Patent ID: 7644020

Claim:
A method for establishing a bid proxy for a plurality of bidders in a computerized auction, over a computer network comprising the steps of: a) receiving at least one bid from each of the plurality of bidders over the computer network; b) receiving at least one bid limit from each of the plurality of bidders over the computer network, said bid limit including a bid ceiling and a bid floor; c) receiving at least one bid position from each of the plurality of bidders over the computer network; d) selecting a lead bid from said at least one bid received from each of the plurality of bidders; e) calculating a re-bid for each of said at least one bid received from each of the plurality of bidders based upon the bid position in relation to said lead bid, wherein the bid position is preset within a predetermined range selected from at least one of a range lower than the lead bid and a range higher than the lead bid; f) setting the re-bid to the respective bid ceiling for each of the plurality of bidders if the calculated re-bid is higher than the bid ceiling and setting the re-bid to the respective bid floor for each of the plurality of bidders if the calculated re-bid is lower than the bid floor; g) selectively replacing said at least one bid for each of the plurality of bidders with said re-bid.