Patent ID: 8504467

Claim:
A bidding system, comprising: at least one network-enabled computer having a processor, a memory for storing programming and processing instructions, a system interface for receiving data and programming from an operator and a network interface for communicating bi-directionally with user devices over a data communication network; the memory storing an identification of an item for sale from a supplier, the supplier providing a total quantity of the item; the memory further storing a floor price for the item determined by the supplier; the network interface for transmitting to user devices over the data communication network the item for bidding by a plurality of bidders, where the floor price of the item is suppressed from the plurality of bidders and each of the plurality of bidders is authorized to submit a predetermined number of bids on the item; the processor receives, via the network interface, a first bid from a first bidder for a first quantity of the item less than the total quantity, the first bid within the predetermined number of bids and including a first bid price determined by the first bidder; and when the first bid price is at least equal to the floor price, and independent of other bids by other bidders, transmitting an acceptance of the first bid to the first bidder substantially immediately in response to the first bid, the acceptance comprising a success code; after said acceptance, the processor receives, from a second bidder via the network interface, a second bid on a second quantity of the item less than the total quantity in the auction at a second bid price, the second bid price at least equal to the floor price and lower than the first bid price, and; the processor accepts the second bid from the second bidder; after which the processor completes the sale of the first quantity of the item with the first bidder at the second bid price in place of the first bid price upon presentation of the success code by the first bidder, based on the accepting of the second bid, wherein the auction continues when there is a quantity of the item remaining.