Patent ID: 7831479

Claim:
A computer program product, comprising a non-transitory computer readable storage medium having computer executable program code embodied therein, said computer executable program code adapted to implement a method of conducting an electronic auction, said electronic auction being hosted by a host-server which is connected over an electronic communication network to at least one seller and a plurality of client-users, the method comprising: a. providing a first graphical user interface by said host-server having a first template to be completed by said seller; b. collecting a first set of information regarding said electronic auction, said first set of information input by said seller using said first template, wherein said first template includes a time extension button selectable by said seller; c. setting a closing time for said electronic auction; d. establishing a first time period which commences proximate to said closing time and ends at said closing time; e. providing a second graphical user interface having a second template to be completed by at least one of said plurality of said client-users during said first time period, wherein, said second template includes a time extension button selectable by at least one of said plurality of said client-users; f. monitoring, by said host-server, said second template for the submission of at least one bid by one of said client-users during said first time period; g. in response to detecting at least one bid by one of said client-users during said first time period, revising said closing time by adding a first extended time period; and h. in response to detecting that at least one client-user has selected the time extension button associated with said second template, triggering a time extension option responsive to payment of a fee by said at least one client-user who selected the time extension button associated with said second template.