Reverse Auction

iconReverseAuctionPlanetBids’ Reverse Auction enables an organization to create and conduct a descending auction for standard goods or services in real-time. While the auction progresses, prices decrease as vendors compete to offer lower bids than their competitors. Procurement professionals can monitor auction activities online, run reports and make an award. Reverse Auction can be deployed to designated users, departmentally or across an entire organization. The system is very easy-to-use and reliable, extending the buyer full control of the auction, eliminating the need for traditional third party auctioneers.

Key Features

  • Advanced Technology and Secure Bidding
  • Real Time Bidding Activity
  • Receive More Competitive Pricing by Outreaching to a Broader Vendor Database
  • Specified Starting Bid Amount
  • Preset Decrement Bidding
  • Automatic Bid Extensions
  • Online Q&A
  • Advanced Reports
  • Real Time Dynamic Charts
  • Award to Lowest Qualified Bidder
  • Custom Email Notifications – Before, during and after auction events
  • Self Service – You are in full control, while we are always there to support you and your vendors
  • Very Low Transaction Fee
  • Fully Automated
Realize savings of up to 20% through real-time & competitive bidding processes!