Transaction pre-negotiation and optimization

US11010827B1 · kind B1 · utility

Assignee

• United Services Automobile Association (USAA) · US

Inventors

• Brian Latronico · San Antonio, US
• Teresa A. Mays · Helotes, US
• Claudia Anne Luna · Boerne, US
• David Anthony Phelps · San Antonio, US
• Kevin W. Thornley · Spring Branch, US
• Tracy Lent · New Braunfels, US
• James Malcolm Spears · San Antonio, US

Key dates

• Filing date: Aug 30, 2018
• Grant date: May 18, 2021
• Expiry date: Sep 11, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/0639
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

An integrated transaction platform facilitates a transaction, such as a purchase of a vehicle or other item. The platform provides a pre-negotiated purchase price for the item to facilitate a transaction to purchase the item from a seller, the transaction being substantially frictionless from the buyer's perspective. The pre-negotiation can involve a reverse auction process in which sellers bid to sell the item to a buyer. After the buyer has identified a particular item for purchase, sellers that have the item available are notified to provide a bid indicating a price at which the seller is willing to sell the item. The lowest bid is selected, and a purchase agreement is finalized based on the lowest bid. After the agreement is finalized, the buyer can accept delivery of the item without further negotiation with the seller, and thus with substantially reduced friction compared to traditional purchase scenarios.