and

(5) receiving bids from the second group of authorized bidders and concluding the second tier auction at least upon expiration of a second specified time period.

2. The method of claim 1, wherein a seller-defined strike price is assigned to the asset before the first tier auction, and if a bid received during the first tier auction is greater than or equal to the strike price concluding the auction before expiration of the specified time period and awarding the asset to the buyer making the bid greater than or equal to the strike price.

3. The method of claim 1, wherein a seller-defined strike price is assigned to the asset before the second tier auction, and if a bid received during the second tier auction is greater than or equal to the strike price concluding the auction before expiration of the specified time period and awarding the asset to the buyer making the bid greater than or equal to the strike price.

4. A tiered method for automatically auctioning an asset over a computer network comprising a plurality of computers in communication with one another, the method comprising a plurality of auction tiers,

(a) each of the auction tiers comprising the steps of:

(1) retrieving from computer memory asset information for the asset to be auctioned, the asset information including an asset restriction;

(2) retrieving from computer memory the buyer profile codes from a plurality of potential buyers;

(3) comparing the asset restriction with the buyer profile codes and determining a group of authorized bidders from the potential buyers having a buyer profile code matching the asset restriction;

(4) notifying only the group of authorized bidders of the asset for auction;

(5) conducting a tiered auction, the tiered auction comprising presenting the asset for auction only to the group of authorized bidders, receiving bids from the group of authorized bidders; and

concluding the tiered auction at least upon expiration of a specified time period;

(b) automatically performing an additional tiered auction if an outcome of the first tier auction is that the asset remains available, performing the additional tiered auction comprising the steps of;

(1) assigning a new asset restriction to the asset,

(2) repeating step (a) with the new asset restriction, and

(c) concluding the tiered method upon sale of the asset or if the asset is withdrawn from auction.

5. The method of claim 4, wherein if the asset is unsold upon expiration of the specified time period of a last of the plurality of tiers, automatically conducting a public auction by notifying the potential buyers of the asset for auction, presenting the asset for auction to the potential buyers, receiving bids from the potential buyers;

and concluding the public auction at least upon expiration of a specified time period.