Did you know that the CEO of the late penny auction site BigDeal.com held the US patent 8,027,880 for buy-it-now in penny auctions? However, BigDeal was not the very first penny auction to offer buy-it-now.
The patent is called the Acquisition option in auction configuration, and it was just recently (as of September 27th of this year) assigned to penny auction site BidCactus.com.
2010/0332306 A1 Dec. 30, 2010
“A configuration is configured to allow purchase of an item available in an auction. The configuration transmits to a bidder a plurality of bids for use in an auction. Each bid is given a predetermined bid value. The configuration provides for display a selectable interface to place a bid on the item and a selectable interface to purchase the item at the retail price. The configuration receives from the bidder at least one bid on the item. In response to each bid received from the bidder for the item, the configuration reduces the retail price for the item by a value corresponding to the bid value. The configuration then provides for display the reduced retail price in response to each bid received from the bidder for on the item. The bidder can continue with the auction in an attempt to receive the auctioned item at a low cost or may purchase the auction item at a retail price minus the total of the value of bids placed by that bidder.”
What does holding this patent for buy it now in penny auctions mean for other penny auctions that offer buy it now? Discuss this with us!
It’s important to take a look at the rights that a patent grants:
The grant confers “the right to exclude others from making, using, offering for sale or selling the invention throughout the United States or importing the invention into the United States.”
Will BidCactus be offering buy it now? Stay tuned!
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