An automated priority right auctioning system receives and evaluates bid information
records received from a plurality of remote terminals. The bid information records
correspond to bids for one or more priority rights. The automated priority right
auctioning system includes a memory storing a plurality of previously accepted
bid information records, the previously accepted bid information records each including
identification information, section information, quantity information and bid price
information. The system further includes a central controlling computer operably
connected to the memory. The central controlling computer is operable to first
receive a message including a received bid information record from one of a plurality
of remote terminals through a communication system. The received bid information
record includes received identification information, received section information,
received quantity information, and received bid price information. The central
controlling computer is further operable to determine a lowest minimum acceptable
bid value corresponding to the received section information using the previously
accepted bid information records stored in the memory, and store the received bid
information record if a value represented by the received bid price information
exceeds the lowest minimum acceptable bid value.
