Patent ID: 8577745
Filing Date: 2013-11-05
Classification: G06Q

Abstract:
1. A method of automatically conducting a reverse auction in real-time and on-line over a communication network for buyers and sellers of products and/or services, that comprises: submitting buyer requests, in real-time upon receipt, for seller price quotation bids over the network to adaptive automated seller engines (SAEJ) of the sellers through an intermediate reverse auction controller; computing in real time at one or more SAEJ automatic seller price quotations; receiving over the network from the one or more SAEJ at the controller the seller price quotations; automatically and without manual intervention processing the seller price quotations received back over the network at the controller and successively returning better price quotations to the sellers for iterative further automatic price bid further bettering amongst the sellers, until a best price quotation is received; and communicating the best price quotation back to the buyer for notification of or effecting purchase.