Computer auction system

Abstract

An auction system is disclosed which allows users to participate using their own computers suitably connected to the auction system. Preferably, this connection uses INTERNET. The invention involves a method and system for providing rapid feedback of a reverse auction process and removes the user from the process once an indication to purchase has been received. Rapid feedback in combination with security of information is achieved with the method and auction system.

The embodiments of the invention in which an exclusive property or privilege is claimed are defined as follows:  
     
         1 . A method of auctioning product on-line where computer terminals of potential purchasers are used to access a computer site, said method comprising 
 maintaining a computer database of information identifying different products to be auctioned,    assigning to each product a designated time for the product to be auctioned,    promoting the product and the designated time of the auction prior to the designated time of the auction to increase awareness of the product,    carrying out an auction at the designated time by setting a fixed time period for completing the auction, displaying a current price for the product and decreasing the price of the product as the time remaining in the auction decreases, displaying the quantity of product remaining to be auctioned and decreasing the quantity to immediately reflect instructions from purchasers of their desire to purchase the product as the instructions are received during the auction to provide dynamic feedback to potential purchasers during the auction,    providing each potential purchaser with a designated actuation control for instructing the computer site of the decision to purchase the product at the current price at the time of receiving the instructions, and    registering potential purchasers and obtaining and recording financial data for automated payment of purchased product.    
     
     
         2 . A method of auctioning product on-line as claimed in    claim 1    including removing each purchaser from the auction process upon providing instructions to purchase product at the displayed current price at the time the instructions are received.  
     
     
         3 . A method of auctioning product on-line as claimed in    claim 2    wherein said step of registering can take place before a purchase has been indicated.  
     
     
         4 . A method of auctioning product on-line as claimed in    claim 3    wherein said computer site is directly connected to separate and distinct financial institutes for real time confirmation of an acceptable financial transaction of the purchase price of a product.  
     
     
         5 . A computer site for auctioning of product on-line comprising at least one web computer server designed for serving a host of computer browsers and provide said browsers with the capability to participate in various auctions where each auction is of a single product at a specified time with a specified number of the product available for sale, said web server cooperating with a separate database computer separated from said web server by a firewall, said database computer being accessible to said at least one web computer server to allow retrieval of product information which includes 
 a) a product description    b) the quantity of the product to auctioned    c) a start price of the product    d) at least one product image    said web server computer including application software for auctioning any product identified in the database computer by    displaying to each browser during an auction the current price of the product, the quantity of product remaining available for purchase, and a measure of the time remaining in the auction,    decreasing the current price during the auction    providing a user actuation control for indicating instructions to purchase the product at a displayed current price,    continually updating the current price, the quantity of the product remaining available for purchase taking into account the product indicated as purchased, and the time remaining in the auction to provide dynamic feedback to each user, and    removing the user from the auction upon receiving an instruction signal from the browser and obtaining identification and required financial authorization for the purchase.