Auctions

Auctions allow you to compete for business by submitting bids in real time. The auction format determines how prices change throughout the event. Depending on the type, prices may increase, decrease, or stay flexible as you and other participants place bids.

Each auction includes line items where you’ll provide pricing, availability, and delivery details. Auctions allow you to submit multiple bids or accept auction prices during the event to stay competitive. You can manage and respond to auction events from the RFQ events list.

Auction types

Dutch auction

In a Dutch auction, the price starts low and increases automatically at set intervals. The first participant to accept wins the auction. Stay focused and act quickly to secure the event.

See: Dutch auction

English (classic) auction

In an English (classic) auction, you compete by submitting lower bids throughout the event. If your bid is the lowest at the end, you win. This is the original reverse auction format.

See: English (classic) auction

Japanese auction

In a Japanese auction, the price starts high and drops in increments. At each price drop, you’ll decide whether to stay or leave. If you stay and all other participants drop out, you win the auction. If you leave or don’t respond in time, you’ll be removed from the event. Be prepared to act decisively.

See: Japanese auction