Patent ID: 6907405

Claim:
An automated priority right auctioning system, the automated priority right auctioning system receiving and evaluating bid information records received from a plurality of remote terminals, said bid information records corresponding to bids for one or more priority rights, the automated priority rights auctioning system comprising: (a) a memory storing a plurality of previously accepted bid information records, said previously accepted bid information records each including identification information, quantity information, and bid price information, said memory also storing a priority right database containing a rank for each available priority right; (b) a central controlling computer operably connected to the memory and operable to (i) receive a message including a received bid information record from one of the plurality of remote terminals through a communication system, said received bid information record including received identification information, received quantity information, and received bid price information, (ii) determine a lowest minimum acceptable bid value using the previously accepted bid information records stored in the memory, (iii) store the received bid information record if a value represented by the received bid price information exceeds the lowest minimum acceptable bid value, (iv) associate one or more particular priority right having a rank with the stored received bid information record base on the received bid price information, and (v) determine a price for each of the one or more particular priority rights associated with the stored received bid information record based on the received bid price information.