AU2016101306A4 - System and method for facilitating a live auction - Google Patents

Abstract

There is disclosed a method of collecting, displaying and storing data associated with a live auction of a product comprising: establishing pre-auction parameters for conducting said live auction and storing said pre-auction parameters in an electronically accessible memory; conducting said live auction; capturing live auction data during said live auction; displaying in real time said live auction data; comparing, in real time, said live action data and said pre-auction parameters to determine an occurrence of an auction event; selectively displaying said auction event in real time; following completion of said live auction, collecting said pre-auction parameters, live auction data and said auction events of said live auction and storing said pre-auction parameters, live auction data and said auction events of said live auction in a centrally accessible database.

Description

SYSTEM AND METHOD FOR FACILITATING A LIVE

AUCTION

RELATED APPLICATIONS

The present invention claims priority from earlier filed Australian Provisional Patent Application No. 2015900704 filed on 27 February 2015, the entire contents of which are incorporated herein by reference.

FIELD OF INVENTION

The present invention relates generally to a system and method for capturing, displaying and recording information associated with a live auction, and in particular, to a system and method for making available information about an auction as it is occurring in real-time and for managing the dissemination and use of such information.

BACKGROUND OF THE INVENTION

Real time and/or live auctions of goods have proven to be an effective means for selling goods to a buyer so as to provide benefits to both the seller and the buyer. Such auctions generally rely upon buyers competing against other buyers to purchase the goods with the environment being typically moderated by an auctioneer who acknowledges bids from potential buyers and informs other potential bidders about the state of the bidding, until such time as the goods are sold or passed in by the seller. The goods are sold if the seller is satisfied with the winning bid; otherwise the goods are “passed-in” due to their failure to meet the seller’s required price.

Despite the many advances in technology and the movement of many traditional business practices into an on-line format, live and/or real-time auctions are still largely the preferred method of sale for a variety of goods, such as real estate, livestock and other such products. Whilst on-line sales services, such as eBay® and other such web-based auction sites, have proven extremely popular for selling “small end” items, such as electronic goods, second hand goods, clothing and the like, for buyers of “high end” or large and costly goods, such as houses, vehicles or property, there is a reluctance to purchase such an item without having personally inspected the item. Further, many buyers of such “high end” items are often reluctant to bid for the item without attending the auction personally or sending a representative, to ensure that the sale is fair and legitimate, typically due to the large process associated with such goods.

For this reason, goods such as real estate, livestock, vehicles and the like are commonly sold at live and real-time auctions. In some circumstances, it is possible for individuals to participate in such a real-time auction remotely, via a video link or the internet; however, the provision of such services adds significantly to the cost and logistics of the agency conducting the auction and reduces the effectiveness of the auction by detracting from the excitement and atmosphere of the live environment. There is also a perception that the presence of remote bidders that are not directly visible to those bidders present at the auction can reduce the fairness and legitimacy of the auction. For this reason there is a reluctance to provide such remote facilities at most live and real-time auctions, with any remote buyers typically being represented by an agent or the like to perform the bidding on their behalf.

It is well established that live auctions provide a degree of excitement and energy that can result in bidders making bids for an item that they may not have intended to make and pushing the price of the item above what may have been expected. Often, the company selling the item has numerous agents present within the crowd to identify bidders and to assist them in bidding for the item, and the auctioneer typically employs a variety of techniques to increase and promote bidding by the potential buyers. As such, it is common for bidding to occur rapidly making it difficult for bidders to readily identify not only which bidder holds the current bid but also the amount of the current bid and the increments in which the bid is increasing. Typically, the auctioneer moderating the auction will have an assistant who will track the bidding and update the auctioneer accordingly, and the auctioneer will then inform the crowd of the state of the auction at regular intervals. However, in the real-estate market, many auctions for properties are held outdoors and there may be large numbers of bidders and members of the general public observing the auction who may be dispersed across a large distance. This, together with the presence of wind, traffic and other environmental noises may reduce the crowd’s ability to follow and track the progress of the auction, and hence the bidder’s ability to place their bids with any degree of confidence. This may have an adverse effect on the success of the auction by disengaging potential buyers and making them uncomfortable with the overall bidding process.

Further to this, for many auction companies and real estate agents, there is a need to capture data from auctions held in specific areas for analysis purposes. This data can include details on the opening bid, winning bid, incremental increase, and amount of bids, time intervals between bids, as well as the location and size of crowd present at the auction. This data can be collected by the agent or regulatory body and used for analytic purposes which can assist the agents in presenting properties for sale and correctly marketing the properties to the appropriate buyers.

Thus, there is a need to provide a means that collects and presents the data generated during an auction for use by the various participants in the auction in real-time to understand the state of the auction and to also capture the information for reporting and analysis purposes.

The above references to and descriptions of prior proposals or products are not intended to be, and are not to be construed as, statements or admissions of common general knowledge in the art. In particular, the following prior art discussion does not relate to what is commonly or well known by the person skilled in the art, but assists in the understanding of the inventive step of the present invention of which the identification of pertinent prior art proposals is but one part.

STATEMENT OF INVENTION

According to a first aspect, there is provided a method of collecting, displaying and storing data associated with a live auction of a product comprising: establishing pre-auction parameters for conducting said live auction and storing said pre-auction parameters in an electronically accessible memory; conducting said live auction; capturing live auction data during said live auction; displaying in real time said live auction data; comparing, in real time, said live action data and said pre-auction parameters to determine an occurance of an auction event; selectively displaying said auction event in real time; following completion of said live auction, collecting said pre-auction parameters, live auction data and said auction events of said live auction and storing said pre-auction parameters, live auction data and said auction events of said live auction in a centrally accessible database.

In one embodiment, the step of establishing pre-auction parameters may include obtaining data about said product. The data about said product may include descriptive data about said product and a reserve price for sale of said product. The descriptive data about said product may be supplied by the seller of said product prior to the live auction.

The step of conducting the live auction may comprise receiving bids from potential buyers of said product in accordance with conventional auction rules.

The step of capturing live auction data may comprise recording the bids in the order in which they are received and the step of displaying said live auction data may comprise displaying the bids in the order in which they are received. The bids may be displayed by transmitting the live auction data over a network for display on individual electronic devices connected over said network, in real time. The individual electronic devices may comprise tablets, smart phones and the like, and the network may comprise the internet, such as a GSM, CDMA or WCDMA network.

The step of comparing the live auction data and said pre-auction parameters may comprise comparing a most recently received bid with the reserve price established for sale of the product and the auction event may be determined representative of the status of the product following said comparison. In one form, if the most recently received bid is determined to be greater than the reserve price, the auction event may be determined as having “on the market” status. In another form, if the most recently received bid is determined to be greater than the reserve price, the auction event may be determined as having “passed -in” status. The auction event may be any one or more of, a vendor bid, a sold product and a passed-in product.

The step of displaying said auction event may comprise transmitting, in real time, the status associated with the most recently received bid.

The step of collecting and storing the pre-auction parameters, live auction data, and auction events, may comprise transmitting the pre-auction parameters, live auction data, and auction events to the centrally accessible database of a host service stored on a network. The host service may comprises one or more servers for storing and processing said pre-auction parameters, live auction data, and auction events associated with said live auction and generating one or more lists of live auctions containing said pre-auction parameters, live auction data, and auction events. The host service may be centrally accessible by a plurality of remote users to access said data stored thereon.

In one embodiment, the method of the first aspect may comprise an additional step of generating a report based on said pre-auction parameters, live auction data, and auction events for display.

According to a second aspect, there is provided a system for displaying and recording bidding data in a live auction environment comprising: a private user interface, controllable by a private user to capture bidding data in real time; at least one public user interface in electronic communication with the private user interface and accessible by a public user to receive the bidding data captured by the private user and to display the bidding data in real time; and a remote server in electronic communication with the private user and configured to receive and store the bidding data collected by the private user interface.

In a preferred embodiment of this aspect of the invention, the bidding data may comprise a value of each bid, a time of each bid, an increment of increase of each bid, an origin or type of each bid, a sale event and/or a passed-in event.

According to a third aspect, there is provided a method for displaying and recording bidding data in a live auction environment comprising: listing an item for a live auction on a centrally accessible database; providing a plurality of registered user’s access to the database to view the listed items for auction; capturing data associated with the live auction in real time; updating said listing of the live auction in real time in accordance with the captured data such that each of the registered users can view the data in real time via a personal user interface; and at the completion of the live auction, sending the captured data to the database for storage and processing.

According to a fourth aspect, there is provides a method of collecting and displaying data associated with a live auction of a product over a network comprising: creating a dedicated auction listing page for the product on a centrally accessible server; facilitating access of a plurality of registered users to said dedicated auction listing page for the product; facilitating access of an authorised user to said dedicated auction listing page for updating the data associated with the live auction; capturing pre-auction parameters about said product and storing said preauction parameters in an electronically accessible memory associated with the server; conducting said live auction and receiving updated data associated with the live auction from the authorised user and displaying said updated data as it is received on said dedicated auction listing page; comparing, in real time, said updated data against said captured preauction parameters to determine an occurrence of an auction event; upon determination of an auction event, selectively displaying said auction event in real time on said dedicated auction listing page; following completion of said live auction, collecting said pre-auction parameters, live auction data and said auction events of said live auction and storing said pre-auction parameters, live auction data and said auction events of said live auction in the electronically accessible memory associated with the centrally accessible server.

In an embodiment of the fourth aspect, the step of capturing pre-auction parameters about said product and storing said pre-auction parameters in an electronically accessible memory comprises receiving parameters from a seller of the product regarding at least a reserve price of the product, and storing said reserve price in said electronically accessible memory.

In an embodiment of the fourth aspect, the step of conducting said live auction and receiving updated data associated with the live auction from the authorised user and displaying said updated data comprises receiving bid amounts and displaying the bid amounts together with the time they were placed on said dedicated auction listing page in the order upon which they are received.

In an embodiment of the fourth aspect the step of comparing, in real time, said updated data against said captured pre-auction parameters to determine an occurrence of an auction event comprises comparing the most recently received bid amount against the stored reserve price to determine whether the product has reached its reserve price.

In an embodiment of the fourth aspect, the step of, upon determination of an auction event, selectively displaying said auction event in real time on said dedicated auction listing page, comprises displaying against the most recently displayed bid an icon indicating whether the bid is above or below the reserve price.

BRIEF DESCRIPTION OF THE DRAWINGS

The invention may be better understood from the following non-limiting description of preferred embodiments, in which:

Fig. 1 is a diagram of a system for capturing, displaying and recording information associated with a live auction in accordance with an embodiment of the present invention;

Fig. 2 is a flow chart depicting a method for users to register with the system capturing, displaying and recording information associated with a live auction in accordance with a first embodiment

Figs. 3-7 illustrate a graphical user interface of a software application for use with the system and method for capturing, displaying and recording information associated with a live auction of the present invention;

Fig. 8 is a flow chart depicting a manner in which a new property may be recorded with the system of the present invention;

Fig. 9 is a flow chart depicting how the system of the present invention may be employed to capture, display and record information associated with a live auction in accordance with a preferred embodiment; and

Figs. 10-18 illustrate a graphical user interface of a software application for use with the system and method for capturing, displaying and recording information associated with a live auction of the present invention.

DETAILED DESCRIPTION OF THE DRAWINGS

Preferred features of the present invention will now be described with particular reference to the accompanying drawings. However, it is to be understood that the features illustrated in and described with reference to the drawings are not to be construed as limiting on the scope of the invention.

The system and method of the present invention will be described below in relation to its application for use in the collection, display and storage of information relating to a real estate auction for a property in real-time. It will be appreciated that the system and method of the present invention may also be applicable for use with an auction for selling a variety of goods, such as livestock, vehicles and other goods where a live and real-time auction is employed.

Referring to Figure 1, an embodiment of a system 10 in accordance with the present invention is depicted. The system 10 will be referred to as an auction display and recordal system for displaying and recording data associated with an auction. The system 10 generally includes a network 14 that facilitates communication between a host service 11 and one or more remote services 16, 18. The system 10 also facilitates communication of the host service 11 with one or more third party servers 17 and remote computer systems 15 as will be discussed in more detail below.

The host service 11 is depicted as comprising one or more host servers 12 that communicate with the network 14 via wired or wireless communication, as will be appreciated by those skilled in the art. The one or more host servers 12 are configured to store a variety of information collected by each of the remote services 16, 18 as well as to obtain data from third party servers 17 and remote computer systems 15 via the network 14. The host servers 12 are also able to house multiple databases necessary for the operation of the methods and systems of the present invention and for the storage of information collected from the individual users of the remote services 16, 18. The servers 12 may comprise any of a number of servers known to those skilled in the art and are intended to be operably connected to the network 14 so as to operably link to the plurality of remote services 16, 18. The servers 12 typically include a central processing unit or CPU that includes one or more microprocessors and memory operably connected to the CPU. The memory can include any combination of random access memory (RAM), a storage medium such as a magnetic hard disk drive(s) and the like.

In a preferred embodiment, the distributed computing network 14 is the internet or a dedicated mobile or cellular network in combination with the internet, such as a GSM, CDMA or WCDMA network. Other types of networks such as an intranet, an extranet, a virtual private network (VPN) and non-TCP/IP based networks are also envisaged.

The remote services 16, 18 are categorised for use with two different types of users. Remote service 18 may be used by an agent or dedicated member responsible for overseeing and coordinating the auction being undertaken. The remote service 18 is typically in the form of a tablet or similar portable computing device that is configured with a dedicated software application to assist the user in entering data during the auction so as to capture the events of the auction as they occur for transmission to other users and/or the host service 11 in real time. The manner in which this is achieved will be discussed in more detail below.

Remote service 16 may be used by a member of the public and may be in the form of a smart phone, Personal Digital Assistant (PDA) or the like, having a software application that enables the service 16 to receive updated data about the auction as it occurs from a linked remote service 18 controlled by the sales agent. The remote service 16 is largely a passive device that receives data and allows the user to review and access the data, but not enter data regarding the auction in real time. The remote service may also be configured such that it is able to communicate with the host service via a mobile web browser thereby obviating the need for the remote service 16 to download software for this purpose.

The third party servers 17 may include commercial databases and internet based search engines dedicated to advertising items for same. In a real estate application, the third party servers 17 may include commercial databases dedicated to advertising properties for sale, such as www.realestate.com.au, www.domain.com,au and the like. The host service 11 is able to communicate with the third party servers 17 via the network 14 to obtain specific information about the property for use with the system and method of the present invention.

The third party computer systems 15 may include computer systems and databases generated by auction houses or real-estate sales agents that use the method and system of the present invention. Through enabling the system 10 to provide access to a third party computer system 15, the user of the remote service 18 responsible for capturing data during the live-auction is able to save the data directly to their own internal database associated with their computer system at their remote workstation the completion of the auction. This way, each sales agent is able to utilise the system of the present invention to improve their own reporting and data analysis for use in improving their own professional services.

The memory of the servers 12 may be used for storing an operating system, databases, software applications and the like for execution on the CPU. As will be discussed in more detail below, in a preferred embodiment the database stores data relating to each registered user of the system 10, as well as information relating to each auction that has used the present system 10. The data collected from each auction may be used for reporting and analysis and may be made available to various regulatory and professional bodies, such as real estate bodies and the like, as requested. Alternatively, the data may be made available to sales agents and the like to assist in market analysis and identifying market trends.

As discussed above, each user, whether they are a registered agent user or a public user, is connected to the network 14 by way of a remote service 16, 18. The remote service 16, 18 stores one or more programs that include executable code to facilitate operation of a software application or “app”, which is configured to provide an interface between the remote service 16, 18 and the host service 11. Such an arrangement enables communication therebetween, as well as between other remote services 16, depending upon the type of user and the overall requirements of the system.

In one embodiment of the present invention, the functionality of the remote service 16, 18 is provided by the type of software application that is installed in the local non-volatile storage of the remote service 16, 18 and which is executed by the internal processor of the remote service 16, 18. The software application may be downloaded to the remote service 16, 18 via the network 14 from the host service 11. Alternatively, the software application may be purchased or otherwise downloaded through a software application provider, such as iTunes and the like, for storage on the remote service 16, 18. In his regard, the remote service 16, 18 may provide a means for a user to collect and transfer information to the host server 12 via the network 14 automatically, by transmitting data collected by the remote service 16 which is captured in a form that can be readily transmitted between the remote service 16 and the host service 11. Alternatively, the remote service 16, 18 may be appropriately configured to remotely access a portal provided with the host service such that the remote service 16, 18 does not require any dedicated software to access the system but can merely access the system via the host service 11 over the network.

Irrespective of the manner in which a user accesses the system of the present invention, in order for a user to obtain authorisation to use the system 10 of the present invention, the user is required to register with the host service 11 in accordance with the method 20 as set out in Fig. 2.

In step 21, a user, via their remote service 16, 18 or via an internet connection through a laptop or similar computing device, accesses the host service 11 by way of a guest user interface. The guest user interface provides a simple means for the host service to obtain the relevant details from the user, such as name, address, contact details, credit card details, and any other details considered relevant to establish the identity of the new user.

In step 22, the guest user interface then requests the user to identify the type of user registration they require. The user is able to select between a private user type, and a public user type, depending upon their specific requirements and authority. A private user type will include those users that are registered sales agents and will be using the system to manage and facilitate an auction on behalf of a seller. A private user will include auctioneers, auctioneer assistants and real estate agents, who will be provided with access to an appropriate software application having sufficient security access to enable the user to enter data into the system as well as provide them with the ability to save and access data sufficient to their user requirements, as will be discussed in more detail below. A public user type will include members of the public who wish to track and view auctions, including potential buyers seeking to follow an auction more closely and to access data associated with other auctions. Such a public user type may also include potential sellers seeking to remotely monitor the progress of their auction without having to physically attend the auction. A public user will be provided with access to software application that does not allow them to enter data about a specific auction, but enables them to select and view auction results and auction progress as required.

Upon the user selecting the type of user registration they require in step 22, in step 23 the host service 11 seeks to confirm the user type. In this step, if the user indicates that they are seeking a private user registration, the host service will request further information from the user to confirm that the user does qualify for such a registration. This may include requesting the user to confirm their employer or agent registration details and the host service 11 may then confirm the details with a third party authority before confirming that the registration can proceed. Alternatively, if the user has selected a public user type registration, the host service 11 may merely confirm that the user is not already registered on their database of users in this step.

In step 24, following confirmation of the user type, a copy of the appropriate software application may be made available to the user for downloading directly to their remote service 16, 18. This could be achieved by the user purchasing or otherwise downloading a copy of the software application from a conventional software application store, such as “iTunes” or “Google Play”. The host service 11 may also provide a means for a user downloading the software application directly from the host site, via the network 14 or may provide access to a cloud based interface for interacting with the system. As discussed previously, the type of application made available will depend upon the type of user registration. Alternatively, in this step rather than making a software application available to download to the user, a password and user id may be provided to enable the user to access the software via the host service through the network, as may be desired.

Once the software application has been downloaded into the user’s remote service 16, 18 or an appropriate user id and password provided to access the software hosted by the host service, the registration details of the user will be recorded in a database of users stored in the servers 12 of the host service 11 in step 25, ready for use.

In order for a private user to use the system and method of the present invention, the user accesses their remote service 18, typically an electronic tablet device, smart phone or the like, and activates the software application stored thereon or uses the electronic tablet or smart phone’s web browser to access the software hosted by the host service via the network, and is presented with the login screen 30 as depicted in Fig. 3. The login screen 30 enables a user to enter their unique username and password to access the host server and related functionality of the software application.

Upon successfully accessing the software application, the private user is directed to a landing page 31 as shown in Fig. 4. The landing page 31 presents the private user with a number of options depicted by icons 40-43. Icon 40 is an auction listing icon that enables the private user to review and enter new properties into the system that may have an upcoming auction, edit existing properties listed in the system and/or search and review the list of upcoming or current auctions that are to take place. Icon 41 is an auction history icon and enables the private user to review and select past auctions stored within the system. The private user may select this icon to create a report on past auctions based on a variety of parameters, as will be discussed in more detail below. Icon 42 is the account icon that enables a private user to update or change any of their personal details stored in their account in the databases maintained by the servers 12 of the host service 11. Icon 43 is the sign-out icon that enables the user to securely leave the application.

The landing page 31 also preferably includes a listing of any active auctions 46 that are currently in progress. This listing may only include those listing associated with the private user, for example, only those listings managed by the private user’s agency, or may list only those auctions in an area requested by the private user. A listing of any upcoming auctions 47 is also provided on the landing page 31 showing the address and the date/time of the upcoming auction.

These listings 46, 47 provide a shortcut to the user who can access the real time date captured at the auction by selecting the appropriate auction listed or can view and in some instances, edit the details of the properties listed.

Should the private user wish to enter a new property into the present system or review or search existing listed auctions, the auction listing icon 40 is selected from the landing page 31. The private user is then directed to the auction listing page 32, as depicted in Fig. 5. The auction listing page 32 provides a more complete listing of the active and upcoming auctions, including the property address, auction date, as well as the status of the auction. A search bar 48 is also provided to enable the user to search the properties listed with the system to locate a desired property. The search could be conducted by keyword, such as suburb, address, or any other descriptor used by the present system, as would be appreciated by those skilled in the art.

In order for the user to enter a new property into the system, the user selects the Add Property icon 49 as shown in Fig. 5 and is directed to a creation page 33 dedicated to adding a new property into the system, as depicted in Fig. 6. The user is then able to enter details about the property address in the appropriate fields as well as specific details about the property, including pictures of the property and sales price. From the creation page 33, the user is able to save the listing where it will be stored with the database for the host service for inclusion with the auction listings.

Referring again to the auction listing page 32 of Fig. 5, should the user wish to review a specific property as listed on this page, the user can simply select that property and will be taken to the property page 34, as depicted in Fig. 7. On this property page 34, basic details about the property will be shown, including date of auction and reserve process, where entered.

As depicted by the flow chart in Fig. 8, the private user may add a new property into the system by method 50. In step 51, the user enters the creation page 33 of Fig. 6, and enters the address details of the new property whereby a search is conducted to check whether the property has previously been entered. If there is no record, a new entry may be created for that property. In step 52, once the address is known, the system may scrape the necessary data associated with that property from existing third party servers 17, such as those discussed above in relation to Fig. 1. The system may then use this information to automatically populate the fields in the creation page 33 of Fig. 6. Similarly, where the private user is an agent for a real estate agency, the system may access the real estate agencies database to collect the appropriate data to create the new property listing, without requiring data entry from the user.

Should the private user not be in a position to scrape data about the property from existing sources, step 53 enables the user to manually enter the data into the fields of the creation page 33 as discussed above. This step may also be presented to the user of the system was unable to scrape all data from the third party sources in step 52.

Upon providing the required data about the new property listing in steps 52 and 53, the private user is then required to set the appropriate auction parameters for the new entry. These parameters include actual details about the auction such as where and when the auction is to take place, the location of the auction as well as the details of the agency managing the auction and any contact details and conditions for the auction, such as preregistration details and the like. These details may be later verified by the host service 11.

In step 55, the property entry is stored in the database of the host service 11 and will be searchable by all users. It will be appreciated that should the private user wish to update or change the property listing or auction details, the private user is able to select the entry and their details will be stored against the entry to authorise that user to make the necessary changes as required.

In order to use the software and related system of the present invention in an auction situation, on the auction day, the private user is able to enter the property listing screen 32 as shown in Fig. 5 and select the property “start auction” icon 35. This step is depicted as step 61 in the method 60 of conducting an auction in accordance with the present invention, as depicted in Fig. 9, which retrieves the listing from the server 12 of the host service 11.

In step 62, the private user’s remote device is then loaded with with the live auction screen 36, as depicted in Fig. 10. The user is then prompted to enter the reserve price as set by the sellers of the property. This is directly entered as shown in Fig. 10. The reserve price is immediately entered in step 62 prior to commencement of the auction, as the private user is present at the auction, they may consult with the auctioneer and the sellers to determine a reserve price for the property. The seller may choose not to elect a reserve price, or choose to wait until the auction commences before deciding on a reserve price. If a reserve price is established, the private user is able to enter the reserve price through the touchpad provided on the live auction screen 36. The reserve price, whilst entered by the private user, may not be made visible on the live auction screen 36 to public users. Typically, the reserve price is merely stored in the system and used as a visual indicator to show to the private user the progress of the bidding and how close to the reserve price the bidding is progressing. As public users are able to view the live auction screen 36 on their own remote devices as the private user enters data in order to follow the auction, the public users are not aware of the reserve price for the property.

In step 63, the auction commences by the auctioneer accepting an opening bid for the property. The private user responsible for capturing the data during the auction enters the opening bid into the system through the touchpad provided on the live auction screen 36 as shown in Fig. 11. Through the touchpad provided, the private user is able to indicate the type of bid taken, namely whether the bid was a vendor bid or was a legitimate bid taken from a potential buyer. If the starting bid is made by a potential buyer, this data is captured by selecting the appropriate icon on the touchpad together with the value of the bid. In the example depicted in Fig 11, the opening bid of $900,000 is a “buyer” bid and is recorded as such. After the opening bid is captured by the private user, the private user presses the START AUCTION icon to commence the auction such that the live auction screen is updated to show the opening bid.

The auction will then progress in a usual manner with the auctioneer taking the next bid as it is made in step 64. The private user captures each bid on the live auction screen 36 by selecting the appropriate increment increase of the bid on the touchpad as show in Fig. 12. The user is provided with a number of options to choose from and is able to customise the selection as required. As soon as the auctioneer accepts the bid, the private user then selects the PLACE BID icon to capture this event. The software application captures the value of the bid, the time when it was placed, and the bidding increment, where it is displayed as shown for all private and public users to view. In some instances, the public users may set up their user interface to automatically convert the currency value of the bid being placed into a currency of their preference. In this way, when the private user captures the bid, as it is displayed on the public user’s phone the software application determines an appropriate conversion rate and converts the bid amount into the currency required. This may involve obtaining the currency rate from an on-line currency exchange service and converting the bid amount into one or more currencies which are each displayed to the public user.

As is shown in Fig. 12, once each bid has been placed, the current bid is then placed in a list with all other bids and is highlighted to show that it is the current winning bid. After each bid is taken, the software system makes a comparison as to whether the bid exceeds the reserve price at step 65. This is achieved by the software application comparing the bid against the set reserve (if any) and if the reserve has not been met a bar 37 is provided that gives all users an indication of where the bid stands in relation to the set reserve price for the property. This is a visual indicator that changes as more bids are made and the bidding price approaches the reserve.

If a bid is made during the auction that is for an increment different to that which is predetermined on the touchpad, the private user is able to customise the incremental increase as in the manner as shown in Fig. 12. In the example as depicted in Fig. 12, the starting bid is identified by the private user as a vendor bid and is shown as such through the use of the icon “V” at the front of the listed bid. Each of the other bids made are listed with the icon “B”, indicating that they are bids made by potential buyers.

As the bidding continues in steps 64 and 65, the private user continues to capture each bid and the bidding increments, which are listed in order on the live auction screen 36. As soon as the bidding exceeds the reserve price set for the property, the software application alerts the private user of this fact and the ON THE MARKET icon becomes visible, as is shown in Fig. 13. The private user may then alert the auctioneer to inform the buyers that the property is on the market, and this will be conveyed to the public users via their own devices, where an arrow icon is provided beside the bid that exceeds or meets the reserve price, in this example, the $940,000 bid.

In accordance with steps 64 and 65, the bidding will continue and the private user will continue to record all bids as they are accepted by the auctioneer, after the reserve has been met. However, the touchpad provided on the private user’s live auction screen will change such that the “passed in” icon is replaced with the “sold”, as is shown in the live auction screen 36 of Fig. 14, and is depicted by step 66 of method 60.

If, in step 64, no further bids are being offered for the property, the auctioneer checks to determine whether the property is on the market in step 67. The private user will be able to readily inform the auctioneer whether this is the case by viewing the live auction screen 36.

If, in step 68, the reserve price has been met and there are no further bids, the property is sold. This is captured by the private user in the manner as shown in Fig. 15. The private user is presented with a “SOLD” icon and when the auctioneer accepts the final bid after the final call and closes the auction the private user confirms that the sale has been made by pressing this icon on the live auction screen 36.

To complete the matter, in step 69, following the property being sold, the software application presents the private user with the final report page 37 whereby the private user is able to send a final report containing the data captured during the auction to be stored in the servers 12 of the host service 11, as depicted in Fig. 16. The private user may select that a report is sent to other bodies for publication purposes and in this regard, the user is able to select whether they wish to disclose the sale price or any other information, such as vendor bids, in accordance with the wishes of the vendor and purchaser of the property. The automatic report containing all the data can also be forwarded to the private user’s email address or that of their agency, for reporting and further analysis, as required.

If, at step 70 it is determined that there are no more bids and that the property has not met the reserve price and is not on the market, the property will be passed in. As soon as the Auctioneer declares such a situation the private user merely selects the PASSED IN icon to capture this fact, see Fig. 13. The private user may then in association with the auctioneer and accepted practices, initiate negotiations with the highest bidder following the auction and if the negotiations result in the property selling the software application can be updated to capture this fact by entering the sale total in the appropriate box in Fig. 14 and selecting the SOLD icon. A report can then be generated in step 69 as discussed above. Similarly, if the negotiations do not result in the property selling, the private user confirms that the property is passed-in and is presented with the final report page 38 as depicted in Fig. 17. From this report page 38, the private user is able to generate a report indicating that the property was passed-in together with any other relevant details as required.

It will be appreciated from the above description, that that the system and method of the present invention is able to capture all the relevant data associated with an auction, irrespective of whether the property is sold or not. The data is able to capture the bidding amounts, bidding increments as well as the duration between bids. This can provide analytics an indication of the frequency of the bidding which may provide an indication of the type of bidders present and the state of the market. As the starting bid is also captured as well as any vendor bids, such data can assist real estate agents in obtaining a greater indication of the value of properties with similar characteristics, which has not previously been possible by merely reviewing the final sale price for an auction. It is also possible that the application of the present invention may enable the private user to enter additional more qualitative information such as the number of bidders, number of attendees at the auction as well as the weather and other relative conditions. All of these factors can then be assessed and used by real-estate professionals to provide auctions that are likely to provide the best conditions for obtaining the maximum price for a seller.

After each auction, the data collected about that auction is collected by the host service 11 and stored in a database within the servers 12. The data may then be processed to determine a variety of trends associated with the auction process and bidding habits between regions and properties can be compared to provide reports to any companies or regulatory bodies. In this regard, the host service may prepare analysis for purchase or supply to registered users, or the host service 11 may make the collected data available for third parties to process. In any event, data for each auction can be stored in a historical manner and will be searchable via the software applications present in each public or private user’s remote device.

In this regard, referring to Fig. 4, from the landing page 31, a private user can merely select the auction history icon 41 to access the historical records present in the database of the host service. The results are listed in order based on the search item used, as depicted in the results screen 39 of Fig. 18. In this regard, the listing provides the address of the property, the auction date, the status of the auction and the price of the winning bid or the last bid if the status of the auction is PASSED IN. From this listing the private user can select a specific sale and will be provided with a summary of the auction showing the bidding increments and durations, together with the starting bids and any other relevant information.

The system and method described above has been described from a private user’s perspective, such as an estate agent or auctioneer interface, whereby the private user has an ability to enter properties and to capture data as it occurs during a live auction. However, as mentioned previously, the system and method of the present invention also has a public user application which may be downloaded or otherwise accessed by a public user’s mobile phone or similar personal electronic device. The public user’s software application offers limited access to the host service and enables the public user to search listings and historical auctions via their personal device, but does not allow the public user to post listings or capture and enter data during an auction.

Whilst not specifically depicted, the public user may activate their software application and be provided with a listing of all properties in much the same way as discussed above in relation to a private user. The public user may search through the list of auctions to locate an auction of interest, and from their personal electronic device, the public user is able to view developments as they are occurring in that auction, irrespective of whether they are present at the auction or not. In this regard, the public user may be a potential buyer who will be attending the auction and wishes to follow the auction via their software application so as to have an ongoing record of the bidding as it occurs to assist them in understanding and following the status of the auction. As live auctions are stressful and fast paced, a bidder can use the present system to monitor the action as it occurs whilst also keeping track of other bidders, without having to concentrate too hard on making notes and tracking bids.

Similarly, the public user may be a bidder who does not want to be present at the auction, for any of a variety of reasons, but who is represented at the auction by an agent to do the bidding on their behalf. In this instance, the user can follow the auction as it occurs and can contact their bidding agent by telephone to provide further instructions if considered necessary. In such an application the user is not reliant on their representative’s commentary to understand what state the auction is, but can follow the action in real time.

Another type of public user may be an owner of a property being sold. Typically, property owners are present at the auction but are often located away from the actual auction site, either inside the property or elsewhere. In this regard, they may not be able to hear the progress of the auction and are reliant on updated from a representative of the agent. The present invention provides a simple and effective means for the owner to follow and track the auction as it occurs, while maintaining a presence remote from the actual auction site.

It will be appreciated that the auction tracking and display system and method of the present invention provides a number of benefits to both agents and those responsible for overseeing the auction, as well as the general public and those individuals wishing to follow and view the auction in more detail. The auction tracking and display system and method of the present invention also provides a unique means for collecting and processing data associated with an auction for analysis and reporting applications. Such a system and method enables all aspects of an auction to be monitored to ensure that participants are provided with up-to-date information about the auction in an open and transparent manner, ensuring that the auction is carried out in a fair and equitable environment. All data is able to be recorded and stored for analysis and comparison purposes, thereby providing a system for analysing and facilitating an auction that is able to utilise past results to give buyers and sellers a fair and accurate indication of expected results.

Throughout the specification and claims the word “comprise” and its derivatives are intended to have an inclusive rather than exclusive meaning unless the contrary is expressly stated or the context requires otherwise. That is, the word “comprise” and its derivatives will be taken to indicate the inclusion of not only the listed components, steps or features that it directly references, but also other components, steps or features not specifically listed, unless the contrary is expressly stated or the context requires otherwise.

It will be appreciated by those skilled in the art that many modifications and variations may be made to the methods of the invention described herein without departing from the spirit and scope of the invention.

Claims (5)

1. The claims defining the invention are as follows:

   1. A method of collecting and displaying data associated with a live auction of a product over a network comprising: creating a dedicated auction listing page for the product on a centrally accessible server; facilitating access of a plurality of registered users to said dedicated auction listing page for the product; facilitating access of an authorised user to said dedicated auction listing page for updating the data associated with the live auction; capturing pre-auction parameters about said product and storing said preauction parameters in an electronically accessible memory associated with the server; conducting said live auction and receiving updated data associated with the live auction from the authorised user and displaying said updated data as it is received on said dedicated auction listing page; comparing, in real time, said updated data against said captured pre-auction parameters to determine an occurrence of an auction event; upon determination of an auction event, selectively displaying said auction event in real time on said dedicated auction listing page; following completion of said live auction, collecting said pre-auction parameters, live auction data and said auction events of said live auction and storing said pre-auction parameters, live auction data and said auction events of said live auction in the electronically accessible memory associated with the centrally accessible server.
2. 2. A method according to claim 1, wherein the step of capturing pre-auction parameters about said product and storing said pre-auction parameters in an electronically accessible memory comprises receiving parameters from a seller of the product regarding at least a reserve price of the product, and storing said reserve price in said electronically accessible memory.
3. 3. A method according to claim 2, wherein the step of conducting said live auction and receiving updated data associated with the live auction from the authorised user and displaying said updated data comprises receiving bid amounts and displaying the bid amounts together with the time they were placed on said dedicated auction listing page in the order upon which they are received.
4. 4. A method according to claim 3, wherein the step of comparing, in real time, said updated data against said captured pre-auction parameters to determine an occurrence of an auction event comprises comparing the most recently received bid amount against the stored reserve price to determine whether the product has reached its reserve price.
5. 5. A method according to claim 4, wherein the step of, upon determination of an auction event, selectively displaying said auction event in real time on said dedicated auction listing page, comprises displaying against the most recently displayed bid an icon indicating whether the bid is above or below the reserve price.