"GSA is doing a lot of exciting and positive things to improve acquisition efficiencies and drive competition but the new reverse auction platform hits the ball out of the park."
In order to ensure that the federal government gets the most value out of every taxpayer dollar, GSA launched Reverseauctions.gsa.gov to help agencies purchase commercial goods and simple services at better prices. Unlike a traditional auction where buyers compete against each other to purchase an item, a reverse auction places the seller in the position to provide the buyer with a bid to win the business. In a reverse auction, prices typically decrease as the auction progresses.
Reverse Auctions deliver better savings and value for federal agencies on the most commonly purchased office products, equipment, and simple services. In FY 2014, more than 21 agencies across the government created 900 auctions and saved over $6 million. That represents more than 23 percent in savings compared to standard contract prices.
The reverse auction platform also allows federal customers to set aside auctions for small business, increasing opportunities for small and disadvantaged companies to bid easily for government contracts. In FY 2014, small businesses received over 84 percent of procurements conducted through Reverse Auctions, totaling more than $19 million.
For more information, please visit ReverseAuctions.gsa.gov.