06230146 is referenced by 144 patents and cites 36 patents.

A method and system for conducting electronic auctions is described. A dynamic lot closing extension feature avoids collisions in closing times of multiple lots by dynamically extending the closing time of a subsequent lot if a preceding lot's closing time is extended to be too close to the subsequent lot's then-currently scheduled closing time. Scheduled closing times can be extended with a flexible overtime feature, in which the properties of the event triggering the extension and the duration of the overtime period(s) can be tailored to a particular auction, particular lots of products within an auction, and to the particular time within an auction process. The bidding status of a lot can be set to a “pending” status after the nominal closing time for submission of bids to allow bidders to alert the auction coordinator of technical problems in submission of bids. This allows the possibility for a lot to be return to open status for further bidding by all bidders. The auction may be paused by the auction coordinator to correct technical, market and miscellaneous problems that may arise during the course of an auction. Individual bid ceilings can be set for each bidder so that they are required to bid lower than certain thresholds determined in advance of the auction. Failsafe error detection is performed to prevent erroneous bids from entering the auction. The auction coordinator has the ability to override any erroneous bids that are entered to prevent prejudice to the auction.

Title
Method and system for controlling closing times of electronic auctions involving multiple lots
Application Number
9/252790
Publication Number
6230146 (B1)
Application Date
February 19, 1999
Publication Date
May 8, 2001
Inventor
Robert G Stevens
Pittsburgh
PA, US
William D Rupp
Pittsburgh
PA, US
Frederick W Roberts
Pittsburgh
PA, US
Jason Reneau
Boston
MA, US
Vincent F Rago
Pittsburgh
PA, US
Glen T Meakem
Sewickley
PA, US
Sam E Kinney Jr
Sewickley
PA, US
Daniel C Heckmann
Pittsburgh
PA, US
Anthony F Bernard
Wexford
PA, US
David J Becker
Sewickley
PA, US
Marc Alaia
Glenshaw
PA, US
Agent
Morgan Lewis & Bockius
US
Assignee
FreeMarkets
PA, US
IPC
G06F 17/60
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