AU2016102014B4

AU2016102014B4 - Auction guarantee - a method and system for conducting an auction

Info

Publication number: AU2016102014B4
Application number: AU2016102014A
Authority: AU
Inventors: Danny Cook
Original assignee: Asted Pty Ltd
Current assignee: Asted Pty Ltd
Priority date: 2016-11-21
Filing date: 2016-11-21
Publication date: 2017-06-29
Anticipated expiration: 2024-11-21
Also published as: WO2018094447A1; AU2016102014A4

Abstract

A manual or computer implemented method for conducting an auction as well as a system for doing so. The method includes the steps receiving via a network interface or manually, information relating to the Auction Guarantee Seller (seller) "Sale Parameters" including the item/s a seller has for sale, information relating to a seller's Auction Guarantee Sale Price or reserve price and information relating to the seller's required profit share (share of the profit) from the sale of the said item/s. Receiving information relating to a Auction Guarantee Buyer (buyer) "Buy Parameters" including maximum Auction Guarantee Buy Price buy price on the said item/s and information relating to the buyers required profit share. The compatibility of the seller's "Sale Parameters" with a buyer/s "Buy Parameters" is determined to either trigger the auction process if compatible or if incompatible, to offer renegotiation of the sale and buy parameters between the seller and buyer/s until compatibility or incompatibility is determined. Once the sale & buy parameters are compatible and the auction is completed the final auction bid price and the entity of the final auction bid price determines the purchaser of the said item/s and if the highest bid is above the Auction Guarantee Sale Price the seller and buyers profit share is calculated and distributed accordingly.

Description

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TITLE: AUCTION GUARANTEE - A METHOD AND SYSTEM FOR

CONDUCTING AN AUCTION FIELD OF INVENTION: [0001] The present innovation relates generally to a method and system for conducting an auction either electronically (online) or manually (offline).

[0002] The invention has been developed to auction any item (tangible or intangible) and for demonstration purposes it will described hereinafter with reference to real estate, however, it will be appreciated that the invention has multiple applications and is not limited to this particular field of use.

BACKGROUND OF THE INVENTION

[0003] An auction is a public sale in which goods or services are sold to the highest bidder.

[0004] There are two parties in an Auction - the seller and the buyer. The seller sets the “reserve” price on the item/s they are selling, which is the lowest price a seller is prepared to accept for the item/s. Once the auction starts and the bidding has reached the reserve price the item/s are “On the Market” and will be sold to the highest bidder.

[0005] An auction can be held online (internet based/electronically) or off line (location based or manually). The auction is facilitated by an auctioneer, via an electronic auction platform or in person by an auctioneer. The item/s auctioned can be tangible or intangible. Typically real estate, vehicles, livestock, intellectual property, household items & business items are sold at Auction.

[0006] Some auction conditions offer the opportunity to buy goods at a price pre-determined by the seller (eg. "Buy it now" option) however buying at a predetermined price is not an auction. In some Auction terms and conditions, if the buyer Ό Ο (Ν > Ο (Ν Ο (Ν Ο Ό Ο (Ν [0011] and seller reach agreement on price prior to the Auction taking place, the item/s can be sold prior to the auction.

[0007] There are many problems that a seller can encounter when using the auction method to sell their item/s.

These problems include; • No buyer bids at auction • No guarantee of selling the item/s at auction. • The reserve price is not reached at the auction and the item is passed in. • The seller’s reserve price may not reflect the current market. • If the item is sold prior to the auction the seller does not know if they would receive a higher bid / price than the offer accepted before the auction. • Sometimes, item/s are ‘passed in’ on auction day and despite the seller still intending to sell at a later date, it can upset or eliminate some potential buyers. • Some potential buyers don’t like the competitive nature and immediacy of the auction process and won’t participate or even bid.

[0008] The applicant has recognized a need for a method and system (this innovation) to provide the seller of an item/s with surety that their item/s will be sold at auction with the added benefit of the potential to receive a higher price from the auction. In addition, to provide a buyer with a means to receive profit share and to buy item/s below market value. SUMMARY OF THE INVENTION: [0009] The present invention provides a computer / network / electronic interface “Electronic” or “Manual” implemented system and method for conducting an auction including; [0010] receiving, via a network interface or manually, information relating to the item/s an Auction Guarantee Seller (seller) has for sale. receiving, via a network interface or manually, information from an ο (Ν > Ο (Ν Ο (Ν Ο Ό Ο (Ν

Auction Guarantee Seller relating to the preferred auction day, date and/or time for the item/s.

[0012] receiving, via a network interface or manually, information relating to an Auction Guarantee Sellers Auction Guarantee Sale Price or reserve price for the item/s for sale.

[0013] receiving, via a network interface or manually, information relating to an Auction Guarantee Sellers required profit share (share of the profit) from the sale of the item/s, expressed as percentage, a set amount, a sliding scale or as agreed to between the Auction Guarantee Seller and the Auction Guarantee Buyer.

[0014] The profit is calculated as the difference between the winning / highest bid amount and the Auction Guarantee Sale Price and if agreed to by the Auction Guarantee Seller and the Auction Guarantee Buyer, less any sales commissions, fees or other amount as agreed to between the Auction Guarantee Seller and the Auction Guarantee Buyer.

[0015] receiving, via a network interface or manually the Auction Guarantee Sellers preference to withhold their Sales Parameters and allow an Auction Guarantee Buyer to provide their Buying Parameters first for the item/s for sale.

[0016] receiving, via a network interface or manually, information relating to a Auction Guarantee Buyer/s maximum buy price or Auction Guarantee Buy Price on the item/s the seller has for sale.

[0017] receiving, via a network interface or manually, information relating to an Auction Guarantee Buyer’s required profit share (share of the profit) expressed as a percentage, a set amount or as agreed to between the Auction Guarantee Seller and the Auction Guarantee Buyer.

[0018] via a network interface / processor or manually, determining if the selling and buying preferences of an Auction Guarantee Seller and Auction Guarantee Buyer/s match.

[0019] If a match is found, via a network interface or manually, the Auction Guarantee Seller and the Auction Guarantee Buyer are advised of the match. ο (Ν > Ο ;ζ; (Ν Ο (Ν Ο Ό Ο (Ν [0029] [0020] If a match is not found, via a network interface or manually, the Auction Guarantee Seller and the Auction Guarantee Buyer are advised that no match was found.

[0021] In the event that a match is not found, the Auction Guarantee Seller at their discretion, may retain their current sale parameters or via a network interface or manually, withdraw the item for sale or accept the Auction Guarantee Buyers buying parameters or adjust their selling parameters.

[0022] In the event of a match not found, the Auction Guarantee Buyer at their discretion, may retain their current buy parameters or via network interface or manually, accept the Auction Guarantee Sellers selling parameters or adjust their buying parameters.

[0023] In the event of a match, the auction is started at the agreed day, date and/or time or as per the Auction Guarantee Agreement.

[0024] In the event that at the completion of the Auction, the Auction Guarantee Sale Price or reserve price is not reached, the Auction Guarantee Buyer is legally obligated to buy the item/s at the Auction Guarantee Sale Price.

[0025] In the event that at the completion of the Auction the winning bid is higher than the Auction Guarantee Sale Price, the Auction Guarantee Buyer has no legal obligation to purchase the item/s unless they are the highest bidder.

[0026] In the event that at the completion of the Auction the winning bid is higher than the Auction Guarantee Sale Price, the profit share agreement between the Auction Guarantee Seller and the Auction Guarantee Buyer is triggered.

[0027] If during the auction the bid price is greater than the Auction Guarantee Sale Price, the Auction Guarantee Buyer can via a network interface or manually place a bid/s for the item/s.

[0028] The Profit Share agreement is also triggered if the Auction Guarantee Buyer is the highest / winning bid.

The Auction Guarantee Agreement can also contain a condition

Ο (N > Ο :¾ (N Ο (N Ο Ό Ο (Ν [0031] whereas the Auction Guarantee Buyer may prior to the commencement of the Auction place an Auction Guarantee Buyer Maximum Bid.

[0030] Prior to the auction, via a network interface or manually, the Auction Guarantee Buyer may choose to place a predetermined Auction Guarantee Buyer Maximum Bid which is placed, via a network interface or manually, once the Auction Guarantee Sale Price has been reached and the auction bidding reaches the predetermined Auction Guarantee Buyer Maximum trigger price.

At this point the Auction Guarantee Buyer’s Maximum Bid is placed.

[0032] If the Auction Guarantee Buyer is the highest / winning bid the Auction Guarantee Buyer pays the seller the highest / winning bid price less the Auction Guarantee Buyer’s Profit Share.

[0033] The Auction Guarantee can include a special condition whereas if both the Auction Guarantee Seller & the Auction Guarantee Buyer agree, the Auction Guarantee Seller may accept prior to the commencement of the auction, via a network interface or manually, a higher Auction Guarantee Sale Price from an alternate Auction Guarantee Buyer. Subsequently the replaced Auction Guarantee Buyer’s obligations would be null and void and the replaced Auction Guarantee Buyer would receive compensation as per the Auction Guarantee Agreement.

[0034] In the event that the Highest Auction Bid is equal to the Auction Guarantee Sale Price the Entity of the Purchaser of the Item Auctioned shall be determined as per the terms and conditions agreed to by Auction Guarantee Seller and the Auction Guarantee Buyer in the Auction Guarantee Agreement.

BRIEF DESCRIPTION OF THE DRAWINGS

[0035] The present invention will now be described with reference to the accompanying drawing which illustrate exemplary embodiments of the present invention, wherein:

Figure 1 is a flow chart detailing steps of a method according to an ο (Ν > Ο (Ν Ο (Ν Ο Ό Ο (Ν embodiment including receiving information on the Auction Guarantee Sale parameters, the potential outcomes of the Auction, the determination of the purchaser and the distribution of any profit.

Figure 2 is a table detailing the equations and the calculations to determine the Auction Guarantee Profit, the profit share according to the profit share options, the Net purchase price of the item in the event the Auction Guarantee Buyer is the highest bidder and the total proceeds the Seller receives

Figure 3 is a table detailing the example Auction Guarantee Parameters used in Figures 4, 5, 6, 7 & 8.

Figure 4 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the highest bid is below the Auction Guarantee Sale Price and is made by a Third Party.

Figure 5 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the highest bid price is above the Auction Guarantee Sale Price and is made by a Third Party.

Figure 6 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the highest bid price is above the Auction Guarantee Sale Price and is made by the Auction Guarantee Buyer.

Figure 7 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the Auction Guarantee Buyer’s Maximum Bid Trigger is reached, triggering the Auction Guarantee Buyer’s Maximum Bid. This bid is the highest bid.

Figure 8 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the Auction Guarantee Buyer’s Maximum Bid Trigger is reached, triggering the Auction Guarantee Buyer’s Maximum Bid. The winning bid is above the Auction Guarantee Buyer’s Maximum Bid and is made by a third party. ο (Ν > Ο (Ν Ο (Ν Ο Ό Ο (Ν

DETAILED DESCRIPTION OF EMBODIMENT(s) OF THE INVENTION

[0036] The following detailed description of the invention refers to the accompanying Figures. Although the description includes exemplary embodiments, other embodiments are possible, and changes may be made to the embodiments described without departing from the spirit and scope of the invention. Wherever possible, the same reference numbers are used throughout the embodiments and the following description to refer to the same and like parts.

[0037] Figure 1 illustrates a method and system in accordance with an embodiment including receiving information relating to (1) the details of the item/s offered for sale by Auction Guarantee by the Seller, (2) the information relating to the Seller’s and/or Buyer’s Auction Guarantee Sale Price, (3) the information relating the Seller’s & Buyers Profit Share, (6) the information on the Buyers Auction Guarantee Maximum Bid Trigger and (7) the information on the Auction Guarantee Buyers Maximum Bid. In this embodiment, the Auction is started and the auction bid price determines (6) whether the Auction Guarantee Maximum Bid is triggered and (7) the placement / non-placement of the Auction Guarantee Buyers Maximum Bid. In this embodiment, the highest bid at the auction determines (9) the entity of the highest bidder, (10) the entity of the purchaser of the item/s auctioned and calculates (3 & Equation 1) the Auction Guarantee Profit, (4) the Auction Guarantee Sellers Profit Share and (5) the Auction Guarantee Buyers Profit Share. In an embodiment, in the event that the Auction Guarantee Buyer is the highest bidder, the method (10) may include a further step (Equation 8) to determine the Auction Guarantee Buyers Net Purchase Price. In an embodiment, the method (10) may include a further step (Equation 9) to determine the Auction Guarantee Sellers Total Sale Proceeds.

[0038] Figure 2 details the equations and the calculations to determine the Auction Guarantee Profit (Equation 1), the profit share according to the profit share options (Equations 2, 3, 4, 5, 6 & 7), the Net purchase price of the item in the event the Auction Guarantee Buyer is the highest bidder (Equation 8) and the total proceeds the Seller receives (Equation 9). ο (Ν > Ο (Ν Ο (Ν Ο Ο (Ν [0039] Figure 3 is an embodiment of a table detailing the Auction Guarantee Parameters used in embodiments in Figures 4, 5, 6, 7 & 8.

[0040] Figure 4 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the highest bid is below the Auction Guarantee Sale Price and is made by a Third Party. In this embodiment the highest bid price ($490,000) is below the Auction Guarantee Sale Price ($500,000), therefore the Auction Guarantee Buyer is obligated to buy the property for $500,000. The Auction Guarantee Seller receives $500,000. The Auction Guarantee Sellers Profit Share is $0 and the Auction Guarantee Buyers Profit Share is $0.

[0041] Figure 5 is an embodiment of the Auction Guarantee Method & System whereas the highest bid ($520,000) is made by a third party. The Third party is the Entity of the Purchaser of the Item/s auctioned. The highest bid is above the Auction Guarantee Sale Price (500,000). In this embodiment as the highest bid price is above the Auction Guarantee Sale Price, the Profit Share agreement is triggered. The total profit share is the difference between the winning bid and the Auction Guarantee Sale Price or in this embodiment $20,000 ($520,000 - $500,000 = $20,000). The Auction Guarantee Seller’s profit share is $10,000 (50% of profit). The Auction Guarantee Buyer’s profit share is $10,000 (50% of profit). The Auction Guarantee Seller receives a total of $510,000 (winning bid less Auction Guarantee Buyer’s profit share - $520,000 - $10,000). The Auction Guarantee Buyer receives its Profit Share or $10,000 (50% of profit).

[0042] Figure 6 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the highest bid price ($540,000) is made by the Auction Guarantee Buyer and is above the Auction Guarantee Sale Price ($500,000). The Auction Guarantee Buyer is the Entity of the Purchaser of the Item auctioned. In this embodiment as the highest bid price is above the Auction Guarantee Sale Price ($500,000), the Profit Share agreement is triggered. The total profit share is the difference between the winning bid and the Auction Guarantee Sale Price or in this scenario $40,000 ($540,000 - $500,000 = $40,000). The Auction Guarantee Seller’s profit share is $20,000. The Auction Guarantee Buyer’s profit share is $20,000. The Auction Guarantee Seller receives a total of $520,000 (winning bid less Auction Guarantee Buyer’s profit share - $540,000 - $20,000). The Auction Guarantee Buyer ο (Ν > Ο (Ν Ο (Ν Ο Ό Ο (Ν buys the property for $540,000 and receives their profit share of $20,000. The net price the Auction Guarantee Buyer pays for the property is $520,000 (winning bid less Auction Guarantee Buyer’s profit share - $540,000 - $20,000).

[0043] Figure 7 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the Auction Guarantee Buyer’s Maximum Bid Trigger ($535,000) is reached, triggering the Auction Guarantee Buyer’s Maximum Bid ($540,000). The Auction Guarantee Buyer’s bid is the highest bid and the Auction Guarantee Buyer is the entity of the Purchaser of the Item. In this embodiment as the winning bid price is above the Auction Guarantee Sale Price ($500,000), the Profit Share agreement is triggered. The total profit share is the difference between the winning bid ($540,000) and the Auction Guarantee Sale Price ($500,000) or $40,000 ($540,000 - $500,000 = $40,000). The Auction Guarantee Seller’s profit share is $20,000. The Auction Guarantee Buyers profit share is $20,000. The Auction Guarantee Seller receives a total of $520,000 (winning bid less Auction Guarantee Buyer’s profit share - $500,000 - $20,000) The Auction Guarantee Buyer buys the property for $540,000 and receives their profit share of $20,000. The net price the Auction Guarantee Buyer pays for the property is $520,000 (winning bid less Auction Guarantee Buyer’s profit share - $540,000 - $20,000).

[0044] Figure 8 is an embodiment of the Auction Guarantee Method & System whereas the auction is held and the Auction Guarantee Buyer’s Maximum Bid Trigger ($535,000) is reached, triggering the Auction Guarantee Buyer’s Maximum Bid ($540,000). The highest bid ($550,000) is made by a third party and is above the Auction Guarantee Buyer’s Maximum Bid ($540,000). The entity of the purchaser is the third party. In this embodiment as the winning bid price is above the Auction Guarantee Sale Price ($500,000), the Profit Share agreement is triggered. The total profit share is the difference between the winning bid ($550,000) and the Auction Guarantee Sale Price ($500,000) or $50,000 ($550,000 - $500,000 = $50,000). The Auction Guarantee Sellers profit share is $25,000 (50% of profit). The Auction Guarantee Buyers profit share is $25,000 (50% of profit). The Auction Guarantee Buyer receives this $25,000. The Auction Guarantee Seller receives a total of $525,000 (winning bid less Auction Guarantee Buyer’s profit share - $550,000 -$25,000) 10 ο (Ν> Ο (Ν [0045] The skilled person would appreciate the various benefits afforded by the present invention. Ο (Ν Ο Ό Ο (Ν [0046] Advantages to Sellers include, but are not limited to: 1. Guarantee of selling the item/s at auction. 2. Potential to receive a higher amount for the item/s. 3. The auction reflects current market appetite for the item/s. 4. Potential bidders know the item/s will be sold generating competition and immediacy at the auction.

[0047] Advantages to Buyers include, but are not limited to: 1. Secure the item/s below market value by the amount of their Profit Share. 2. Potential to receive “Profit Share” (Return on Investment) if a third party is the highest bidder and the third party’s bid is above the Auction Guarantee Sale Price. 3. The Buyer can make a higher bid for the item/s than a competitor, as their Net purchase price is the highest bid less their profit share.

[0048]

Advantages to Auction Facilitators include, but are not limited to: 1. Gain market share 2. Point of difference in the market place. 3. Creates additional revenue stream/s. ο (Ν > Ο (Ν

Glossary of Terms

O (N O Ό O (N 11 4. If an Auction Guarantee agreement is reached between an Auction Guarantee Buyer & Auction Guarantee Seller, surety of receiving a commission / fee regardless of the outcome of the auction.

[0049] 1: Item/s to be Auctioned. The item/s to be auctioned can be anything that the seller wants to sell. The item can be tangible or intangible. Typical items auctioned include real estate, vehicles, livestock, intellectual property, household items & business items.

[0050] 2: Auction Guarantee Sale Price (AGSP) The Auction Guarantee Sale Price is an amount agreed to by the Auction Guarantee Seller (AGS) and Auction Guarantee Buyer (AGB) and; • Is the amount the Auction Guarantee Seller receives for the item/s from the Auction Guarantee Buyer in the event that the highest auction bid is lower than the Auction Guarantee Sale Price. • Is the amount the Auction Guarantee Buyer agrees to pay the Auction Guarantee Seller for the item in the event that the highest auction bid is lower than the Auction Guarantee Sale Price. • Is one of the amounts used to calculate the Auction Guarantee Profit.

[0051] 3: Auction Guarantee Profit (AGP). The Auction Guarantee Profit is calculated as the difference between the Auction Guarantee Sale Price and the winning bid amount and if agreed to by the Auction Guarantee Seller and Auction Guarantee Buyer, less any sales commissions, fees or other amount as agreed between the Auction Guarantee Seller and the Auction Guarantee Buyer.

Example: $520,000 - Highest / Winning Bid less $500,000 - Auction Guarantee Sale Price. $20,000 - Auction Guarantee Profit Ο (Ν > Ο 2; (Ν Ο (Ν Ο Ό Ο (Ν 12 [0052] 4: Auction Guarantee Seller’s Profit Share (AGSPS). In the event that at the completion of the Auction the winning bid is higher than the Auction Guarantee Sale Price, the Auction Guarantee Profit Share Agreement is triggered.

The Auction Guarantee Profit is calculated as per 3 above. The Auction Guarantee Seller’s Profit Share is an amount agreed prior to the auction by the Auction Guarantee Seller and Auction Guarantee Buyer and is expressed as a percentage of the Auction Guarantee Profit, a set amount, a sliding scale or as agreed to between the Auction Guarantee Seller and the Auction Guarantee Buyer.

[0053] 5: Auction Guarantee Buyer’s Profit Share (AGBPS). In the event that at the completion of the Auction the winning bid is higher than the Auction Guarantee Sale Price, the Auction Guarantee Profit Share Agreement is triggered.

The Auction Guarantee Profit is calculated as per 3 above. The Auction Guarantee Buyer’s Profit Share is an amount agreed prior to the auction by the Auction Guarantee Seller and Auction Guarantee Buyer and is expressed as a percentage of the Auction Guarantee Profit, a sliding scale or as agreed to between the Auction Guarantee Seller and the Auction Guarantee Buyer.

[0054] 6: Auction Guarantee Buyer’s Maximum Bid Trigger (ABGMBT).

Prior to the auction the Auction Guarantee Buyer can choose to select an Auction Guarantee Buyer’s Maximum Bid Trigger. The Auction Guarantee Buyer’s Maximum Bid Trigger is a bid amount that is above the Auction Guarantee Sale Price and if this bid amount is reached during the auction, the Auction Guarantee Buyer’s Maximum Bid (AGBMB - see 7 below) is placed on behalf of the Auction Guarantee Buyer.

[0055] 7: Auction Guarantee Buyer’s Maximum Bid (AGBMB) The Auction Guarantee Buyer’s Maximum Bid is a bid amount that is placed on behalf of the Auction Guarantee Buyer only once the Auction Guarantee Buyer’s Maximum Bid Trigger (AGBMBT - see 6 above) is reached during the auction.

[0056] 8: Highest Auction Bid. The Highest Auction Bid is the highest bid placed during the auction.

[0057] 9: Entity of the Highest Bidder. The Entity of the Highest Bidder is a description and details of the party who placed the Highest Auction Bid (see 8 above). Ό Ο (Ν > Ο (Ν Ο (Ν Ο Ό Ο (Ν 13

The entity can be the Auction Guarantee Buyer, an individual, company, trust, group, syndicate or any other legal structure or form.

[0058] 10: Entity of the Purchaser of the Item Auctioned. At the conclusion of the auction the Entity of the Highest Bidder (see 9 above) and whether the Highest Auction Bid is above or below the Auction Guarantee Sale Price will determine the Entity of the Purchaser of the Item Auctioned. In the event that the Highest Auction Bid is below the Auction Guarantee Sale Price, the Entity of the Purchaser of the Item Auctioned shall be the Auction Guarantee Buyer. In the event that the Highest Auction Bid is above the Auction Guarantee Sale Price, the Entity of the Purchaser of the Item Auctioned shall be Entity of the Highest Bidder (see 9 above). In the event that the Highest Auction Bid is equal to the Auction Guarantee Sale Price the Entity of the Purchaser of the Item Auctioned shall be determined as per the terms and conditions agreed to by Auction Guarantee Seller and the Auction Guarantee Buyer in the Auction Guarantee Agreement.

[0059] 11: Auction Guarantee Agreement. The Auction Guarantee Agreement is the agreement made between the Auction Guarantee Seller, the Auction Guarantee Buyer and/or the Auction Facilitator and contains all of the sales parameters, terms, conditions and other conditions agreed to by the parties.

Claims

1. An information system comprising a computer implemented on-line method for sharing information on an auction guarantee sales parameters, the on-line method including: receiving, via a network interface, information from an Auction Guarantee Seller on the Auction Guarantee Sales Parameters relating to, an item/s they have for sale, a preferred auction date of the item/s, an Auction Guarantee Sale Price for the item/s, profit share from sale of the item/s, expressed as a percentage, a set amount, a sliding scale and an option to withhold their Sales Parameters and allow an Auction Guarantee Buyer to provide their Buying Parameters first for the item/s for sale; determining via a processor, whether the Auction Guarantee Seller's Sales Parameters have been accepted by the Auction Guarantee Buyer; in the event of non-acceptance of the Auction Guarantee Seller's Sale Parameters by the Auction Guarantee Buyer, the Auction Guarantee Seller retain their current Sale Parameters or via a network interface, withdraw the item/s for sale or accept the Auction Guarantee Buyers buying parameters or adjust their selling parameters until acceptance by the Auction Guarantee Buyer occurs; in the event of the Auction Guarantee Seller opting to withhold their Sales Parameters and allowing the Auction Guarantee Buyer to provide their Buying Parameters first for the item/s for sale, receiving via the network interface, the Auction Guarantee Buyer's Buy Price (the Auction Guarantee Sale Price) on the item/s and the Auction Guarantee Buyers required profit share expressed as the percentage, the set amount, the sliding scale; in the event of non-acceptance of the Auction Guarantee Buyer's Buy Parameters by the Auction Guarantee Seller, the Auction Guarantee Buyer retain their current Buy Parameters or via the network interface, withdraw their buying parameters or adjust their buying parameters until acceptance by the Auction Guarantee Seller occurs; in the event of acceptance of the Auction Guarantee Seller's Sale Parameters by the Auction Guarantee Buyer or the acceptance of the Auction Guarantee Buyer's Buy Parameters by the Auction Guarantee Seller, via the network interface, the Auction Guarantee Seller and the Auction Guarantee Buyer are notified and via the network interface the auction process is started as per the Auction Guarantee Sales Parameters; the Auction Guarantee Buyer may opt, via the network interface, to select a Maximum Bid Price Trigger, that is, an amount above the Auction Guarantee Sale Price, that when reached during the auction, via the network interface, the Auction Guarantee Buyer's Maximum Bid is placed.

2. A manually implemented off-line method for sharing information on an auction guarantee sales parameters, the off-line method including: an auction facilitator / auctioneer, receiving manually, information from an Auction Guarantee Seller on the Auction Guarantee Sales Parameters relating to, an item/s they have for sale, a preferred auction date of the items, an Auction Guarantee Sale Price for the items, profit share from sale of the items, expressed as a percentage, a set amount, or a sliding scale and an option to withhold their Sales Parameters and allow an Auction Guarantee Buyer to provide their Buying Parameters first for the item/s for sale; determining manually, whether the Auction Guarantee Seller's Sales Parameters have been accepted by the Auction Guarantee Buyer; in the event of non-acceptance of the Auction Guarantee Sellers Sale Parameters by the Auction Guarantee Buyer, the Auction Guarantee Seller retain their current Sale Parameters or manually withdraw the item/s for sale or accept the Auction Guarantee Buyers buying parameters or adjust their selling parameters until acceptance by the Auction Guarantee Buyer occurs; in the event of the Auction Guarantee Seller opting to withhold their Sales Parameters and allowing the Auction Guarantee Buyer to provide their Buying Parameters first for the item/s for sale, the Auction Guarantee Buyer manually provides the auction facilitator / auctioneer, the Auction Guarantee Buyer's Buy Price (the Auction Guarantee Sale Price) on the item/s and the Auction Guarantee Buyers required profit share expressed as a percentage, a set amount, sliding scale; in the event of non-acceptance of the Auction Guarantee Buyer's Buy Parameters by the Auction Guarantee Seller, the Auction Guarantee Buyer retain their current Buy Parameters or manually, withdraw their buying parameters or adjust their buying parameters until acceptance by the Auction Guarantee Seller occurs; in the event of acceptance of the Auction Guarantee Seller's Sale Parameters by the Auction Guarantee Buyer or the acceptance of the Auction Guarantee Buyer's Buy Parameters by the Auction Guarantee Seller, the Auction Guarantee Seller and the Auction Guarantee Buyer are notified manually and the auction process is started manually as per the Auction Guarantee Sales Parameters; the Auction Guarantee Buyer may manually opt, to select a Maximum Bid Price Trigger, that is, an amount above the Auction Guarantee Sale Price, that when reached during the auction, the Auction Guarantee Buyer's Maximum Bid is placed manually.

3. A computer implemented on-line method as in claim 1 the method further including via the processor, determining the placement of the Auction Guarantee Buyers Maximum Bid at the Auction Guarantee Buyers Maximum bid trigger and an entity of a purchaser of the item/s; by calculation, total profit, the Auction Guarantee Seller's profit share, the Auction Guarantee Buyer’s profit share, Net Purchase price of the item/s being auctioned in the event the Auction Guarantee Buyer is the highest / winning bid and total proceeds the Auction Guarantee Seller receives from the item/s sold.

4. A manually implemented off-line method as in claim 2 the method further including manually determining the placement of the Auction Guarantee Buyers Maximum Bid at the Auction Guarantee Buyers Maximum bid trigger and the entity of the purchaser of the item/s; by calculation, total profit, the Auction Guarantee Seller's profit share, the Auction Guarantee Buyer’s profit share, Net Purchase price of the item/s being auctioned in the event the Auction Guarantee Buyer is the highest / winning bid and the total proceeds the Auction Guarantee Seller receives from the item/s sold.

5. A computer implemented on-line method or manually implemented off-line method as in claim 1 and 2 the method further including that if the Auction Guarantee Seller and the Auction Guarantee Buyer agree, the Auction Guarantee Seller may accept prior to the commencement of the auction, via the network interface or manually, a higher Auction Guarantee Sale Price from an alternate Auction Guarantee Buyer; subsequently the replaced Auction Guarantee Buyer's obligations would be null and void and the replaced Auction Guarantee Buyer would receive compensation as per the Auction Guarantee Agreement.