US20110320331A1 - System and method for submitting an offer to purchase over a network-based commerce facility - Google Patents

Abstract

A system and method to facilitate a transaction in a network-based commerce facility is provided. The method includes presenting a plurality of listings to a user, and monitoring selection of one of the plurality of listings by the user. Thereafter, the user is provided with an indication of an equivalent periodic payment of a plurality of periodic payments associated with an offer to purchase. In one embodiment, the user is provided with an option to conclude the transaction for the selected listing based on a plurality of periodic payments. In certain embodiments, the network-based commerce facility is a web-based auction facility where the offers are in the form of bids. Accordingly, in this embodiment, the periodic payment may be a monthly payment and the products are movable goods such as motor vehicle, motorcycles, watercraft, or the like.

Description

CROSS-REFERENCE TO RELATED APPLICATION
• The present application is a continuation of U.S. patent application Ser. No. 11/733,569, filed on Apr. 10, 2007, which is a continuation of U.S. patent application Ser. No. 10/444,916 filed May 22, 2003 and entitled “SYSTEM AND METHOD FOR SUBMITTING AN OFFER TO PURCHASE OVER A NETWORK-BASED COMMERCE FACILITY”, which claims the priority benefit of U.S. Provisional Application Ser. No. 60/438,607 filed Jan. 7, 2003 and entitled “SYSTEM AND METHOD FOR SUBMITTING AN OFFER TO PURCHASE OVER A NETWORK-BASED COMMERCE FACILITY”, which applications are incorporated herein by reference.
FIELD OF THE INVENTION
• The present invention relates generally to purchasing products over a network-based commerce facility. More particularly, the invention relates to a system and method for submitting offers to purchase products offered via the Internet.
BACKGROUND
• There is no question that the explosive growth of the Internet in recent years has changed classic business and economic models. One area in which this change has been noteworthy is in the auctioning of both new and used products (goods and/or services) via the Internet. Conventionally, participants provide incremental bids to purchase the product and upon a bid being successful, the purchaser then pays the amount he or she bid to claim title to the product. Although the products offered for sale are usually goods, it is to be appreciated that the bidding procedure may apply equally to services.
• When, for example, the product auctioned is a motor vehicle, the bidder may either pay cash for the vehicle or arrange independent finance for the vehicle. During the bidding process the bidder bids on a total purchase price and thus may be unaware of the monthly payment Obligations if the purchase is to be financed.
SUMMARY OF THE INVENTION
• According to one aspect of the present invention, there is provided a method to facilitate a transaction in a network-based commerce facility, the method including:
• presenting a plurality of listings to a user;
• monitoring selection of one of the plurality of listings by the user; and
• providing the user with an indication of an equivalent periodic payment of a plurality of periodic payments associated with an offer to purchase.
• The method may include providing the user with an option to conclude the transaction for the selected listing based on the plurality of periodic payments. In one embodiment, the network-based commerce facility is a web-based auction facility, and the method includes receiving the offer in the form of a bid from the user based on a periodic payment. The periodic payment may be a monthly payment and the products may be movable goods.
• The invention extends to a machine-readable medium embodying a set of instructions to facilitate a transaction in a network-based commerce facility and to system to facilitate a transaction in a network-based commerce facility.
BRIEF DESCRIPTION OF THE DRAWINGS
• The present invention is illustrated by way of example, and not limitation, in the figures of the accompanying drawings in which like reference numerals refer to similar elements and in which:
• FIG. 1 shows a schematic block diagram of an exemplary network-based commerce facility in the form of a web-based auction facility according to one embodiment of the present invention;
• FIG. 2 shows a schematic diagram illustrating an exemplary database, maintained by, and accessed via a database engine server, that at least partially implements and supports a bid based on a monthly payment according to one embodiment of the present invention;
• FIG. 3 shows a schematic flow diagram of an exemplary method, in accordance with the invention, for bidding on products auctioned via the Internet, e.g., via the web-based auction facility ofFIG. 1;
• FIG. 4 shows a schematic screen shot of an exemplary credit application form generated by the method;
• FIG. 5 shows a schematic screen shot of an exemplary payment calculator generated in the method;
• FIG. 6 shows a schematic screen shot of an exemplary web page rendered by the method showing a product listing, a starting bid and its equivalent monthly payment;
• FIG. 7 shows a schematic screen shot of and exemplary web form for a user to enter a monthly bid and a maximum monthly bid; and
• FIG. 8 shows a schematic high-level block diagram of an exemplary computer system.
DETAILED DESCRIPTION
• Described herein is a system and method, in accordance with an aspect of the present invention, to provide bidding on products up for auction based on a monthly payment. Throughout the following description specific details are set forth in order to provide a more thorough understanding of the invention. However, the invention may be practiced without these particulars. In certain instances, well known elements have not been shown or described in detail to avoid unnecessarily obscuring the present invention. Accordingly, the specification and drawings are to be regarded in an illustrative rather than a restrictive sense.
• Referring toFIG. 1, there is shown a schematic block diagram of an exemplary network-based commerce facility in the form of a web-based auction facility according to one embodiment of the present invention. While exemplary embodiments of the present invention are described within the context of an auction facility, it will be appreciated by those skilled in the art that the invention will find application in many different types of computer-based, and network-based, commerce facilities.
• The auction facility has asystem10 including one or more of a number of types of front-end servers, namelypage servers12 that deliver web pages (e.g., markup language documents),picture servers14 that dynamically deliver images to be displayed within Web pages,listing servers16, ISAPI/CGI servers18 that provide an intelligent interface to a back-end of thesystem10, andsearch servers20 that handle search requests to thesystem10. A communication server including one ormore e-mail servers21 provides, inter alia, automated e-mail communications to users of thesystem10.
• The back-end includes adatabase engine server22, asearch index server24 and a creditcard database server26, each of which maintains and facilitates access to a respective database. The back-end is also shown to include a number of administrative applications or functions28 and aloan approval application29, which is described in further detail below.
• The web-basedauction system10 may be accessed by aclient program30, such as a browser (e.g., the Internet Explorer distributed by Microsoft Corp. of Redmond, Wash.) that executes on aclient machine32 and accesses thesystem10 via a network such as, for example, theInternet34. Theauction system10 may, for example, post listings of automobiles up for auction. However, unlike conventional network-based auctioned facilities in which a bidder bids a total purchase price of a product, thesystem10 allows a user to bid on a monthly payment basis e.g. a monthly installment payment or a monthly lease payment. Further, in an automated fashion, thesystem10 may in certain embodiments obtain approval for financing of the purchase.
• Prior to describing the methodology of offering products for sale based on a monthly payment, anexemplary database23 of thesystem10 is described with reference toFIG. 2. Thedatabase23 is maintained by, and accessed via, thedatabase engine server22, which at least partially implements and supports theauction system10. Thedatabase23 is a relational database, and includes a number of tables having entries, or records, that are linked by indices and keys. Central to thedatabase23 is a user table40, which contains a record for each user of theauction system10. A user may operate as a seller, buyer, or both, within theauction system10. Thedatabase23 also includes item tables42 that may be linked to the user table40. Specifically, the items tables42 include a seller items table44 and a bidder items table46. A user record in the user table40 may be linked to multiple items that are being, or have been, auctioned via thesystem10. A number of other exemplary tables are also shown to be linked to the user table40, namely a note table48, a user past aliases table50, a feedback table52, a bids table54, an accounts table56, and an account balances table58.
• Referring in particular toFIG. 3 of the drawings,reference numeral100 generally indicates an exemplary method for a user or customer to bid on a product (e.g., goods and/or services) in a network-based auction facility such as thesystem10. As mentioned above, unlike the methodology in conventional web-based auction facilities, themethod100 allows a bidder or user to bid in terms of a periodic payment, e.g., a monthly payment, instead of, or in addition to, a total purchase price payment used in conventional auctioning environments. In one exemplary embodiment, the products up for auction are motor vehicles and, accordingly, the monthly bid may include insurance costs, financing fees, an extended warranty service plan cost, or the like. Accordingly, in certain embodiments, the monthly payment bid by the user is the total monthly payment and in these embodiments, no hidden costs or additional costs (e.g. insurance costs) are due by the user.
• In one embodiment, the listing servers16 (seeFIG. 1) include a front-end monthly payment engine that provides customized estimates of monthly payments (e.g., loan and/or lease) payments. When a user searches thesystem10 from theclient machine32 for a particular product, e.g. a specific motor vehicle and selects a particular item (e.g. Ford Mustang GT convertible), a dynamic page102 (seeFIG. 6) is rendered to theclient machine32. A photograph of the item is also shown to the user. In one embodiment, thepage102 includes an option to bid on a total purchase price104 based on an estimated monthly payment106 presented to the user. In certain embodiments, the estimated monthly payment106 defines a teaser, which the user may click on inblock108 ofFIG. 3. If the user does not click on the teaser, then themethod100 is configured to provide regular browsing that may retain the monthly payment teaser in subsequent web pages for subsequent selection as shown inblock110.
• If, for example, the user initially selects the monthly payment teaser inblock108, or subsequently selects the teaser during regular browsing inblock110, then a web page is rendered to theclient machine32 so that the user may select a “pre-approval option” or a “self-report option” as shown inblock112. As described in more detail below, in certain embodiments, the pre-approval option obtains, in an automated fashion, pre-approved financing for the user to purchase the particular product, such as the motor vehicle, based on the monthly payment bid by the user. However, the user may also choose to obtain financing independently of the network-based auction facility and, accordingly, thesystem10 allows the user to enter terms of such financing, as described in more detail below.
• Returning to block112, when the user selects the pre-approval option, an application procedure, as represented inblock114, is then carried out. In particular, thesystem10 renders an application form116 (seeFIG. 4) to the user via theclient program30 on theclient machine32. In theapplication form116, basic user particulars such asname118,address120,social security number122,salary124,employer126, andemail address128 are requested from the user in order to process the loan application. It is to be appreciated that further or different particulars may be requested from the user in different embodiments.
• In the embodiment depicted in the drawings, thesystem10 interacts with an external banking facility to obtain financing for the purchase of the particular product. However, it is to be appreciated that financing may also be provided by the network-based auction facility or any other entity. In one embodiment the pre-approval option is in the form of a link to a financing partner. Communication of the user's personal particulars between theclient machine32 and thesystem10 may be performed in a secure fashion.
• Once the user has entered the requested particulars on the application form.116, the user activates an “APPLY” button130 (seeFIG. 4) whereupon the entered particulars are communicated from theclient program30 via theInternet34 to theauction system10, which processes the application either internally or by communicating with an external entity. In response to the communication, thesystem10 either approves or declines the user's application. If, as shown inblock132, the user's application is declined, themethod100 allows the user to continue bidding by a total purchase price and, in certain embodiments, any representations on the web page offering financing to the user by means of a monthly payment are removed.
• In the event of the loan application of the purchaser or user being pre-approved, inblock134 themethod100 renders a web page to theclient machine32 that shows a maximum monthly payment for which the user has been pre-approved based on his personal particulars. It is to be appreciated that, the web form.116 is merely an example of a loan application graphical user interface (GUI) and that further particulars required for approval of the user may be included in theform116, as mentioned above. The purchaser or user is also advised of the pre-approved rate of financing. In certain embodiments, the user may also apply for financing through thesystem10 after purchasing a product e.g. after a successful bid on a motor vehicle. In certain circumstances, when automated financing for the particular user has been rejected, a finance and insurance center specialist may manually research options to try to obtain financing for the user. Typically, purchasers or users that require manual review are notified that a manual review is being performed and they may be provided with an estimated time by which approval, or denial thereof, will be communicated to them. In the event of the financing being approved, the finance and insurance center typically communicates the required application documentation to the user via email.
• Returning to block134, in certain embodiments when the user has been informed of the approval of his or her application, and then bids on an item (e.g., the Mustang convertible in the present example), a monthly payment bid web page136 (seeFIG. 7) is rendered to theclient machine32 as shown inblock138 ofFIG. 3. The monthlybid web page136 identifies the product that the user is bidding on (see arrow140 inFIG. 7) and provides the user with an option to enter a bid inblock142 as well as provide a maximum bid amount inblock144. In certain embodiments of the invention, the auction facility acts as a proxy bidder in which the network-based auction facility bids on behalf of the user up to the value of the maximum bid entered by the user inblock144. Accordingly, in certain embodiments, the user may enter a maximum bid or a maximum monthly payment bid, whereafter thesystem10 bids in an automated fashion on behalf of the user. The monthly paymentbid web page136 provides apreview button146 that allows the user to preview his or her bid. When a bid is initially placed, the user is presented a screen providing information including, for example, a maximum bid, a user ID, and item details. If all of the information is correct the user may then confirm his or her bid, and it will be placed into thesystem10. The bid will also be presented as a monthly payment based on actual pre-approval terms, and the actual hid being placed on the item,
• Although themethod100 carried out by the network-based auction facility allows the user to bid by a monthly payment (seeblock138 inFIG. 3), the user may nevertheless still bid by a total purchase price should he or she so choose, as shown inblock148.
• In one embodiment, the monthly bid may include finance costs, insurance costs, costs arising from the arranging of the finance, the sale of auto related insurance products such as extended service contracts (warranties or mechanical breakdown insurance), or the like. Accordingly, in some embodiments, the user may bid a total monthly cost for the particular product, which reflects his or her total monthly monetary outlay for a selected duration (e.g., 48 months). However, it is to be appreciated, that the monthly bid need not include any one or more of the aforementioned costs and, for example, may relate purely to a monthly payment on a loan for the purchase of the vehicle. Further, it is to be appreciated that in certain embodiments, the particular terms and conditions of the loan for purchase of the product (or products) are customized to the particular user or customer. Thus, in certain embodiments, one user may see a listing of a product with a corresponding monthly payment in the amount of $200, whereas another user bidding on the same item may see the same listing with a monthly payment of $150 because of, for example, a better credit rating. Thus, a common purchase price may be used to determine an equivalent monthly payment for a particular user based on the nature of financing terms.
• Returning to block112 inFIG. 3, instead of selecting the pre-approval option, the user may select to self-report his or her credit particulars as shown in block150. Should the user subsequently decide not to self-report the credit particulars in block150, themethod100 then configures the user experience to perform in a regular fashion atblock152 in which the user does not bid by a monthly payment but instead by a total purchase price as shown inblock154. In one embodiment, the monthly payment teaser (seeblock108 and estimated monthly payment106 inFIG. 7) is not included in the web page rendered to the user.
• If, however, the user has selected the self-report option in block150, the user may inblock155 be rendered a web page similar to theweb page136 to enable the user to enter a monthly bid inblock142. The monthly bid may either be an estimated monthly bid, e.g. using acalculator tool156, or a customized monthly bid derived from details such as a user entered interest rate, period of financing, or the like.
• An exemplary payment calculator160 generated by thecalculator tool156 is shown inFIG. 5. The payment calculator160 is rendered as a web page to theclient machine32 for display by theclient program30. The payment calculator160 includes a sale price field162 for entry of the total sale price of the product which, in the present example, is a vehicle. The sale price field162 may be automatically populated with the sale price of the vehicle selected by the user (FIG. 6). However, it is to be appreciated, that the user may also populate the sale price field162. A term ofloan field164 and adown payment field166 are also provided in the payment calculator160 for entry of the loan term and a down payment amount in one embodiment, the user enters the loan term and the down payment amount when the self-report functionality of themethod100 has been chosen by the user. Likewise, the user may selectcheck box168 and enter a credit rate infield170 which the user deems appropriate for his or her particular circumstances. However, in certain embodiments, the user may check box172 and, by using a drop downmenu174, select a credit rating which the user deems to apply to him or her thereby to obtain an estimate of an interest rate which he or she is likely to receive. In certain embodiments, the interest rate would then be automatically entered into thefield170. In the embodiment depicted in the drawings, the user may then activate a “Calculate”button176 which then calculates and displays amonthly payment amount178 which is based on the information entered by the user into the payment calculator160.
• Thus, the payment calculator160 may be used to aid a user in estimating a monthly payment bid as shown inblock155. Once the user has estimated the monthly payment bid using thecalculator tool156, he or she may either apply for pre-approval inblock180, or bid a total purchase price as shown atblock182. Prior to bidding by a total purchase price inblock182 themethod100 also provides a payment estimate on that the total payment price is converted to a monthly payment price so that a user is aware of his or her monthly financial commitment as shown inblock184. In certain embodiments, in block182 a link to apply for financing is provided to the user when bidding.
• Returning to block180, which corresponds substantially with the application process described inblock114 above, the user's application may either be approved or declined. If the user's application is declined themethod100 provides an option inblock182, which corresponds withblock132 above, to bid by a total purchase price. If, however, the user's application is approved, then the functionality carried out inblocks184,186 and188 is performed. Theblocks184,186, and188 correspond withblocks134,138 and148 as described above.
• A calculation tool190 associated with the monthly payment inblock134 and acalculation tool192 associated with monthly payment inblock184, substantially resemble thecalculation tool156 and, in certain embodiments, may render a web page including a substantially similar web payment calculator160 (seeFIG. 5).
• It will be appreciated that the methodology described above may be implemented in various different ways. For example, a secure credit application e.g. including the presentation of an application, its completion, submission and response back to the user may be accomplished with the use of cookies. In one embodiment, thesystem10 integrates on the backend with aloan approval application29 shown inFIG. 1 (e.g. an auto finance application). Theloan approval application29 may route an application and/or an electronic loan document to third party or entity.
• In certain embodiments, the monthly payment engine may be included in thelisting service16. Thus, when browsing multiple items a monthly payment amount is presented next to the price of each of the items. The monthly payment amount is based on default terms, user specified terms, or personal pre-approval terms. Further, the monthly payment engine may, in certain embodiments, present default settings to the user such as a term of financing, a down payment amount, as well as a default interest rate based on current market factors. The user may however change the default settings should he or she so chose. In certain embodiments, the monthly payment functionality inblocks134,155, and184 ofFIG. 3 operate off backend inputs of rates and lending criteria from lending partners associated with thesystem10. The rates and lending criteria may depend upon, or correspond to, a specific rating e.g. a credit score of the user, a length of credit history of the user, finance settings of a term, a down payment, an amount to be financed, or the like,
• It is to be appreciated that the monthly bid made by the user may be a monthly tease payment. Further, the monthly payment bids may be made on any goods or services and is not restricted to the sale or lease of motor vehicles. For example, the monthly payment bid may be in respect of the tease of computer equipment, dwellings, boats or any other items. The products or items for sale or auction may be new and/or used items.
• In certain embodiments, sellers of goods via thesystem10 may provide a user or customer with financing. In these circumstances, the pre-approval application may be sent to the seller for approval. However, for example, in for sale by owner (FSBO) circumstances where a seller is unlikely to offer financing to the purchaser, or user, theloan approval application29 may interact with a third party lender.
• FIG. 8 shows a diagrammatic representation of machine in the exemplary form of acomputer system500 within which a set of instructions, for causing the machine to perform any one of the methodologies discussed above, may be executed. In alternative embodiments, the machine may comprise a network router, a network switch, a network bridge, Personal Digital Assistant (PDA), a cellular telephone, a web appliance or any machine capable of executing a sequence of instructions that specify actions to be taken by that machine.
• Thecomputer system500 includes aprocessor502, amain memory504 and astatic memory506, which communicate with each other via abus508. Thecomputer system500 may further include a video display unit510 (e.g., a liquid crystal display (LCD) or cathode ray tube (CRT). Thecomputer system500 also includes an alphanumeric input device512 (e.g. a keyword), a cursor control device514 (e.g. a mouse) adisk drive unit516, a signal generation device518 (e.g. a speaker) and anetwork interface device520.
• Thedisk drive unit516 includes a machine-readable medium522 on which is stored a set of instructions (i.e., software)524 embodying any one, or all, of the methodologies described above. Thesoftware524 is also shown to reside, completely or at least partially, within themaim memory504 and/or within theprocessor502. Thesoftware524 may further be transmitted or received via thenetwork interface device520. For the purposes of this specification, the term “machine-readable medium” shall be taken to include any medium which is capable of storing or encoding a sequence of instructions for execution by the machine and that cause the machine to perform any one of the methodologies of the present invention. The term “machine-readable medium” shall accordingly be taken to included, but not be limited to; solid-state memories, optical and magnetic disks, and carriers wave signals.
• Thus, a method and a system for submitting offers to purchase products offered via a network-based commerce facility have been described with reference to specific exemplary embodiments. It will be evident that various modifications and changes may be made to these embodiments without departing from the broader spirit and scope of the invention. Accordingly, the specification and drawings are to be regarded in an illustrative rather than a restrictive sense.

Claims (39)

1. A computer implemented method comprising:

presenting a plurality of listings to a user;

monitoring selection of one of the plurality of listings by the user to identify a selected listing;

presenting the user with periodic payment data based on pre-determined financing data, wherein the periodic payment data informs the user of a cost associated with the selected listing based on periodic payments; and

presenting the user with a transaction option, the transaction option being based on periodic payments.

2. The method ofclaim 1 including receiving a transaction offer from the user based on the transaction option being based on periodic payments.

3. The method ofclaim 1 wherein the transaction option includes one of: a bid offer, a lease offer, and an installment purchase offer.

4. The method ofclaim 1, wherein the plurality of listings are presented to the user in a web-based auction facility.

5. The method ofclaim 1, wherein the periodic payments are monthly payments.

6. The method ofclaim 1, wherein the plurality of listings optionally have associated insurance costs, the periodic payment data including the associated insurance costs.

7. The method ofclaim 1, including presenting the user with a bid option being an option to bid based on a single payment.

8. The method ofclaim 3, wherein acceptance of a bid associated with the bid offer based on periodic payments is dependent upon personal information of the user.

9. The method ofclaim 1, including:

presenting the user with an option to obtain financing to finance a transaction associated with the selected listing;

prompting the user for personal information of the user;

communicating a request for financing to a financing facility; and

selectively allowing the user to conclude a transaction for the selected listing based on a bid from the user based on the transaction option based on periodic payments.

10. The method ofclaim 1, including:

receiving financing data from a financing facility;

identifying from the financing data a maximum bid based on the periodic payments to effect a transaction, the maximum bid being uniquely associated with the user; and

allowing the user to bid on the selected listing up to the maximum bid.

11. The method ofclaim 1, including presenting the user with a calculator interface to estimate the periodic payments.

12. A machine-readable medium embodying a set of instructions, the instructions when executed causing the machine to:

present a plurality of listings to a user;

monitor selection of one of the plurality of listings by the user to identify a selected listing;

present the user with periodic payment data based on pre-determined financing data, wherein the periodic payment data informs the user of a cost associated with the selected listing based on periodic payments; and

present the user with a transaction option, the transaction option being based on periodic payments.

13. The machine-readable medium ofclaim 12, wherein the instructions being operable to cause the machine to receive a transaction offer from the user based on the transaction option being based on periodic payments.

14. The machine-readable medium ofclaim 12, wherein the transaction option includes one of: a bid offer, a lease offer, and an installment purchase offer.

15. The machine-readable medium ofclaim 12, wherein the plurality of listings are presented to the user in a web-based auction facility.

16. The machine-readable medium ofclaim 12, wherein the periodic payments are monthly payments.

17. The machine-readable medium ofclaim 12, wherein the plurality of listings optionally have associated insurance costs, the periodic payments including the associated insurance costs.

18. The machine-readable medium ofclaim 12, wherein the instructions being operable to cause the machine to present the user with a bid option being an option to bid based on a single payment.

19. The machine-readable medium ofclaim 14, wherein acceptance of a bid associated with the bid offer based on periodic payments is dependent upon personal information of the user.

20. The machine-readable medium ofclaim 12, wherein the instructions being operable to cause the machine to:

present the user with an option to obtain financing to finance a transaction associated with the selected listing;

prompt the user for personal information of the user;

communicate a request for financing to a financing facility; and

selectively allow the user to conclude a transaction for the selected listing based on a bid from the user based on the transaction option based on periodic payments.

21. The machine-readable medium ofclaim 12, wherein the instructions being operable to cause the machine to:

receive financing data from a financing facility;

identify from the financing data a maximum bid based on the periodic payments to effect a transaction, the maximum bid being uniquely associated with the user; and

allow the user to bid on the selected listing up to the maximum bid.

22. The machine-readable medium ofclaim 12, wherein the instructions being operable to cause the machine to present the user with a calculator interface to estimate the periodic payments.

23. A system comprising:

a database including a plurality of listings; and

at least one server to:

present a plurality of listings to a user;

monitor selection of one of the plurality of listings by the user to identify a selected listing;

present the user with periodic payment data based on pre-determined financing data, wherein the periodic payment data informs the user of a cost associated with the selected listing based on periodic payments; and

present the user with a transaction option, the transaction option being based on periodic payments.

24. The system ofclaim 23, being operable to receive a transaction offer from the user based on the transaction option being based on periodic payments.

25. The system ofclaim 23, wherein the transaction option includes one of: a bid offer, a lease offer, and an installment purchase offer.

26. The system ofclaim 23, wherein the plurality of listings are presented to the user in a web-based auction facility,

27. The system ofclaim 23, wherein the periodic payments are monthly payments.

28. The system ofclaim 23, wherein the plurality of listings optionally have associated insurance costs, the periodic payments including the associated insurance costs.

29. The system ofclaim 23, being operable to present the user with a bid option being an option to bid based on a single payment.

30. The system ofclaim 25, wherein acceptance of a bid associated with the bid offer based on periodic payments is dependent upon personal information of the user.

31. The system ofclaim 23, being operable to:

present the user with an option to obtain financing to finance a transaction associated with the selected listing;

prompt the user for personal information of the user;

communicate a request for financing to a financing facility; and

selectively allow the user to conclude a transaction for the selected listing based on a bid from the user based on the transaction option based on periodic payments.

32. The system ofclaim 23, being operable to:

receive financing data from a financing facility;

identify from the financing data a maximum hid based on the periodic payments to effect a transaction, the maximum bid being uniquely associated with the user; and

allow the user to bid on the selected listing up to the maximum bid.

33. The system ofclaim 23, being operable to present the user with a calculator interface to estimate the periodic payments.

34. An apparatus comprising:

means for storing a plurality of listings;

means for selectively presenting the plurality of listings to a user;

means for monitoring selection of one of the plurality of listings by the user to identify a selected listing;

means for presenting the user with periodic payment data based on pre-determined financing data, wherein the periodic payment data informs the user of a cost associated with the selected listing based on periodic payments; and

means for presenting the user with a transaction option, the transaction option being based on periodic payments.

35. The apparatus ofclaim 34, including means for receiving a transaction offer from the user based on the transaction option being based on periodic payments.

36. The apparatus ofclaim 34, wherein the transaction option includes one of: a bid offer, a lease offer, and an installment purchase offer.

37. The apparatus ofclaim 34, wherein the plurality of listings are presented to the user in a web-based auction facility.

38. The apparatus ofclaim 34, wherein the periodic payments are monthly payments.

39. The apparatus ofclaim 34, wherein the plurality of listings optionally have associated insurance costs, the periodic payment data including the associated insurance costs.

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