Auctions

Auctions provide a way to source high-cost or high-volume purchases while encouraging competitive supplier participation. By creating a structured bidding process, auctions help you achieve better pricing and improve supplier engagement.

In an auction, suppliers submit bids for your business based on the type of auction you select. Prices may decrease or increase over time, depending on the format, and suppliers compete to secure the event. Auctions allow you to simplify negotiations and make more informed sourcing decisions efficiently.

Important: If you are interested in using auctions, contact your Fairmarkit Customer Success Representative. You'll need to specify which auction types you want to use.

Overview

Auction types

Dutch auction

English (classic) auction

Japanese auction

FAQ