Dutch auction
A Dutch auction is a fast-paced auction format designed to encourage quick supplier decisions. The auction starts at a low price that increases over time, and the first supplier to accept the current price wins. This format allows you to quickly finalize sourcing decisions and award your event.
How Dutch auctions work
Start auction at a low price
Create your auction by adding line items and inviting suppliers. Set an initial price below the expected cost (e.g., $100) and define how much and how often the price will increase (e.g., 2% every 2 hours).
Run auction with price increases
As the auction runs, the price automatically increases at the intervals you’ve set. Suppliers can monitor the auction and decide when to accept the price.
First supplier to accept wins
At each price increase, suppliers can choose to accept or wait. As soon as a supplier accepts the price, they win the auction. They will need to finalize their bid, after which you can award the event.
Get started
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