Abstract: A system and method for conducting an auction for a sponsor includes setting a composite score for each bid submitted to the auction. The setting of the composite score includes selecting at least one of a plurality of categories as evaluation criteria for each bid, setting parameters for each of the selected categories, and specifying a weighting for each of the selected categories. Bids are received from one or more participants, each bid including information corresponding to the selected categories. A score is determined for each received bid based on the parameters and weighting for each category and the information in the bid, and the participant having the highest score is notified.

Abstract: A system and method for conducting a forward auction and a reverse auction from a single software component operable on a computer system receives information regarding the details of the auction and the direction of the auction, where the direction is either forward or reverse. A first auction is run based on the received information with the single software component. After receiving at least one bid, a winner of the first auction is determined from the at least one bid. A second auction is run with the single software component in the other of the forward or reverse direction based on the received information and information related to the determined winning bid.

Abstract: There is provided a method, program product and system for conducting an auction facilitated by a computer network wherein the auction sponsor is provided the ability to modify the auction parameters while the auction is underway. The method, program product and system for refreshing an on-going electronic auction, comprises the steps of: determining that an auction parameter has been changed; and automatically refreshing a copy of the auction at a browser of an auction participant. In one embodiment, the determining step comprises determining if an indicator has been set at the auction server side to indicate that an auction parameter has changed. In a second embodiment, the determining step comprises receiving a communication from the auction server side indicating that an auction parameter has changed.