Abstract:
The present invention provides a system and method to process items for sale or bid, to transmit electronic negotiations between prospective buyer and seller, and to verify the condition of the item before delivery to the buyer. The invention facilitates autonomous and remote negotiation between sellers and prospective buyers while protecting buyers from fraud and item misrepresentation. With the present invention, items can be sold individually and are not treated as standardized items that are interchangeable with similar commodity goods. The present invention also provides a waitlisting function. In addition, the functionality of traditional auction systems may be integrated with the novel features of the present invention. Furthermore, the present invention provides a system and method for conducting a reverse auction by allowing prospective buyers to list desired items.

Description:
CROSS REFERENCE TO RELATED APPLICATION 
     The present invention claims priority from U.S. patent application Ser. No. 10/876,675, now U.S. Pat. No. 7,917,414, entitled “System and Method for an Automated Sales System With Remote Negotiation and Post-Sale Verification,” filed Jun. 28, 2004, the subject matter of which is incorporated by reference herein. 
    
    
     BACKGROUND OF THE INVENTION 
     1. Field of the Invention 
     The present invention relates to systems and methods of executing a remote negotiation for sale and post-sale verification of goods or services on an automated exchange or electronic system, particularly with respect to Internet commerce. 
     2. Description of Related Art 
     In traditional buyer and seller negotiation of collectibles, such as comic books, baseball cards, and the like, buyers find sellers of desired items through the distribution of catalogs or paper advertisements. Negotiation on price traditionally requires that letters, faxes or telephone calls be exchanged between a seller and prospective buyers. When an offer is made for an item, an entire round of communications is required where prospective buyer and seller go back and forth with offer and counteroffer until they settle upon an agreed price. Some advances in communications have made this process more manageable. Prospective buyers can search for sellers through Internet web sites, and they generally communicate with a seller via e-mail. This method, however, is, at best, cumbersome. Furthermore, this approach does not allow buyer and seller negotiations to occur in real-time where sellers can systematically evaluate bids rapidly upon submittal. 
     A recent innovation in sales has been to use the Internet to post items on third-party auction or listing web sites. These sites allow users to bid for goods and services in an auction or to purchase goods and services at listed prices. These systems are automated and capable of accepting a bid from a customer through e-mail, telephone, facsimile, mail, or through an online form. Bidding information is taken by the system and placed into a bid database, and a winner is selected based on the bid. 
     Auction or listing systems allow negotiation for items by one of two methods. One method provides buyer and seller autonomy. Sellers do everything involved with the sales process, from listing and describing the item on the site to sending the item to the buyer after payment is received. This method gives a substantial amount of flexibility for buyer and seller. However, buyers of items over the Internet frequently complain that after sending payments to unknown Internet auction and direct sellers they receive defective or misrepresented merchandise or receive nothing at all. 
     The second method is for the owner of the merchandise to agree to a reserve price with an auction house or third party site and to send the item in advance to the third party to sell on consignment. After the item is received and the third-party has physical possession, it does everything in the auction or sales process. This system offers less autonomy for the seller in the sales process, but is more secure for the buyer because a third party verifies the item prior to advertising it in the auction. It also enables the company to act as third party arbitrator for any disputes that may arise. This second method increases the likelihood of a smooth post-sale transaction and increased likelihood of buyer satisfaction. 
     Security brokerage firms for years have used automated transaction systems for matching buy and sell orders for securities. For example, NASDAQ&#39;s SOES (Small Order Execution System) system offers complete electronic matching of buyers and sellers. However, this system does not facilitate back and forth negotiations between individual buyers and sellers on unique, individual items. It merely pairs buy orders with sell orders of a standardized commodity when the pricing criteria of both sides of the trade are met. Similarly, a system has been developed in which similar collectibles trade as a single commodity on a collectible exchange much like the stock market. There is a set sell price and a set buy price. The item sold is a standardized commodity which is interchangeable with other items sharing the same description. Prospective buyers or bidders cannot choose a unique item for purchase. For example, a Barry Bonds 1987 Fleer baseball card in a particular condition may be listed on a site. Though many such cards are available, only one Barry Bonds card is pictured and users cannot choose the exact card for purchase. There are frequently differences in the quality of similar items, and bidders prefer to see the exact item upon which they are bidding. When a buy order price matches a sell order price, a standardized item is sent to the third party exchange that in turn sends it to the buyer. While verification of the merchandise may occur, only certain specifications are verified. The buyer receives a standardized item that matches the specifications that they request. These exchanges do not enable negotiation between an individual buyer and seller. Individual offers are not relayed to sellers of items so sellers are unable to respond to buyer activity. Likewise, bidders are not able to respond to seller activity. It is also not possible for a seller to submit a counteroffer in response to a bid, and for the two to negotiate back and forth. 
     SUMMARY OF THE INVENTION 
     Currently, no automated sales system allows buyers and sellers to negotiate autonomously and remotely for non-standardized and unique goods while also providing verification of the goods after a sales agreement. 
     To resolve the absence of such a system, the present invention provides a system and method to integrate a seller-managed listing process and negotiation functionality with full-service verification of each item upon sale. Items can be sold individually and are not treated as standardized items that are interchangeable with similar goods. Prospective buyers and sellers have freedom to negotiate on items regarding terms of sale, such as price, while simultaneously protecting buyers from fraud and item misrepresentation. Unlike systems that sell on consignment, the seller is able to maintain possession of the merchandise at all times prior to successful negotiation between buyer and seller. In addition, the buyer does not have to be concerned about seller fraud or item misrepresentation because a third party ensures post-sale item verification of merchandise prior to shipment of the item to the buyer. 
     The present invention provides a system and method to process items for sale or bid, to transmit electronic negotiations between buyer and seller within a specified time period, and to verify the item before delivery to the buyer. It also provides a system and method to securely receive bids electronically from a number of bidders, to rank the received bids using a variety of criteria, and to electronically provide resulting information to bidders and sellers. The present invention also provides a system and method for conducting a reverse auction by allowing prospective buyers to list desired items in a wantlist. 
     In a particular embodiment of the present invention, sellers use software to add items to the web site themselves. If there is an item that an interested bidder thinks is priced too high, the bidder can submit a bid (an offer to the seller to purchase the item at a specified price). The seller can then accept the offer, decline the offer, or make a counteroffer. The counteroffer allows the seller to offer the item to the bidder for a price greater than the bid, but less than the seller&#39;s initially listed asking price. Within a counteroffer time limit, if any bid below the counteroffer price is subsequently submitted by another bidder, the counteroffer previously submitted by the seller will automatically be relayed to that bidder. Within the counteroffer time limit, if any bid is subsequently submitted by another bidder at or above the counteroffer price, the bid is automatically accepted for the seller by the system. At the time of counteroffer submission, the seller can also simultaneously change the listed asking price to the counteroffer price in order to make the item immediately available at the counteroffer price for other buyers. 
     Additionally, the present invention may allow a bidder to submit a bid that is higher than the seller&#39;s ask price before the seller accepts another offer at the ask price. In this case, the seller may manually accept the higher bid. Alternatively, the seller may wish to submit a counteroffer at a price higher than the original ask price and the bid, which the bidder may accept to prevent a chance that other bidders may secure the item. If the time limit has expired and the seller has not responded to the higher offer, the system may automatically accept the highest bid at or above the ask price. 
     When a buyer and seller agree on price, there is a match and the item is sent by the seller to a third party that verifies the accuracy of the product description. In a particular embodiment, the item may be a collectible comic book, and the verification confirms that the comic book has the condition, quality, and characteristics given in the seller&#39;s description of the comic book. The buyer sends payment. After verification and receipt of payment, the item is sent to the buyer. Delivery of the item may include postal shipment, express shipment, courier, will call pick-up, or the like. Payment is also sent to the seller. Payment forms may include a bank check, credit card, debit card, wire transfer, any electronic system of funds transfer, or the like. Payment may be direct or indirect, i.e., payment to another trusted party such as a bank. The sale may be deemed to be complete upon receipt of item by the buyer, or the buyer may have a time period to accept or decline the item according to the return policy. 
     The invention may also combine user submissions of buy orders and bids into one order for buyer submission, transaction processing, payment, shipment, and receipt making it highly convenient for the buyer. The system enables a buyer to place one order containing buy orders and bids for multiple items owned by multiple sellers. After negotiations between the buyer and each seller cease for each item or after the order timeout period set in the system (whichever is sooner), buyer receives one final order confirmation and payment request for all items within the order. Buyer sends out one payment for the order to one place, instead of sending multiple payments out to each seller. Buyer receives one package for all items within the order instead of multiple packages from each seller. 
     The functionality of traditional auction systems may be integrated with the novel features of the present invention. When the seller lists the item, the seller specifies a list price if the item does not sell at auction. If the item does not sell at auction (the auction price is not greater than or equal to the seller&#39;s start price or reserve price), the program automatically lists the unsold item for sale (rather than auction) at a list price specified by the seller. Additionally, although the seller lists the item remotely and independently of an auction administrator, if the item sells at auction, the seller ships the item for third party verification. Prior to shipping the item to the buyer (the high bidder), the third party administrator verifies that it fits the description and condition specified at auction. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         FIG. 1  is an organizational chart of a “For Sale” section user interface displaying items for sale or bid; 
         FIG. 2  is an organizational chart of an order for items in the “For Sale” section; 
         FIG. 3  is an organizational chart of a seller&#39;s “Listing Controls” section within which a seller remotely accesses and autonomously manages data regarding sale items; 
         FIG. 4  is an organizational chart of a “View/Edit Item” section of the seller&#39;s “Listing Controls” section within which the user accesses and edit items that are listed in the “For Sale” section; 
         FIG. 5  is an organizational chart of a seller&#39;s “Buy Orders Received” section within which a seller responds to buy orders received for items listed in the “For Sale” section; 
         FIG. 6  is an organizational chart of a seller&#39;s “Bids Received” section within which a seller responds to bids received for items listed in the “For Sale” section; 
         FIG. 7  is an organizational chart of a buyer&#39;s “Bids Placed” section within which bidders can raise or cancel bids and respond to seller counteroffers for items in the “For Sale” section; 
         FIG. 8  is an organizational chart of a user&#39;s “System Settings” section containing a seller&#39;s system settings and seller preferences, such as the use of an “Auto-reject Bid” feature; 
         FIG. 9  is an organizational chart of a seller&#39;s “Add Auction Item” section; 
         FIG. 10  is an organizational chart of a seller&#39;s “My Auctions” section within which the seller can view current and past auctions, edit items, and re-list items; 
         FIG. 11  is an organizational chart of a bidder&#39;s “My Bids” section within which the bidder can view bids; 
         FIG. 12  is an organizational chart of the “Inform” section which notifies the administrator that items for verification and payment have been sent; 
         FIG. 13  is an organizational chart of the administrator&#39;s “Sales Pending-Items” section, within which administrator can view buyer, seller and item information and verify or reject sales pending items; 
         FIG. 14  is an organizational chart of the administrator&#39;s “Sales Pending-Orders” section, within which administrator can view buyer, seller and order information and close or abort orders; 
         FIG. 15  is an organizational chart of a buyer&#39;s “Waitlist” section within which the user can view and cancel waitlist items; and 
         FIG. 16  is an organizational chart of a buyer&#39;s “Wantlist” section within which the user can add, upload, edit and delete items to the wantlist. 
     
    
    
     DETAILED DESCRIPTION OF THE INVENTION 
     The following presents a detailed description of an automated sales system that integrates a seller-managed listing process and online negotiation functionality with full-service verification of each item upon sale. Items can be sold individually and are not treated as standardized items that are interchangeable with similar goods. 
     The present invention may be executed on an automated exchange or electronic system, which may be a single computer station, a number of computer stations, personal digital assistants, cell phones, the Internet, or any device capable of displaying a graphical interface or web based media. The system organizes data in a predetermined format and may display the information on any device capable of displaying information to a user. The system communicates data with the user in any available manner, including, but not limited to, over-the-air (wireless), cable, satellite, telephone, DSL (Digital Subscriber Line), LAN (Local Area Network), WAN (Wide Area Network), Intranet, or the Internet. Furthermore, any notification between the system and a user may occur in any available manner, including, but not limited to, email, paging, voice messaging, or text messaging. 
     The present invention may be implemented as computer software on a conventional computer system. The steps of the present invention may be executed as machine-executable instructions that program a general-purpose or special-purpose processor to perform the steps of the present invention. Alternatively, the steps of the present invention might be performed by specific hardware components with hardwired logic for performing the steps, or by any combination of programmed computer components and custom hardware components, as is understood to those skilled in the art. 
     The present invention may also be provided as a computer program product that may include a machine-readable medium having stored instructions, which may be used to program a computer (or other electronic devices) to perform the steps of the present invention. The machine-readable medium may include, but is not limited to, floppy diskettes, optical disks, CD-ROMs, magnet-optical disks, ROMs, RAMs, EPROMs, EEPROMs, magnet or optical cards, or other type of media/machine-readable medium suitable for storing electronic instructions. The present invention may also be downloaded as a computer program product, where the program may be transferred from a remote computer to a requesting computer using data signals embodied in a carrier wave or other propagation medium via a communication link. 
     The preferred embodiment of the present invention facilitates the negotiation and exchange of items via data presented and exchanged over the Internet. While embodiments of the present invention will be described with respect to an online listing or auction trading environment, the systems and methods described are equally relevant to other applications in which data is collected from various sources and presented to a user and/or other e-commerce environments. 
     A web site with an embodiment of the present invention may be comprised of a “For Sale” section and an “Auction” section. The “For Sale” section allows a seller to list items with a desired list price. The buyer may purchase the item at the list price or try to negotiate terms of sale with the seller by offering a bid. The seller may counteroffer and negotiate with buyers on a one-on-one basis. The “Auction” section allows a seller to list an item for open auction and the item is sold to the highest bidder. An administrator of the web site, also known as a negotiation administrator, may facilitate the steps of the present invention by ensuring that negotiations and sales comply with general rules, which may include rules governing user permissions for sellers or buyers on the web site, guidelines covering allowable descriptions for sale items, as well as other rules described hereinbelow. 
     “For Sale” Section 
     With reference now to  FIG. 1  of the Drawings, there is illustrated an organizational chart of a “For Sale” section, designated generally herein by the reference numeral  100 . As shown in the figure, sellers can list items  102  according to item types  104 , categories  106 , and subcategories  108 . Items  102  include detailed data regarding the item&#39;s title  110 , brief item details  112 , and a pictorial thumbnail scan  114  of the item. For complete item description, a hyperlink connects item title  110  to a full item detail page  116 . Additional item detail includes a seller&#39;s ask or list price  118  and the current highest bid  178 . To control the items that are available on the web site and as a first step in verifying sale items, an administrator of the web site may restrict the subcategories to subcategories of items that can be verified. 
     When a buy order is created, i.e., a user selects to purchase the aforementioned item  102  at the seller&#39;s list price  118 , users initiate this by clicking a “Buy It” button  122 . When a bid is created, i.e., a user makes an offer below the seller&#39;s list price  118 , the user indicates such by entering the bid in a “Submit Bid” text box  124 , and then clicking a “Submit Bid” button  126 . The bidder may optionally set an expiration date for the bid; the bid is withdrawn if the seller fails to respond before this date. In addition, an administrator of the web site may set a minimum bid percentage, i.e., the minimum allowable percentage of the list price  118  that a bidder can bid for an item. 
     With reference now to  FIG. 2  of the Drawings, there is illustrated an organizational chart of an order  130 . As shown in the figure, order  130  includes a user&#39;s bids  150  and buy orders  180 . Each order is assigned an order number  134 . An order  130  includes order detail  132  regarding bid count  152 , i.e., the number of bids placed, bid subtotal 154, buy order count  182 , i.e., the number of buy orders placed, buy order subtotal 184, and order total 144. Additional data for order detail  132  include user name  136 , user address  138 , payment method  140  and shipping method  142 . 
     An order  130  may have numerous bids  150  and buy orders  180  for items  102  owned by one or more sellers, e.g., BID 1 and BID 2, and BUYORDER 1 and BUYORDER 2, respectively. When a user submits an order  130  for processing, it becomes an “order pending.” An “order pending” is an order within which negotiation between buyer and seller has not yet ended for one or more items within the order  130 . 
     Each bid  150  in order  130  has a bid item negotiation status  156 , and each buy order  180  in order  130  has a buy order item status  186 . The bid item negotiation status  156  is real-time and depends on buyer and seller negotiation. Buy order item status  186  is also real-time and depends on item availability. Buy order item status  186  may include: “buy order item availability confirmed by seller”  188  and “buy order item unavailable”  190 . Bid item negotiation status  156  may include: “bid accepted by seller”  158 , “bid declined by seller”  160 , “counteroffer submitted by seller”  162 , “counteroffer accepted by bidder”  164 , and “counteroffer rejected by bidder”  166 . When the seller has not yet responded to a bid  150  or buy order  180 , the status indicates that it is “pending seller response”  168 . 
     Also included in the order detail are an order submission date and time  146  and the time remaining before order timeout  148 . The order timeout is the deadline for negotiations. The order timeout period is the period of time, in days, between the order date and the date that buyer and seller negotiations for each item  102  within which the order  130  must end. An administrator of the web site may set the order timeout period. Alternatively, the system may allow the seller or prospective buyer to set the order timeout period. After the order timeout period is reached for an order  130 , a final order confirmation is generated by the system to notify the buyer who placed the order. 
     After order timeout, all bids  150  with a status of “pending seller response”  168  are automatically rejected by the program, and all buy orders  180  with a status of “pending seller response”  168  are cancelled. If the status of a bid  150  is “counteroffer submitted by seller”  162  and the counteroffer has not yet been accepted by the bidder after the aforementioned order timeout, that counteroffer is also cancelled automatically. 
     A match occurs when buyer and seller agree to a sale price for an item. A match item is an item  102  for which buyer and seller have agreed to a sale price. The match price is the sale price for which the buyer and seller have agreed to exchange the item. After a match occurs, the system generates an item shipment request notification and sends it to the seller. The item shipment request notification confirms to the seller that there is a sale pending for the item and requests that the item be sent to the third party for item verification. After a match occurs, “Sale Pending” text appears next to the item  102  listed in the “For Sale” section  100 , as shown in  FIG. 1 . 
     After a match occurs, a “Waitlist” button also appears next to the item  102  listed in the “For Sale” section  100 . Another interested buyer can click on the waitlist button for the “Sale Pending” item. If the first buyer does not complete the sale, then the item will be offered exclusively, on a first-come-first-served basis, to buyers on the waitlist for the item. In addition, if a seller has yet to agree to a bid from a bidder, any subsequent bidders who place the same bids (at the match price) are automatically added to the waitlist for that item. 
     A pending order becomes an “order confirmed” either after all bids, buy orders, and counteroffers within the order have been accepted or declined or after order timeout  148  is reached. After an order becomes confirmed, the system sends a final order notification to the buyer. 
     Seller Controls 
     With reference to  FIG. 3  of the Drawings, there is illustrated an organizational chart of a seller&#39;s “Listing Controls” section  250  showing an embodiment of the seller&#39;s ability to remotely access and autonomously manage data regarding sale items  102  in the aforementioned “For Sale” section  100 . As shown in  FIG. 3 , the seller&#39;s “Listing Controls” section  250  may further include an “Add Item” section  252 , a “Bulk Upload” section  258 , and a “View/Edit Item” section  270 . 
     In the “Add Item” section  252 , the seller selects the item type under which the sale item will be listed by using an “Item Type” pull-down menu  254 . When an item type is selected, an “Add New Item Detail” section  256  is displayed, wherein a seller enters detailed data regarding the aforementioned category  106 , subcategories  108 , item title  110 , complete item detail  116 , the list or ask price  118 , and pictorial thumbnail scans  114  of the item. After submission, the item is posted on the web site under the proper category  106  and subcategories  108 , described hereinabove. 
     Alternatively, a “Bulk Upload” section  258  allows a seller to upload multiple items to a particular subcategory  108  at one time. The seller selects the item type under which the sale item will be listed by using the “Item Type” pull-down menu  254 . The user selects a file on the computer that contains new items to list and clicks on an “Upload New List” button  260  to upload the items to the web site. It should be understood that the uploaded file format must be consistent with that recognized by the program and the specific item type  104 . If so, the new items in the uploaded list are integrated into a master list for that item type  104  within the subcategories  108  specified by the user. Otherwise, the items are rejected by the program and are not listed in the “For Sale” section  100 . A notification is sent to the seller providing information on the acceptance or rejection of each item in a bulk load. 
     Additionally, a seller may replace a previously uploaded item list with an updated list. The seller selects a file on the computer that contains items to list and clicks on an “Upload and Replace List” button  262  to replace the old list on the web site. The new list may contain unchanged items from the previous list, modified items from the previous list, as well as completely new items. The program can recognize which items are new or changed and distinguish them from items on the previously uploaded list. 
     With reference now to  FIG. 4  of the Drawings, there is illustrated the “View/Edit Item” section of the seller&#39;s “Listing Controls” section  250 , wherein the seller accesses and edits items that are listed in the “For Sale” section  100 . The seller selects items to view for a particular item type  104  by using the aforedescribed “Item Type” pull down menu  254 . The seller then has the options of selecting an entire subcategory  108  by using a “View/Edit Subcategory” pull-down menu  272 , viewing all items the seller has listed on the web site by clicking the “View/Edit All Listed Items” button  274 , or searching a specific item by typing a description in a “View/Edit Specific Item” text box  276 . Resulting records  278  are displayed with detailed data regarding item title  110  with a hyperlink to the complete item detail  116 , brief item description  112 , the list price  118 , the last update date/time  280 , and the bid count  152 . “Decrease Price” functionality  292  may allow a seller to decrease the list price of multiple items by a percentage specified by the seller. “Bulk Delete”  290  functionality may allow a seller to delete multiple items. Also displayed are an “Edit” button  282  and a “Delete” button  284 . A seller selects the “Delete” button  284  to delete a specific record. If a user selects the edit button  282 , an “Edit Item” section  286  for the specific item will be displayed. The “Edit Item” section  286  contains information that was provided on the “Add New Item Detail” section  256 . The seller can edit and change description fields for the listings. The seller is also able to move an item the seller has listed in the “For Sale” section  100  to the auction section  700  (discussed hereinbelow) by clicking a “Move to Auction” button  160 . The seller must then provide the data required for the auction (discussed further below). 
     Buy Orders 
     With further reference to  FIG. 5  of the Drawings, there is illustrated an organizational chart of a “Buy Orders Received” section  300 , wherein sellers administer buy orders for goods and services they want to sell. It shows the seller buy orders  180 , described hereinabove in connection with  FIG. 2 , that have been placed on items  102  listed in the “For Sale” section  100 . As shown in  FIG. 5 , detailed data regarding the item title  110 , brief item detail  112 , and the list price  118  are also displayed. As discussed, for a complete item description, a hyperlink connects item title  110  to the full item detail page  116 . The “Buy Orders Received” section  300  also provides a “Confirm Item Availability” button  310  and a “Confirm Item Unavailability” button  320 . Once a buy order is received for an item, the seller clicks the “Confirm Item Availability” button  310  to indicate that the item is available to the buyer. Unlike consignment systems, the present invention allows the seller to retain the item before an agreement is reached with a buyer and may provide the seller the autonomy and flexibility to sell the seller&#39;s goods through other marketing venues. If the seller has sold the item through another outside process, the seller clicks the “Confirm Item Unavailability” button  320 . 
     Bids and Sales Negotiation 
     With reference now to  FIGS. 6 ,  7 , and  8  of the Drawings, there are illustrated organizational charts showing an embodiment of the negotiating functionality of the present invention, wherein a series of one or more offers and counteroffers are exchanged. In response to a bid, the seller can accept the bid, decline the bid, or submit a counteroffer. A counteroffer may be an offer by the seller to the bidder to sell the item for a price greater than the bid but less than the seller&#39;s list price. 
     As shown in  FIG. 6 , a “Bids Received” section  400  allows sellers to administer and negotiate bids for goods and services they want to sell. The following real-time information on the item  102  is displayed: the item title  110  with a hyperlink to the complete item detail  116 , the brief item detail  112 , the seller&#39;s list price  118 , and the current highest bid  178 . Additional data includes a bid history  170  regarding the bid count  152 , i.e., the number of bids on the item, the number of bidders  174  currently bidding on the item, and the bid date/time stamp  176 . 
     To instruct the system to accept the current highest bid  178 , the seller clicks an “Accept Bid” button  402 . The system notifies the bidder on item  102  that the seller of the item  102  has accepted the bid  150 . To instruct the system to decline the current highest bid  178  because the seller decides that the bid is too low, the seller clicks a “Decline Bid (low bid)” button  404 . To instruct the system to decline the current highest bid  178  because the seller has sold the item privately off the web site, the seller may click a “Decline Bid (already sold)” button  406 . The system then notifies the bidder on an item  102  that the seller of the item  102  has declined the bid  150 . 
     A seller may also submit a counteroffer price. The seller does so by entering the counteroffer price in a “Submit Counteroffer” text box  408  and clicking a “Submit Counteroffer” button  410  to submit the counteroffer to the bidders. The system notifies the bidder on item  102  that the seller has submitted a counteroffer for the item  102 . The seller may optionally set an expiration date for the counteroffer; the counteroffer is withdrawn if the bidder fails to respond before this date. 
     With further reference to  FIG. 6 , there is a “Lower List Price to Counteroffer Price” check box  412  that, when checked before submitting the counteroffer, reduces the seller&#39;s list price  118  on the site to the counteroffer price submitted. If check box  412  is not marked, only the users bidding will be aware that the counteroffer price is acceptable to the seller and the list price  118  will not be lowered. If new bidders place bids lower than the counteroffer, they receive notification of the counteroffer as well. If a new bidder places a bid at or above an active counteroffer or placed a buy order at the seller&#39;s ask price, the bid is automatically accepted. After submission, the counteroffer is displayed as the “Latest Counteroffer”  414 . After a counteroffer is submitted the “Submit Counteroffer” button  410  becomes a “Lower Counteroffer” button  416  in case the seller decides to lower the counteroffer. There is also a “Cancel Counteroffer” button  418 , which withdraws the counteroffer if the bidder has not yet accepted the counteroffer. A notification is sent to the bidder of item  102  when a counteroffer has been cancelled by the seller. 
     With reference now to  FIG. 7 , a “Bids Placed” section  500  allows bidders to administer and negotiate bids for goods and services they want to buy. A bidder sees the items  102  that the bidder is actively bidding on, i.e., bids  150  that the bidder has placed but have not yet been accepted or declined by the seller. All data are in real-time. For each item  102 , the item title  110  and brief item detail  112  are shown with a link to the complete item detail page  116 . A hyperlink to a bidder&#39;s history  502  provides additional data regarding the bidder&#39;s actions  504  related to item  102 , including all bids  150  placed by the bidder, as well as time and date stamp information  176  of the bids. A link, i.e., a hyperlink, to a counteroffer history  506  provides additional data regarding the seller&#39;s actions  508  related to the item  102 , including all counteroffers submitted  510  by the seller, as well as well as time and date stamp information  512 . The “Bids Placed” section  500  may also display the order number  134 , the seller&#39;s list price  118 , the current highest bid  178 , the bid count  152 , and the number of bidders  174  on the item. 
     As additionally shown in  FIG. 7 , a text box  520  displays the current bid, i.e., “Your Bid.” To increase a bid  150 , the buyer types in a bid greater than the current bid and less than or equal to the seller&#39;s list price  118 , and clicks the “Raise Bid” button  514 . After the bidder presses the “Raise Bid” button  514 , the seller receives notification that the bid has been raised. The seller can then respond to the bid by accepting it, declining it or submitting a counteroffer. There are also an “Accept Seller&#39;s Counteroffer” button  516  and a “Reject Seller&#39;s Counteroffer” button  518 . A notification is sent to the seller of item  102 , after the buyer that is bidding on the item  102  accepts the seller&#39;s counteroffer, by clicking on the aforementioned “Accept Seller&#39;s Counteroffer” button  516 . A notification is sent to the seller of item  102 , after the buyer bidding on the item  102  declines the seller&#39;s counteroffer, by clicking on the aforementioned “Reject Seller&#39;s Counteroffer” button  518 . Alternatively, the bidder may cancel the bid  150  by clicking on the “Cancel Bid” button  522 , after which a notification of the cancellation is sent to the seller of item  102 . 
     With reference now to  FIG. 8  of the drawings, there is illustrated an “Auto-Reject Bid” feature  605  that enables a seller to specify a minimum percentage  610  of the list price  118 , below which the system, designated generally by the reference numeral  600 , will automatically decline any bid  150 . The system  600  “System Settings” page allows sellers to set the “Auto-reject Bid” feature  605 . If the “Auto-reject Bid” feature  605 , however, is set and a bid  150  is placed for the seller&#39;s item that is less than the specified percentage  610  of the list price  118 , the bid will automatically be declined and no notification of the bid is sent to the sender. This feature reduces response time between the time the bid  150  is submitted and the time the bidder is notified that the seller has declined the bid  150 . Alternatively, the seller can choose to be notified of all of the bids  150  by clicking a “Notify me of all bids” check box  615 , in which case the seller must respond manually to all bids  150 . It should be understood that the seller is also able to set the “Auto-Reject Bid” feature  605  for particular items pursuant to additional embodiments of the instant invention. 
     Auction Section 
     With reference now to  FIGS. 9 ,  10 , and  11  of the Drawings, there are illustrated organizational charts, wherein another embodiment of the present invention is integrated with an online auction system. 
     As shown in  FIG. 9 , an auction seller uses an “Add Auction Item” section  702  to list item  102  in the “Auction” section  700  of the web site. The seller lists the item remotely and independently of web site administrators. The seller selects an item type  104  and proceeds to the “New Auction Information” page  704 , where the seller provides the aforementioned item title  110 , complete item detail  116 , a start price  706 , an optional reserve price  708 , the auction duration  710 , and the “For Sale” section list price  118 . If the item does not sell at auction (the auction price is not greater than or equal to the seller&#39;s start price or reserve price), the program automatically lists the unsold item in the aforementioned “For Sale” section  100  of the web site at the price  118  specified by the seller. 
     As illustrated in  FIG. 10 , a “My Auctions” section  720  shows a seller the items  102  that the seller is currently auctioning, as well as items the seller has auctioned in the past. The following information is displayed on the My Auctions Page: item title  110  with a hyperlink to the complete item detail  116 , the brief item description  112 , the start price  706 , a highest bid price  724 , the reserve price  708 , an auction bid count  726 , a start date and time  728 , an end date and time  730 , a time left until end of auction  732 , and an auction status  734 . The auction status  734  indicates whether the auction is in progress  736 , has ended with a sale  738 , or has ended without a sale  740 . 
     After an auction ends successfully, the seller receives a notification to send the item to an administrator for post-sale execution and verification. If the auction is in progress  736 , it will also have a “reserve met” status  742  or a “reserve not met” status  744 , as shown in  FIG. 10 . 
     If the item did not sell at auction, it is listed in the “For Sale” section  100  at the list price  118  specified by the seller. A seller may use a “Relist” button  746  next to items that failed to auction to facilitate moving the item from the “For Sale” section  100  back to the “Auction” section  700 . When a user clicks the “Relist” button  746 , a resulting page enables the user to enter and submit a new start price  706 , reserve price  708 , and auction duration  710 . 
     As illustrated in  FIG. 11 , a “My Bids” page  750  shows the auction bidder the following information: the auction items  102 , the item title  110 , the brief item detail  112 , a hyperlink to the complete item detail  116 , the highest auction bid  724 , a bidder&#39;s maximum auction bid  752 , a bidder&#39;s straight bid  754 , the auction start date and time  728 , the auction end date and time  730 , the time left until auction end  732  and a bidder&#39;s auction bid item negotiation status  756 . 
     For an auction in progress, the bidder can submit a maximum bid  752  and/or a straight bid  754 . The auction bid item negotiation status  756  will indicate whether the bidder has the highest auction bid  758  or has been outbid  760 . If the bidder is the high bidder, the auction bid item negotiation status  756  will also indicate whether the reserve has been met  762  or not been met  764 . If the auction has ended and the reserve has been met, the item  102  is sent to the highest bidder&#39;s shopping cart page, which the bidder checks out. 
     Post-Sale Verification 
     With reference now to  FIG. 12  of the Drawings, there is illustrated an organizational chart of an “Inform” section  800 , wherein an embodiment of the post-sale transaction process of the present invention is illustrated. The post-sale trade execution status of item  102  includes: “item sale completed (finished),” “item verified by administrator,” or “item rejected by administrator.” 
     The “Inform” section  800  presents the following data on sales for item  102  pending for sellers  804 : the item title  110 , the brief item detail  112 , and a match price  812 . An “Inform” button  810  is also displayed next to all sale pending items. When a seller clicks on the inform button  810  next to a sold item  102 , a notification is generated to inform the third party verifier that the seller has sent the item to the third party in order for the item to be verified. Verification may be conducted by people inside or outside the company running the web site. 
     The “Inform” section  800  presents the following data on orders confirmed for buyers  802 : the order number  134 , the order total 144, the number of match items within the order  806 , the order confirmed date and time  808 , and the detailed order information  132 . The “Inform” button  810  is also displayed for the order number  134 . After an item has been verified, buyers use the “Inform” button  810  to notify an administrator of the web site that payment has been sent for the order specified. 
     With reference to  FIG. 13  of the Drawings, a “Sales Pending-Items” section  820  is illustrated, wherein an administrator of the web site can view items that have reached the “sales pending” status, i.e., items for which buyer and seller have ceased negotiation and agreed on price. The “Sales Pending-Items” section  820  allows the administrator to manage the verification process. The following information is displayed about a match item  822 : the item title  110  and the brief item detail  112  with a hyperlink to the complete item detail  116 , a match date 824, the order number  134 , user names of buyers on the waitlist for the item  834 , as well as waitlist user details  836 , seller user name  830 , and buyer user name  826 . Links, e.g., hyperlinks, connect the order number  134  to the complete order detail  132 , seller user name  826  to seller user account information  828 , and buyer user name  830  to buyer user account information  832 , respectively. Also displayed are a “Verify Match Item” button  838  and a “Reject Match Item” button  840  next to each match item  822 . 
     After the third party receives the match item  822  and verifies that the actual item detail is equal to the complete item detail  116  specified by the seller for the match item  822  on the web site, an administrator clicks on the “Verify Match Item” button  838  next to the item. Once clicked, the text “Verified” appears next to the item indicating that the item has passed the screening process, has been verified, and can be shipped to the buyer. 
     If the actual item detail for the match item  822  received, upon inspection, is not equal to the complete item detail  116  specified by the seller for the match item  822  on the web site, the administrator clicks a “Reject Match Item” button  840  and a “Reject and Remove Item” button  842 , which will remove the item from the buyer&#39;s order  130  and will permanently delete the item from the web site. The buyer and seller are notified that the match item  822  was removed from the order  130  because it was not verified. In this case, the match item  822  will be shipped back to the seller. The administrator also has the option of trying to broker a deal between buyer and seller for the match item  822  at a new match price  812  given the actual item detail. 
     If the buyer defaults on payment or does not pay within an agreed time frame, the administrator clicks the “Reject Match Item” button  840  and the “Reject and Re-list item” button  844 , which will remove the item from the order  130  and make it available for other buyers by re-listing it in the “For sale” section  100 . The buyer and seller are notified that the match item  822  was removed from the order  130  because the buyer has not paid and the match item  822  will be shipped back to the seller. In addition, the item  102  will then be offered to the first buyer on the waitlist for the item  102 . 
     With reference now to  FIG. 14  of the Drawings, there is illustrated a “Sales Pending-Orders” section  850 , wherein an administrator of the web site can view and administer confirmed orders  802  with one or more match items  822  within the order. The following information is displayed: order confirmation date and time  808 , i.e., the date and time when negotiation between buyer and seller has ceased for all items  102  within the order  130 , the order number  134 , the order total 144, the aforedescribed buyer user name  826  with a hyperlink to respective account information  828 , the number of match items  806 , and the number of items verified by the administrator  852 . The administrator uses a “Close Order” button  854  to close the order  130 . Once the close button  854  is clicked, the verified items within the order  130  are no longer listed on the web site. Alternatively, the administrator may abort the order if there is a problem with the buyer by clicking an “Abort Order” button  856 . 
     Waitlist Functionality 
     The web site embodying the present invention may provide a waitlist functionality. Referring now to  FIG. 15  of the Drawings, there is illustrated an organizational chart for a buyer “Waitlist” section  200 , wherein the buyer can view items for which the buyer is on a waitlist. Section  200  displays data regarding the item title  110  and the brief item detail  112 , a hyperlink connecting the item title  110  to the complete detailed item information  116 , and the match price  812 . When a user has viewed an item already in the process of being sold to another buyer, the user may click a “Waitlist” button to indicate interest in purchasing the item. In addition, if a seller has yet to agree to a bid from a bidder, any subsequent bidders who place the same bids (at the match price) are automatically added to the waitlist for that item. 
     If the current buyer defaults on payment or does not pay within the required time period set by the system, an administrator of the site can use the system to offer the item to the first user on the waitlist. The system notifies the first user on the waitlist that the item on the waitlist is available and has been reserved for the user for the waitlist timeout period. The waitlist timeout period is the time that a waitlist buyer has to order an item that has been reserved for that waitlist buyer. An administrator of the web site may set the waitlist timeout, which is the deadline, in days, between the date an item in the for sale section is made available exclusively to the waitlist buyer and the date when the item is no longer held for the waitlist buyer. After the waitlist timeout period has expired, the item is taken off reserve for the waitlist buyer, and if there is another waitlist buyer in the queue, it is made available to that waitlist buyer. The first user on the waitlist for the item has a limited amount of time within which the first user is offered the item exclusively. If the first waitlist user does not order the item within the required time period, an administrator of the site can use the system to offer the item to the next user on the waitlist. This process continues until the item is sold or there are no other users left on the waitlist. If the buyer on the waitlist no longer wants to purchase the item, the buyer can cancel the request to purchase the item with a “Cancel” button  205 . If the order is closed before an item is offered to a buyer on the waitlist, the item may be placed on the user&#39;s wantlist so the user will be notified if an identical item is listed in the future. The system notifies the waitlisted buyer that was on the waitlist that the sale of the item is complete and that the user is no longer on the waitlist for the item. It also notifies the user that the item has been placed on the user&#39;s wantlist so the user will be notified if an identical item is listed in the future. 
     Wantlist Functionality 
     The web site embodying the present invention may provide a “wantlist” functionality. With reference now to  FIG. 16  of the Drawings, there is illustration of an organizational chart of a buyer&#39;s “My Wantlist” section  210 . The buyer user can add a wantlist item individually through an “Add Wanted Item” section  215 . Alternatively, the buyer can upload a list of wantlist items through an “Upload List of Wanted Items” section  220 . Using a “View/Edit Items Wanted” section  225 , the buyer can also view and edit items, as discussed hereinabove. To add wantlist items individually, the user selects an item type  104  to call up a wantlist item detail page  230 , wherein the user enters a wantlist item specification  235 , which includes: the item title  110 , the brief item detail  112 , an item category pull-down menu  240  selection, and an optional maximum price  245  the buyer would be willing to pay for the wanted item. 
     If item  102  is listed in the “For Sale” section  100  or “Auction” section  700  that matches a user&#39;s wantlist item specification  235 , the system notifies that buyer that the item is available. Another function enables the system to automatically create a match when an item  102  is listed in the “For Sale” section  100  that matches a user&#39;s wantlist item specification  235 , and if the list price  118  is less than or equal to the wantlist user&#39;s maximum price  245  for the wantlist item. 
     Furthermore, additional functionality may allow a seller to view wantlists and click a “Sell” button next to a wantlist item if that seller has the wantlist item. If the seller&#39;s item is indeed an exact match with the wantlist item, a match item is created and a sale pending is assigned to the wantlist user. 
     While the present invention has been described in connection with a number of exemplary embodiments and implementations, the present invention is not so limited but rather covers various modifications and equivalent arrangements, which fall within the purview of the appended claims.