Patent ID: 7398229

Claim:
Computer-implemented apparatus for conducting an automated auction in respect of one of a plurality of heterogeneous items for sale in a system including a plurality of entry terminals operable by respective buyers and sellers, a database containing information relating to said buyers and sellers and items for sale via an auction, and a processor, wherein said database is communicably coupled to said entry terminals, the apparatus comprising computer software for execution by said processor to conduct said automated auction using said information contained in said database and to facilitate a transaction between a buyer and a seller as a result of said auction, the computer software performing the steps of: a) entering by or on behalf of a plurality of sellers, via respective entry terminals, heterogeneous items to be offered for sale in respective auctions, together with a seller-defined buy price in respect of each heterogeneous item; b) posting by or on behalf of a plurality of buyers, via respective entry terminals, contingently-binding bids associated with said heterogeneous items, said contingently-binding bids of each buyer being binding unless withdrawn in response to an acceptance of another of said contingently-binding bids of said buyer for a different one of said heterogeneous items; and a) continuing an auction in respect of one of the heterogeneous items until a buyer posts a bid equal to the buy price thereof, or the seller associated with said heterogeneous item accepts a contingently-binding bid posted by a buyer in respect thereof, or the seller associated with said heterogeneous item withdraws said heterogeneous item from sale.