Patent ID: 8005744

Claim:
A method of using a computer to process bids in an auction, comprising: identifying an item for sale from a seller; establishing a floor price for the item, the floor price determined by the seller; displaying, using the computer, the item for bidding by a plurality of bidders, and a total quantity of the item for sale; suppressing, during the displaying, the floor price such that the floor price is not available to the plurality of bidders; limiting each of the plurality of bidders to a predetermined number of bids on the item; receiving, from a first bidder, a first bid for a first quantity of the item less than the total quantity, the first bid within the predetermined number of bids, the first bid including a first bid price determined by the first bidder; comparing the first bid price to the floor price on the computer; and when the first bid price for the item is at least equal to the floor price, and independent of other bids by other bidders, substantially immediately notifying the first bidder of the success of the first bid by initiating a sale of the first quantity of the item with the first bidder at the first bid price; after said notifying, receiving, from a second bidder, a second bid on a second quantity, less than the total quantity, of the item 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; accepting the second bid from the second bidder; and after said accepting, completing 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, based on the accepting of the second bid, wherein the auction continues when there is a quantity of the item remaining.