ProcureTiger also offers Forward Auctions where a single seller offers goods/services for sale, with multiple buyers competing to buy the goods/services by bidding the best price upward. You can use the forward auction tool for auctioning everything from automobiles, real estate, machinery, etc. A forward auction is utilized on a consumer end for sales of goods and services of all types.
Benefits of Forward Auction:
- Increased efficiency in the market - the ability of the market to bring buyers and sellers from global arena together in an open environment.
- Increased buying and selling reach.
- Less chance of human error during bid transcription and importation.
- Rapid downward price pressure with a price reduction.
- Real-time negotiation with a large pool of suppliers.
- Reduction in the cycle time: set-up and completion of the Auction within 48 hours*
- Vendors/Suppliers get improved access to new markets and new competition.
- Suppliers get a level playing field in which small businesses can effectively compete.
- Suppliers receive more information, receive it faster, and benefit from a quicker award decision.
- Immediate feedback and clarity to suppliers regarding their position in market relative to other suppliers.
- Better communication and data accuracy builds more confidence in the buyer’s goal resulting in stronger participation.