Abstract: A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a “pending” status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders.
Type:
Application
Filed:
April 11, 2001
Publication date:
April 18, 2002
Applicant:
FreeMarkets OnLine, Inc.
Inventors:
Marc Alaia, David J. Becker, Anthony F. Bernard, Daniel C. Heckmann, Sam E. Kinney, Glen T. Meakem, Vincent F. Rago, Jason Reneau, Frederick W. Roberts, William D. Rupp, Robert G. Stevens
Abstract: A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a “pending” status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders.
Type:
Application
Filed:
April 11, 2001
Publication date:
October 18, 2001
Applicant:
FreeMarkets Online, Inc.
Inventors:
Marc Alaia, David J. Becker, Anthony F. Bernard, Daniel C. Heckmann, Sam E. Kinney, Glen T. Meakem, Vincent F. Rago, Jason Reneau, Frederick W. Roberts, William D. Rupp, Robert G. Stevens
Abstract: A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a “pending” status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders.
Type:
Grant
Filed:
May 14, 1999
Date of Patent:
March 6, 2001
Assignee:
Freemarkets Online Inc.
Inventors:
Marc Alaia, David J. Becker, Anthony F. Bernard, Daniel C. Heckmann, Sam E. Kinney, Jr., Glen T. Meakem, Vincent F. Rago, Jason Reneau, Frederick W. Roberts, William D. Rupp, Robert G. Stevens