Abstract: A system and a method is provided for facilitating a lease on a domain name through an online competitive bidding process. Domain name owners can offer their domain names for a lease utilizing the present invention, and the bidders can search and bid for desired premium domain names. The winning bidder acquires the lease to the domain name which includes at least the right to use the Internet traffic to the leased domain name and direct the traffic to a web site or any other Internet resource or media location designated by the lessee. The lease to a domain name according to the present invention can include the right of the lessee such that the lease remains in effect during the term of the lease even if the ownership of the domain name is transferred to another party. For the winning bidder, the lease to the domain name affords the same benefits and advantages of owning the domain name outright for the duration of the lease term.