Method and Process of Conducting On Demand Electronic Auction

A method for conducting an on-demand auction, wherein the method is implemented by a computer system comprising at least one processor for executing one or more program modules stored in a computer-readable medium, the method comprising:

• executing, on the at least one processor, a product data module configured for use with a user interface comprising:
• presenting users of the method with at least one product;
• providing an activation member for each of said at least one product wherein the user may activate said member to demonstrate interest in said at least one product;
• and
• providing a computer readable instruction of the product activation to the at least one processor;
• executing, on the at least one processor, a backend administration module configured to obtain a predetermined minimum number of activated products and a predetermined minimum number of qualified inventories;
• executing, on the at least one processor, a product qualification module configured to receive said instruction from the product data module and configured to identify one or more qualified products, the executing step including evaluating said product data module instruction to determine if said predetermined minimum number of activation members have been activated and to provide a computer readable instruction to the processor regarding a determination of whether the at least one product is qualified;
• executing, on the at least one processor, an inventory qualification module configured to receive said instructions from said product qualification module and being configured to identify at least one qualified inventory, the executing step including evaluating said instruction from said product qualification module to determine if said predetermined minimum number of qualified products is met and providing a computer readable instruction to the computer system when the inventory is qualified;
• executing, on the at least one processor, a scheduler module configured to receive said instruction from said inventory qualification module and comprising:
• providing a computer readable instruction to the computer system that an auction is scheduled;
• identifying users eligible to participate in the scheduled auction;
• identifying products of the qualified inventory;
• notifying the users of the auction;
• and
• executing, on the at least one processor, a bidder module for conducting an auction for bidding on the at least one product of the qualified inventory.

A system for receiving one or more product activations indicative of interest in at least one product and for conducting an on demand auction comprising at least one processor unit and a user interface and further comprises:

• (a) a backend administration application for storing, on the at least one processor, a predetermined minimum number of product activations to constitute a qualified product and a predetermined minimum number of qualified products to constitute a qualified inventory;
• (b) a product qualification application for continuously evaluating, at a first time interval, interest in the product and which comprises:
• (i) presenting a user with product information for each of said at least one products;
• (ii) providing the user with an activation member for each of the products to indicate interest in the products by generating a first executable activation instruction;
• (iii) receiving the activation instruction from the activation member;
• (iv) evaluating the number of activation instructions by comparing to the predetermined minimum number of product activations for determining whether the product is said qualified product;
• (v) generating a second executable instruction to the processor identifying a number said at least one product that is said qualified product;
• (vi) generating a third executable instruction to the processor of the number of qualified products.
• (c) an inventory qualification application for continuously performing a determination of whether the inventory is qualified and which comprises:
• (i) comparing the number of qualified products to the predetermined minimum number of qualified products to constitute a qualified inventory;
• (ii) generating a third executable instruction to the processor for each inventory that is said qualified inventory;
• (c) a scheduler application for executing, on the processor, the second executable instruction of the qualified product and the third executable instruction of the qualified inventory and scheduling, on the processor, the auction for the qualified inventory;
• and
• (d) an auction application for receiving instructions from the scheduler application and for conducting the auction which comprises:
• (i) identifying eligible participants of the auction;
• (ii) identifying a length of time for the auction;
• (iii) presenting the qualified inventory to the eligible participants through the user interface;
• (iv) providing a bidding member on the user interface for the one or more qualified inventories, said bidding member for generating a bid instruction to the at least one processor;
• (v) simultaneously enabling the participants to bid on the one or more products of the qualified inventory;
• (vi) receiving the bid instruction and identifying winning bid upon completion of the auction time.