Patent ID: 7966247

Claim:
A method for conducting an auction of a plurality of items, the auction including a bidding process and allowing submission of bids on the items at a plurality of times, said method implemented on a system including plural bid entry terminals and a bidding information processor which is located remotely from at least one said bid entry terminal and interconnected with said one bid entry terminal using a communications network, the method comprising: a) transmitting information from the bidding information processor regarding the bidding process; b) thereafter, receiving bids at the bidding information processor, the bids submitted by a plurality of bidders using the bid entry terminals, at least one of said bids including at least one quantity parameter and indicating quantities of the items that a bidder wishes to transact at each of at least two prices; c) thereafter, determining, at the bidding information processor, whether the auction should end or continue, based on a comparison of a sum of quantities that bidders wish to transact and an available quantity of items; d) thereafter, generating updated information regarding the bidding process for transmission to at least one bidder; and e) initiating at least one additional opportunity for bidders to submit bids following a determination that the auction should continue.