Abstract:
A system and related method are provided to generate and finalize a request for sale (RFS). The system controls commerce between buyers and sellers, which is transmitted over a communication network and initiated and driven by buyer bids. In a preferred embodiment, the system allows buyers to research products and financing terms, decide on a price they would like to pay for a product, and communicate an RFS either globally to all available sellers or to a select number of filtered sellers. The system then transmits the offer to appropriate sellers. The sellers have the option to accept a buyer&#39;s RFS or to counter the RFS with different parameters. When a purchase price has been accepted, a request for sale is finalized and a non-binding agreement to purchase terms is established.

Description:
FIELD OF THE INVENTION 
       [0001]    The present invention relates generally to a system and related method for purchasing goods and, more particularly, a system that allows a buyer to make an offer to buy a product and allows sellers to accept or counter an offer. 
       BACKGROUND OF THE INVENTION 
       [0002]    Purchasing products, such as cars, insurance, and the like, is a significant transaction in the average consumer&#39;s lifetime. Such product purchase can be complex, with many terms and conditions that must be considered. However, the purchasing process often hinders the consumer from adequately accounting for all such terms. 
         [0003]    For example, the process for completing an automobile purchase is typically handled in-person, in which a consumer goes into a car dealer and negotiates with a salesperson. Some car dealers may attract more customers than others, but the popular dealers may not necessarily have the best prices or terms, disadvantaging both the consumer and the less popular dealerships. 
         [0004]    The price of a given make and model of car may vary by hundreds to thousands of dollars between dealers, making comparison-shopping a vital part of the process. This can be a time-consuming and costly process, as dealers are spread widely across metropolitan areas. Further, the consumer may find it uncomfortable to haggle with multiple dealers and, consequently, leave empty-handed. 
         [0005]    More recently, websites are now available for consumers to do research regarding automobile pricing. Some websites provide consumers with “fair price” data for a current market. However, with these sites, the seller has made no agreement to adhere to the displayed price, and it is still up to the consumer to shop this figure around to various dealers. Further, such prices typically do not include the myriad of additional costs involved in purchasing a car, such as taxes, licensing fees, and financing charges. 
         [0006]    Some sites offer consumers the ability to receive a quote from multiple dealers based off an MSRP. These quotes are generated either through some algorithm or through anonymous interaction with multiple dealerships whereby consumers can counter dealer&#39;s offers. These sites are free to consumers and charge a commission to dealers. They are considered lead generators since they do not have any interaction once the consumer and dealer physically meet. 
         [0007]    It should, therefore, be appreciated that there exists a need for a system that allows a consumer to determine an appropriate price for a given car and make an offer, which can then be accepted by one or more dealers. 
       SUMMARY OF THE INVENTION 
       [0008]    Briefly, and in general terms, a system and related method for conducting a transaction is provided that purveys a purchaser interface and a seller interface to enable communication therebetween. The purchaser makes an anonymous offer and one or more anonymous sellers can then accept that offer or make a counteroffer. Upon mutual acceptance of purchase terms, a non-binding agreement is created regarding price and the product, which will be used to create a binding sale agreement at a future time such as a contract. 
         [0009]    In a detailed aspect of an exemplary embodiment, the purchaser generates a request for sale (“RFS”). An RFS is a non-binding presentation of acceptable terms for purchase of a product that can include pricing terms and specific features for the product. The price can account for all additional fees such as tax, license, and registration. With the pricing already accepted by the seller, the purchaser can go to the appropriate dealership, complete the transaction, and take possession of the car. 
         [0010]    In another detailed aspect of an exemplary embodiment, for an automotive purchase, the buyer can choose a make and model of a vehicle and additional options such as a navigation system, color, trim, etc. The buyer has the option to select whether to lease a car, purchase it with financing, or purchase it without financing. If necessary, the buyer can select the down payment, monthly payment, and other necessary financing terms. The lease terms can include lease terms, including monthly payment, annual mileage, and lease duration, as well as other terms used in automobile leasing. The user can select to run a credit check, manually enter a credit score, or bypass a credit check. The system then generates a credit grade that is provided to dealers based on the users credit score. 
         [0011]    For example, in an exemplary embodiment, if the first interaction between a bid and a seller is an “accept” before any “counter” is made than the bid is locked to that specific seller. Therefore, if a dealer accepts immediately before any other dealer interacts with a bid than it is locked. The deal is valid for only a set period. 
         [0012]    In another detailed aspect of an exemplary embodiment, a seller can elect to be notified of new RFSs that the seller is eligible to accept and/or browse existing available RFSs. The seller interface also allows dealers to filter out requests for sales. For example, a dealer can require that certain models of cars can only be requested by consumers with a credit score above a certain threshold. As a default, an RFS is sent to all dealers within a certain radius, who then have the option to accept or counter a given bid. Once a bid is accepted by both the buyer and the seller, the deal is completed. Information is sent to both parties and they are encouraged to contact each other. At this point, the buyer can go to the dealer, sign the papers, and the purchase is complete. 
         [0013]    In a detailed aspect of an exemplary embodiment, all interactions between buyer and seller are anonymous until the RFS has been accepted by both parties, and then information is sent about one party to the other. 
         [0014]    For purposes of summarizing the invention and the advantages achieved over the prior art, certain advantages of the invention have been described herein. Of course, it is to be understood that not necessarily all such advantages may be achieved in accordance with any particular embodiment of the invention. Thus, for example, those skilled in the art will recognize that the invention may be embodied or carried out in a manner that achieves or optimizes one advantage or group of advantages as taught herein without necessarily achieving other advantages as may be taught or suggested herein. 
         [0015]    All of these embodiments are intended to be within the scope of the invention herein disclosed. These and other embodiments of the present invention will become readily apparent to those skilled in the art from the following detailed description of the preferred embodiments having reference to the attached figures, the invention not being limited to any particular preferred embodiment disclosed. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0016]    Embodiments of the present invention will now be described, by way of example only, with reference to the following drawings in which: 
           [0017]      FIG. 1  is a block diagram overview of a system for generating and finalizing a request for sale in accordance with the invention. 
           [0018]      FIG. 2A  is a block diagram of the central controller for the system of  FIG. 1 . 
           [0019]      FIG. 2B  is a block diagram of the buyer interface for the system of  FIG. 1 . 
           [0020]      FIG. 2C  is a block diagram of the seller interface for the system of  FIG. 1 . 
           [0021]      FIG. 3  is a flow chart of a system for generating and finalizing a request for sale for the system of  FIG. 1 . 
           [0022]      FIG. 4  is a flow chart showing the consumer-end process for the system of  FIG. 1 . 
           [0023]      FIG. 5  is a screen shot of an exemplary user interface for selecting a product for the system of  FIG. 1 . 
           [0024]      FIG. 6  is a screen shot of an exemplary user interface for bidding on a product for the system of  FIG. 1 . 
           [0025]      FIG. 7  is a flow chart of the buyer submitting an initial RFS for the system of  FIG. 1 . 
           [0026]      FIG. 8  is a flow chart of the process for routing an RFS to potential sellers for the system of  FIG. 1 . 
           [0027]      FIG. 9  is a flow chart of the process for checking for an expired RFS for the system of  FIG. 1 . 
           [0028]      FIG. 10  is a flow chart showing the seller-end process for the system of  FIG. 1 . 
           [0029]      FIG. 11  is a screen shot of an exemplary dealer dashboard for the system of  FIG. 1 . 
           [0030]      FIG. 12  is a flow chart of the seller RFS initiation process for the system of  FIG. 1 . 
           [0031]      FIG. 13  is a flow chart of the seller RFS selection process for the system of  FIG. 1 . 
           [0032]      FIG. 14  is a flow chart of the process for a buyer to view a counter RFS for the system of  FIG. 1 . 
           [0033]      FIG. 15  is a flow chart of the process for a buyer to respond to a counter RFS for the system of  FIG. 1 . 
           [0034]      FIG. 16  is a flow chart of the process for checking if the RFS limit has been reached for the system of  FIG. 1 . 
       
    
    
     DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS 
       [0035]    In this section, the present invention is described in detail with regard to the figures briefly described above. As such, the following terms are used throughout the description. For purposes of construction, such terms shall have the following meanings: 
         [0036]    As used in this application, the terms “system” and “central controller,” unless otherwise specified, are intended to refer to a computer-related object, such as hardware, software, or a combination of hardware and software. For example, a system may be, but is not limited to being, a process running on a processor, a processor, an object, an executable, a thread of execution, a program, and a computer. By way of illustration, both an application running on a server and the server can be a system. One or more systems may reside within a process and/or thread of execution and a system may be localized on one computer and/or distributed between two or more computers. Those skilled in the art will further appreciate that the depicted flow charts may be altered in a variety of ways. For example, the order of the steps may be rearranged, steps may be performed in parallel, steps may be omitted, or other steps may be included. 
         [0037]    When the term “accessing,” unless otherwise specified, is used in connection with accessing data or accessing characteristics or accessing other items, it is not limited to accessing data or information from outside the processor, but instead would include all such items accessed within the data processing apparatus or system, or from sources external to the processor. 
         [0038]    The terms “buyer,” “customer,” “consumer, and “user,” unless otherwise specified, are intended to refer to any person, group of people, business, government entity, government-related entity, or other organization that uses the system to buy goods or services. 
         [0039]    The terms “seller,” “dealer,” and “dealership,” unless otherwise specified, are intended to refer to any person, group of people, business, government entity, government-related entity, or other organization that uses the system to sell products, to include goods or services. 
         [0040]    Referring now to the drawings, and particularly  FIG. 1 , there is shown a simplified block diagram of a system for generating and finalizing a request for sale  100 . The system device  200  comprises a plurality of components linked with one another, with buyer devices  130 , and with seller devices  140  through a communication network  120 . The communication network could be the internet, a local area network (LAN), or any other type of network. Connections between components are shown using double-sided arrows, which may be physical, fiber optic, wireless, or any other type of communications link. 
         [0041]    Multiple buyer devices  130  and seller devices  140  may be connected to the system at a given time. The devices could be computers, wireless or wired phones, personal data assistants (PDAs), tablets, or other devices capable of handling and transmitting data. 
         [0042]    With reference to  FIG. 2A , there is shown a block diagram of the central controller  200 . A network interface  201  connects the central controller to buyers and sellers via a wireless link, physical wires, or any other type of communications link. A CPU  210  controls the process. Random access memory (RAM)  216  stores data and instructions. The device also includes a cryptographic processor  215 , a memory storage device such as read-only memory (ROM)  214 , an operating system  213 , a processor  212 , and a clock  211 . The system  200  receives information through the network. In response, it executes instructions as provided in one or more sequences. 
         [0043]    Computer system  200  also includes a memory storage device  220 , such as read-only memory, a magnetic storage disk, an optical storage disk, or other non-transitory memory storage devices. Pluralities of databases are stored in the storage device (s)  220 . An active RFS database  221  stores RFSs that are open and unexpired and a completed RFS database stores RFSs that are completed. Seller database  222  stores information about registered sellers and buyer database  226  stores information about registered buyers. A product database  230  stores information about the various goods available on the system. Additional databases  223 ,  227 ,  231 ,  224 ,  228 ,  232  store other necessary information. 
         [0044]    With reference to  FIG. 2B , there is shown a block diagram of the buyer interface  250 . CPU  260  connects to the central controller  200  through a communications  251 . Buyers can enter information through input devices  254 . Input devices include, for example, keyboards, scanners, recorders, phones, touch screens, mice, and any other type of device useable for providing input transferrable to the system in digital format. Buyers view information through video output  253  such as a screen, and/or audio and other output  252  such as speakers. 
         [0045]    The CPU  260  includes a clock  261 , an operating system  262 , read-only memory (ROM)  263 , a video processor  264 , and random access memory (RAM)  265 . The CPU stores information to a storage device  270  comprising a plurality of databases. A message database  271  stores messages to and from the buyer. An RFS database  274  stores requests for sale to the buyer. A product database  277  stores product information, and additional databases  272 ,  273 ,  275 ,  276 ,  278 ,  279  store additional information. 
         [0046]    With reference to  FIG. 2C , there is shown a block diagram of the seller interface  2000 . The CPU  2010  connects to the central controller  200  through a communications device  2001 . Sellers can enter information through input devices  2004 . Input devices include, for example, keyboards, scanners, recorders, phones, touch screens, mice, and any other type of device useable for providing input transferrable to the system in digital format. Sellers view information through video output  2003  such as a screen, and/or audio and other output  2002  such as speakers. 
         [0047]    CPU  2010  includes a clock  2011 , an operating system  2012 , read-only memory (ROM)  2013 , a video processor  2014 , and random access memory (RAM)  2015 . The CPU stores information to a storage device  2020  comprising a plurality of databases. A message database  2021  stores messages to and from the seller. An RFS database  2024  stores requests for sale to the seller. Product database  2027  stores product information, and additional databases  2022 ,  2023 ,  2025 ,  2026 ,  2028 ,  2029  store additional information. 
         [0048]    With reference to  FIG. 3 , there is shown a flow chart of the system for generating and finalizing an RFS. The seller interfaces  310  allows sellers to submit RFS acceptances or counter-RFS offers, which are transmitted through seller communications devices  315  via a communication network to a central controller  320 . The buyer interface  330  allows buyers to submit an RFS, submit a counter-RFS, or accept an RFS. This may be done via a buyer communications  335 , which transmits the request to a central controller  320  through a communication network. 
         [0049]    With reference to  FIG. 4 , there is shown a flow chart for the consumer-end process  400 . The system enables a consumer  410  to research about the products, including features, terms, and pricing. In an exemplary embodiment, the product in question is a car  420 . The browser  415  allows the user to select by make  416 , model  417 , and other features  418 . After selecting a car  420 , the buyer is directed to a bid page  430 . At this point, there are options for payment  440 , running a credit check  441 , and entering a zip code to find the buyer&#39;s location  442 . This information is can be used to select an appropriate dealer  450 . 
         [0050]    In the exemplary embodiment, the user can select to run a credit check, manually enter a credit score, or bypass a credit check. The system then generates a credit grade (e.g., credit identifier) that is provided to dealers based on the users credit score. The credit information is provided to sellers along with the RFS. 
         [0051]    Referring now to  FIG. 5 , there is shown a screen shot of an exemplary user interface  500  when selecting a product. The user dashboard has four phases: select a product  510 , bid the price  520 , and review and submit  530 . When selecting a car, for example, the user can select between makes  416 , models  417 , and other options  418 . An image and other useful information  515  are then displayed. It is noted that the consumer need not conduct research on the site before placing a bid (RFS). 
         [0052]    With reference to  FIG. 6 , there is shown a screen shot of an exemplary user interface  600  when bidding on a product. In the case of a car, there are the options to buy or lease the vehicle  610 . The user then selects whether they have their own financing  611 . If this option is not selected, the user chooses a monthly payment  612 , down payment  614 , and term  616 . The user can then hit a calculate button  620  and a financing chart displays annual percentage rates (APR) and calculates a monthly price. 
         [0053]    Using the buyer location, the system selects appropriate dealerships (sellers), for example, all dealerships within a 25-mile radius. The user is shown a list of available dealers in their area  630 , along with their addresses and distances. The buyer has the option to manually uncheck certain dealers  640  or change the radius within which to display dealerships. After making the appropriate selections, the user submits the bid  650 . 
         [0054]    With reference to  FIG. 7 , there is shown a flowchart for RFS generation  700  by a buyer. First, the buyer logs on to the buyer interface  710 . The buyer then describes goods and provides qualifying conditions  720 . Next, the buyer enters a price  730  and selects potential sellers  740 . The buyer enters identifying information  750 . The completed request for sale is submitted to the central controller  760 . After the RFS is submitted, it is stored within the system. 
         [0055]    With reference to  FIG. 8 , there is shown a flowchart for RFS storage and routing  800  by the central controller. First, an ID number is added to the RFS  810 . Then, the RFS is stamped with an RFS time  820 . The system allows RFSs to be tracked by time and to expire after a set time. RFSs are also tracked by the number created per user, and the system allows for a limit on the number of RFSs a buyer can create. The RFS is then added to the active RFS database  830 . The RFS is sent to selected sellers, determined by buyer and system parameters. Potential sellers are extracted from the RFS information  840 , and the RFS is sent to the appropriate sellers  850 . Potential sellers are notified when they receive a new RFS  860 . 
         [0056]    With reference to  FIG. 9 , there is shown the process to check for expired RFSs  900 . The central controller checks for expired RFSs  910 . If the RFS in question has expired  915 , the RFS is moved to the cancelled RFS database  930 . If the RFS in question has not expired, the expiry check is completed  920  and the RFS can proceed to the sellers. 
         [0057]    With reference to  FIG. 10 , there is shown a flow chart for the dealer dashboard process  1000 . When a seller is selected by the system to receive an RFS, the system has the capability to notify the seller. These notifications can come through the internet as a message in a web portal, via an email communication, or via traditional communications such as a telephone call, text message, or regular mail. Upon notification of an RFS, sellers have the ability to respond to an offer in several ways. From the dealer dashboard  1010 , a dealer has the option to accept an offer  1020 . A dealer can accept an RFS so long as they can satisfy all dimensions of the request including price terms and product terms. If the dealer accepts an RFS, the RFS is removed from the list of available RFSs, effectively claiming the deal, and preventing other sellers from accepting the RFS. Acceptance of an RFS is available on a first-come basis, only allowing one seller to accept a particular RFS. A seller can accept an RFS either through the Internet or by using communication methods specified between the system operator and the seller, such as internet communication, telephone, standard mail, or other forms of communication. The acceptance is then transmitted back to the consumer  1050 . 
         [0058]    In the event a seller cannot fulfill a specific RFS, there are several other options  1030 . The system has the capability to allow a seller to create a counter-offer or counter-RFS. In a counter-RFS, the seller can change the dimensions of the sale, either by changing the price  1032 , changing the product  1034 , or both. To use the automotive sale example, a seller could counter the product if they do not have the exact features a buyer requested. A seller may have a buyer&#39;s preferred car, but without the requested luxury package. The seller can then submit a counter-RFS showing the change in price terms and change in product terms—the car without the luxury package at a lower price. A seller can also decline the RFS  1036 . The system takes the dealer input and transmits it to the consumer  1050 . 
         [0059]    In an exemplary embodiment, the system provides a prescribed limit for the number of RFSs and counter-RFSs, to deter bidding wars. However, a buyer is free to create as many “new” RFSs as the system&#39;s conditions allow. 
         [0060]    With reference to  FIG. 11 , there is shown an exemplary dealer dashboard  1100 . The dealer can view incoming bids  1110 , accepted bids  1111 , and pending counter-offers  1112 . For incoming bids, the dashboard shows how long until the bid expires  1120 , the specifications of the car  1121 , the payment details  1122 , and consumer credit information and additional instructions  1123 . The dealer can view this information and select whether to accept the bid  1130 , counter the bid  1131 , or ignore the bid  1132 . The dealer can also filter out requests for sale. For example, a dealer can require that a prospective buyer have a threshold credit score in order to transmit a request for sale for a given model of car. 
         [0061]    With reference to  FIG. 12 , there is shown a flow chart for the process for a potential seller to view available RFSs  1200 . The potential seller is notified of a new RFS  1210 . The seller then logs onto the seller interface and browses the list of RFSs  1230 . When the seller selects an RFS  1240 , the details of the RFS are sent to the seller  1250 . 
         [0062]    In certain embodiments, buyers cannot counter offers given to them by dealers. In this manner, the seller is incentivized to make the best counter they can since that is their one and only counter. Thus, the buyers will likely receive multiple counters and/or accepts, from which the buyer can pick which one suits them best, but they without the ability to counter. 
         [0063]    With reference to  FIG. 13 , there is shown a flow chart for seller actions when viewing an RFS  1300 . First, a potential seller selects an RFS for execution  1310 . If the seller accepts the RFS  1320 , acceptance is sent to the central controller and the buyer  1325 . If the seller proposes a counter RFS  1330 , the seller is prompted to enter the details of the counter RFS  1332 , and the counter is sent to the central controller and the buyer  1335 . In the event that a seller submits a counter-RFS, the system allows the buyer&#39;s original RFS to remain active so that another seller may still accept it. The system allows buyers and sellers to create an unlimited amount of RFSs and counter-RFSs until an agreement is reached. If the seller declines the RFS  1340 , then the RFS is moved to the cancelled RFS database. 
         [0064]    With reference to  FIG. 14 , there is shown a flow chart for the process for a buyer to view available counter-RFSs  1400 . The potential buyer is notified of a new counter-RFS  1410 . The potential buyer then logs onto the buyer interface  1420  and browses a list of counter RFSs  1430 . After selecting a counter RFS  1440 , the details are sent to the buyer  1450 . 
         [0065]    With reference to  FIG. 15 , there is shown a flow chart for buyer actions when viewing a counter-RFS  1500 . First, a potential buyer selects a counter-RFS for execution  1510 . If the buyer accepts the counter-RFS  1520 , acceptance is sent to the central controller and the seller  1525 . In the event of acceptance, the system will remove all RFSs created by said buyer for said product sale from the sellers&#39; applications, preventing any additional sellers from accepting an RFS. Although potentially allowing buyers and sellers to create an unlimited number of RFS &#39;s and counter-RFS &#39;s, the system also has the capability to limit the number of RFSs and counter-RFSs based on seller, buyer, or system preferences. It will also prevent buyers from accepting duplicate counter-RFSs generated by sellers. If the buyer proposes a counter-RFS  1530 , the buyer enters the details of the counter-RFS  1532 , which is sent to the central controller and the seller  1535 . If the buyer declines the counter RFS, the RFS is moved to the cancelled RFS database  1550 . 
         [0066]    With reference to  FIG. 16 , there is shown a flow chart for the central controller&#39;s method of checking whether an RFS is acceptable  1600 . An RFS or counter RFS is sent to the central controller  1610 . If the RFS creator has reached the RFS limit  1620 , the RFS is rejected by the server until the RFS limit is satisfied  1625 . If a competing RFS has already been accepted, the RFS is rejected by the server  1635 . If the RFS limit has not been reached and no competing RFS has been accepted, the RFS or counter RFS is sent to and accepted by the controller  1640 . 
         [0067]    In a detailed aspect of an exemplary embodiment, all interactions between buyer and seller are anonymous until the RFS has been accepted by both parties, and then information is sent about one party to the other. 
         [0068]    It should be appreciated from the foregoing that the present invention provides a system and related method for generating and finalizing a request for sale. A request for sale is a non-binding agreement to purchase terms and product features. As such, the buyer does not have to enter credit card information or otherwise finalize the deal until they meet with the seller. The creation and acceptance of a request for sale is done largely by users as opposed to being automated. As such, buyers and sellers can use discretion when weighing the various factors involved in the purchase. 
         [0069]    Although the invention has been disclosed in detail with reference only to the exemplary embodiments, those skilled in the art will appreciate that various other embodiments can be provided without departing from the scope of the invention. Accordingly, the invention is defined only by the claims set forth below.