Records 1.62 Percent Margin between First and Second Place Suppliers, Indicating Market Value Was Achieved; Saves $123,000 against Budget
HIGH POINT, N.C., Sept. 22 /PRNewswire/ — Increased focus on the environment from national and local perspectives prompted the City of High Point, NC to replace its smaller recycling bins with larger 95-gallon containers. The recycling receptacles would then be distributed to local private residences for weekly recycling collections.
While necessary, the 36,000 bins required to satisfy the city’s needs would be costly to procure. The city set aside $1.5 million for the project and sought the aid of an experienced procurement company, eventually choosing Louisville-based BidBridge, an e-procurement services provider for the public and private sectors.
BidBridge facilitates a secure, real-time electronic sealed bid platform that allows suppliers to place multiple bids, providing an alternative to the public sector’s traditional process of a one price per supplier response. By utilizing the BidBridge platform, the City of High Point was able to save more than $123,000 against budget.
By the end of the 52-minute bid (taking place June 23), five competing suppliers had logged 45 bids, resulting in 31 time extensions and a 1.62 percent margin between first and second place – a key indicator that the city purchased the recycling receptacles at market value.
“With the final award amount totaling $1,337,000, there is no doubt that the reverse auction had a hand in saving valuable taxpayer money for the City of High Point,” remarked Cindy Sisloff, director of marketing and business development for BidBridge. “With a national focus on government spending, BidBridge offers a way for cities like High Point to be more strategic in their purchasing.”
