Systems and Methods for Setting Up Sale Transactions for an Online Auction

A system for setting up one or more auction sale transactions, the system comprising:

• a storage device configured to receive and store information related to a plurality of auction entries from one or more sellers of a plurality of sellers, the information including a lot size of each auction entry;
• and
• a processor in communication with the storage device to allow the processor to access and perform various functions in view of the information stored by the storage device, the processor configured to:
• access the information from the storage device;
• select at least one auction entry from the plurality of auction entries for each buyer of a plurality of buyers being logged into the auction system;
• receive one or more bids from one or more buyers of the plurality of buyers for the at least one selected auction entry;
• select one or more bids among the one or more received bids for the at least one selected auction entry;
• generate one or more sale transactions for the at least one selected auction entry between a corresponding buyer of the plurality of buyers and a corresponding seller of the plurality of sellers;
• and
• inform the corresponding buyer and the corresponding seller of the at least one auction entry of the generated one or more sale transactions.

A method for setting up one or more sale transactions on an auction system, the method comprising:

• generating a plurality of auction entries for a plurality of batches of sales;
• for each user being logged into the auction system, selecting one or more of the plurality of auction entries considering regulations governing sales between the user and a seller of each of the plurality of auction entries;
• receiving bids from the user for one or more auction entries, the bids including a bid price and an order amount;
• for each of the plurality of auction entries, selecting one or more bids among the received bids for the auction entry with the bids being disposed in a descending order of the bid price of the received bids until a sum of the corresponding order amount exceeds an amount of the auction entry, and determining a sale price for the auction entry based on the selected bids;
• and
• setting up one or more sale transactions for each of the plurality of auction entries having a determined sale price between a corresponding user and the seller of the auction entry.