Tyler A Slater

US Patent:

20110307344, Dec 15, 2011

Filed:

Jun 13, 2011

Appl. No.:

13/159251

Inventors:

Tyler A. Slater - Allen TX, US

International Classification:

G06Q 30/00

US Classification:

705 263

Abstract:

The present disclosure provides for a method and system for conducting an online lowering reserve auction including creating an auction by specifying an item for auctioning, a retail price of the item, a total number of options offered for sale during the auction, a sale price of each option, and a time duration for the auction, while the auction is open, selling an option, while the auction is open, receiving a bid for the item, if the total number of options offered for sale are purchased, designating as the winning bid the highest bid amount received, if the auction time for the item has expired and if the combination of the amount of the highest bid received and of the proceeds from the sale of the options are greater than the retail price of the item, designating as the winning bid the highest bid amount received.