Providing auction management services which are provided to others over an online web site and accessed through a global computer network; providing auction services via telecommunication networks; providing on-line trading services in which products to be auctioned are posted and bidding is done via the Internet; providing business services via a computer network, such as the Internet, namely, providing reverse auction or time-based forward auction services to buyers seeking the lowest price for goods offered by sellers participating in the auction service; and providing on-line Internet auction services via a web portal to facilitate sale and purchase transactions between participating sellers and buyers