Internet-based auction method

Details Internet-based auction method Internet-based auction method

2006-04-04

2006-04-04

Smith, Jeffrey A. (Department: 3625)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Electronic shopping

Reexamination Certificate

active

07024376

ABSTRACT:
A method and system enable users to purchase goods and services at an optimal price using a reverse auction process. The preferred approach incorporates two phases: first, the process determines the most favorable advertised price for the item sought, based on a search and review of multiple vendors offering the item for sale. Second, the process negotiates a sale price lower than the most favorable advertised price by soliciting bids from multiple vendors of the item, where each bid represents an offer for sale of the item at a price lower than the most favorable advertised price. The purchaser selects a bid received from the pool of vendors, and the process generates a purchase order to the vendor corresponding to the selected bid for the item.

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