CEO To Purchasing Agent: "Other Companies Are Saving Billions of Dollars By Conducting Internet Reverse Auctions...Why Aren't We?"

PurchTips edition #9

 

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What Is An Internet Reverse Auction?

Most of us are familiar with a "traditional" auction - where one individual, group, or selling organization has a product or service to sell and a host of buyers compete with each other to buy that product or service. The competitive forces at work ensure that the seller gets the highest price in the market for the offered product or service.

A reverse auction is where one buying organization has a requirement to buy a product or service and a host of sellers compete for the opportunity to sell that product or service to the buying organization. The competitive forces at work ensure that the buyer gets the lowest price in the market for the required product or service.

An Internet Reverse Auction (also called an online reverse auction) is a reverse auction that is conducted live, in real time, over the Internet, thereby permitting sellers in different locations to simultaneously attempt to outbid each other.

Internet Reverse Auctions have generated billions of dollars in savings and have become embraced by modern purchasing professionals across many industries.

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