Patent ID: 7945509

Claim:
A system for conducting real-time commercial transactions between buyers and sellers of products and services through an intermediate reverse auctioneer controller communicating on-line with both buyer and seller over the Internet, and providing on-line buyer requests for seller price quotations, and for thereupon communicating the same over the Internet to sellers; each seller being equipped with a seller automatic engine (SAEJ) storing that seller's specific predetermined business objectives, historic market data, and current market condition information and responsive to buyer requests in order automatically to create and to respond to the controller with a price quotation based upon the buyer request and within the respective guidelines of seller-specific predetermined information stored in that seller's automatic seller engine and the most recent bid information; a processor for processing the price quotations received back over the Internet from the seller automatic engines to initiate an iterative real-time automatic seller engine competitive bettering of the price quotations within said respective guidelines, until a best price quotation is received; thereupon enabling the automatic notifying of, or purchasing by, the buyer at such best price quotation; the seller automatic engines being adapted to use a choice of architectural implementations selected from the group consisting of a parallel processing architecture, a pipeline architecture, a hub and spoke architecture, and a hybrid combination thereof.