What is a Reverse Auction?
Reverse auctions (also called eAuction, eProcurement, eSourcing, sourcing event, procurement auction, eRFP/eRFQ, B2B Auction) are a premier tool of procurement for businesses and government entities.
eBridge’s reverse auction process is unique due to its highly customer-centric design. When you partner with eBridge, you get a dedicated team of people to support you through every step of the reverse auction process. There is no software to purchase, you award on best value or low price with no direct cost to you.
In a reverse auction, vendors compete to supply a product or service by offering lowering bids to the buyer. eBridge facilitates an online, real time dynamic auction that enhances competition among qualified vendors. This competitive purchasing process finds true market value for goods and services. Watch a demo
1) Time Remaining – Auctions are typically scheduled for 15 minutes. If a bid is placed by any vendor with less than 3 minutes left, the clock resets to 3 minutes. The auction ends when 3 minutes has passed without a bid from any of the participating vendors.
2) Vendor Information – Buyers can see who is competing, their rank, current bid, previous bid, bid history and if that vendor is logged into the system.
3) Real Time Data – Buyers can see the number of bids, 1st place turnovers, high-low spread between 1st and 2nd lowest vendor, and extension count in real time.
1) Time Remaining – Vendors see how much time is remaining. If a bid is placed by any vendor with less than 3 minutes left, the clock resets to 3 minutes.
2) Submit Bid – Vendors can enter a new lowering bid amount.
3) Current Bid/Rank – Vendors can see only their current bid and rank. They can’t see how many other vendors are bidding.