Lance J Lester

US Patent:

20130159129, Jun 20, 2013

Filed:

Dec 14, 2012

Appl. No.:

13/714835

Inventors:

Lance J. LESTER - Naples FL, US

Assignee:

TitleAuction IP Holdings LLC - Naples FL

International Classification:

G06Q 30/08

US Classification:

705 263

Abstract:

An all-pay on-line auction encourages bids for auctioned property to be received throughout the auction by awarding bid behaviors. In an all-pay auction, bidders pay for each bid placed and the price of the auction property increases by an incremental amount. The final bid placed before the close of the auction has the right to acquire the auction property at the final price. In order to encourage bid placing throughout the duration of the auction, endurance bid behavior is monitored and accumulates the duration of high bids for each bidder. An award is provided to the bidder with the greatest accumulated duration. The award may be a right to purchase substantially similar property at the final price of the auction property. Additional awards may be provided for bidders placing a maximum number of bids and own-it-now credits allowing non-winning.