Japanese auction
A Japanese auction is a structured auction format that encourages strategic supplier participation. The auction starts at a high price that decreases over time, and suppliers must choose to stay in or leave at each price point. The last supplier remaining wins, helping you secure the best possible price.
How Japanese auctions work
Start the auction at a high price
Create your auction by adding line items and inviting suppliers. Set the maximum price you’re willing to pay (e.g., $1,000) and define how much and how often the price will decrease (e.g., $50 every 5 minutes).
Run the auction with price decreases
As the auction progresses, the price automatically drops at the intervals you’ve set. At each price point, suppliers must actively choose to stay in the auction. If they take no action, they are automatically removed.
Last supplier remaining wins
The auction continues until only one supplier remains, at which point they win the auction. They will need to finalize their bid, after which you can award the event.
Get started
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