Abstract: A novel online bidding system and method allows the seller to list goods or services for sale or rent at a full price for immediate trade and at a discounted price. If at least one bidder accepts a discounted price and makes an escrow deposit, the system initiates and completes an online auction to determine the highest bidder and complete the transaction with the highest bidder. If no other bidders are present, the first bidder receives the item or service at a discounted price. The bidding system has multiple advantages for the seller, the buyer, and the intermediary party, such as the auction owner.

Abstract: A bidding process for selling or renting an item or service to a highest bidder is described. The process includes receiving from an owner a listing for an item or service and displaying the listing to potential bidders. The process also includes setting a price by the owner to the item for which a potential bidder can win the item pending an auction and receiving an acceptance indication from a bidder to the set price. Further, the process includes conducting an auction using the accepted set price as an opening bid among the potential bidders, declaring a highest bidder as winner of the auction, and instructing the owner and the winning bidder to finalize transaction and complete the deal.