Patent ID: 8024228
Filing Date: 2011-09-20
Classification: G06Q

Abstract:
1. An internet based auction method for processing sealed bids, comprising: tendering, by a server computer, at least one offering for auction at a web site for a predetermined period of time; placing, by a bidder at a client computer, at least one sealed bid for the offering; comparing, by the auction site, said sealed bid to all sealed bids, said comparing based at least in part on bid parameters including price; providing an indication, by the auction site, to the bidder at the client computer, of a relative ranking of the user's sealed bid compared to sealed bids from other bidders, wherein said comparison is based at least in part on the bid parameters of the sealed bids for the at least one offering; displaying said indication at the client computer, wherein the indication is presented to the bidder in one or more formats, each format based at least in part on an upper and a lower threshold ranking criteria for each indication; reiteratively updating said indication based on subsequent sealed bids for the offering.