What is a Reverse Auction?
A reverse auction is a type of auction in which sellers bid for the prices at which they are willing to sell their goods and services. In a regular auction, a seller puts up an item and buyers place bids until the close of the auction, at which time the item goes to the highest bidder. In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins.
How does a Reverse Auction work?
Log in to Smart Auctions as a Buyer or Seller (Supplier). Buyers will define the specs and terms of the auctions, which corresponds to the definition of precise characteristics of goods and/or services, and will also indicate a time frame for the suppliers to place their bids (initial time/date and ending time/date).
Once the auction starts, Suppliers or Sellers are invited to participate in specific auctions by the Buyer via email. Suppliers can place their bids for one item, for a group of items or detailed services. Suppliers will also be able to see the auction’s development in real-time, as well as other contenders’ offered prices. A countdown clock will show the remaining time until the auction’s end. Bidders will be able then to reduce the price as many times they see fit. At the end of the auction, the Supplier with the lowest price or best conditions offered will ultimately “win” the auction.
How do I create an Account?
1. Please complete the registration process, this way you’ll see all the alternatives available – Register
2. Once you have completed your registration form and your account is activated, you will be able to open auctions. In case of requiring additional support, please send us a message and we’ll be glad to assist you.
Still have questions?
Get in touch with us and let’s start a conversation.