Patent attributes
The present system and method provides a unique and fast-paced method of auctioning multiple units concurrently. An auction group is created within the server, being made up of a plurality of, preferably homologous, units. All units within the auction group are concurrently auctioned in a primary auction, with each unit being bid upon within cooccurring separate sub-auctions within an auction period. Each bidding user has the opportunity to bid within one or more sub-auctions. Upon receiving a high bid within a particular sub-auction, a high bid period for that sub-auction is initiated, within which a counterbid must be received or the unit within that sub-auction will be awarded to the high bidding user. The sub-auctions may individually end prior to the expiration of the auction period. Successive primary auctions can be initiated, so that the user may obtain one or more units within each primary auction.
