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US 10,832,314 B2Granted
System and method of automatic negotiation in vehicle auctions
AssigneeNthGen Software Inc.
InventorsMark Endras, Hon-Wai Chia
Life of this patent
Estimating the term…
Abstract
Using an average historical price for vehicles of similar parameters, a method is provided that allows sellers and a best bidder, following an inconclusive auction for a vehicle, to negotiate with confidence a closing price for a sale of the vehicle. The method and system provides the ability for the best bidder (or a second-best bidder) to enter a new bid, and for the seller to accept a previous bid or the new bid, if any, in light of the average historical price, without reopening the auction broadly to other bidders. A post-auction negotiation engine is also provided.
Claims26
A method of computer-mediated negotiation following an inconclusive online auction of a vehicle offered for sale by a seller, the vehicle having a specific make and a specific model, bids for the inconclusive online auction being submitted from a plurality of bidders via at least one of an app on an electronic mobile device or via an Internet browser, the inconclusive online auction having a previous best bid that was not accepted by the seller, the method comprising:
- retrieving, by a computer, historical pricing data of vehicles having the same or similar specific make and specific model, and from the historical pricing data of vehicles having the same or similar specific make and specific model, establishing a historical price;
- following the inconclusive online auction of the vehicle:
- determining that there was at least one bid in the inconclusive online auction;
- determining that the seller did not accept any bid during the inconclusive online auction;
- comparing the previous best bid and the historical price;
- determining, based on comparing the previous best bid and the historical price, whether to contact the seller or to contact a best bidder;
- responsive to determining to contact the seller:
- sending a seller communication to the seller, the seller communication indicative to the seller that the historical price is less than the previous best bid and requesting acceptance of the previous best bid;
- responsive to sending the seller communication, receiving from the seller an indication of acceptance the previous best bid;
- and
- responsive to receiving the indication from the seller of acceptance of the previous best bid, closing the inconclusive online auction at the previous best bid without reopening the inconclusive online auction broadly to other bidders;
- and
- responsive to determining to contact the best bidder:
- analyzing winning bidding history for a respective bidder of the plurality of bidders in which the respective bidder submitted a winning bid in at least one other auction for a vehicle with the specific make and the specific model;
- selecting, from the plurality of bidders and based on the analysis of the winning bidding history for the at least one other auction, the best bidder from the inconclusive online auction, the best bidder having a previous bid that was not accepted by the seller during the inconclusive online auction;
- sending a bidder communication to the best bidder, the bidder communication indicative to the best bidder of the historical price being greater than the previous best bid and indicative to the best bidder to submit a bid that is higher than the previous best bid;
- responsive to sending the bidder communication, receiving a higher bid from the best bidder;
- and
- responsive to receiving acceptance by the seller of the higher bid, closing the inconclusive online auction at the higher bid without reopening the inconclusive online auction broadly to other bidders.
16 more elements
A system comprising:
- a memory configured to store an auction module that conducts an online auction for a vehicle offered for sale by a seller, the auction module being programmed for receiving bids from a plurality of bidders, the bids being submitted via at least one of an app on an electronic mobile device or via an Internet browser, and the auction module being programmed to determine that an auction has timed out without a successful bid by any of the bidders including a best bidder having a previous best bid that was not accepted by the seller during the online auction;
- and
- a processor in communication with the memory, the processor configured to:
- determine a historical price from historical pricing data of vehicles having a specific make and a specific model in common with a target vehicle;
- receive an indication from the auction module that an auction of the target vehicle timed out without a successful bid resulting in an inconclusive online auction;
- in response to receiving the indication that the auction of the target vehicle timed out without the successful bid:
- compare the previous best bid and the historical price;
- determine, based on comparing the previous best bid and the historical price, whether to contact the seller or to contact a best bidder;
- responsive to determining to contact the seller:
- send a seller communication to the seller, the seller communication indicative to the seller that the historical price is less than the previous best bid and requesting acceptance of the previous best bid;
- responsive to sending the seller communication, receive from the seller an indication of acceptance the previous best bid;
- and
- responsive to receiving the indication from the seller of acceptance of the previous best bid, close the online auction at the previous best bid without reopening the online auction broadly to other bidders;
- and
- responsive to determining to contact the best bidder:
- analyze winning bidding history for a respective bidder of the plurality of bidders in which the respective bidder submitted a winning bid in at least one other auction for a vehicle with the specific make and the specific model;
- select, from the plurality of bidders and based on the analysis of the winning bidding history for the at least one other auction, the best bidder from the inconclusive online auction, the best bidder having a previous bid that was not accepted by the seller during the inconclusive online auction;
- send a bidder communication to the best bidder, the bidder communication indicative to the best bidder of the historical price being greater than the previous best bid and indicative to the best bidder to submit a bid that is higher than the previous best bid;
- responsive to sending the bidder communication, receive a higher bid from the best bidder;
- and
- responsive to receiving acceptance by the seller of the higher bid, close the online auction at the higher bid without reopening the online auction broadly to other bidders.
18 more elements
Dependencies are inferred from the claim text.