Setting up a Reverse Auction

Perhaps you would like to encourage competition among Vendors with a Reverse Auction. Our Auctions feature will allow you to create auctions within projects. This feature will first need to be enabled in your portal's backend. To do so, please contact Bonfire Support (Support@gobonfire.com).

This article will cover a few things:

1. Creating an Auction

2. During the auction

3. Once the auction ends

Before creating an auction, you may want to review our reverse auction terminology (see Reverse Auction Terminology).

1. Creating an Auction

To create an auction, you will first click on Create to the right of the Auction section.

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The Create Auction box will pop up.

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Required fields are marked with an asterisk (*). You will not be able to save your auction unless all required fields are filled out. 

Tooltips are indicated with a dotted underline. At any time, if you need help, hover over the item title to get a description if its function. 

When setting the dates and times for your auction, you will notice that Bonfire allows you to set times down to the minute. This means that you can pick precise start and end times to suit your needs for this specific auction.

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If you would like to avoid auction sniping, you can input add an Extension Period. The auction end time will extend by this amount. If you would like a hard stop time, simply enter 0 in this field. 

There are 4 different Auction types to choose from. 

1. English Auction

  • New bids must be less than the current bid by the established Bid Decrement Amount.
  • Vendors will only see their bids. 

2. Dynamic Auction

  • New bids must be less than the current bid by the established Bid Decrement Amount.
  • Vendors can compare other bids. The Buyer can choose whether Vendors can or can not see other bidders names.

3. Personal Best Auction

  • New bids must be less than their own current bid by the established Bid Decrement Amount.
  • Vendors can compare other bids. The Buyer can choose whether Vendors can or can not see other bidders names.

4. Custom Auction

  • Buyer can choose their desired Bid Rule and Can Compare Bid combination. 

Mapping your auction results to a Data Slot

If you are planning to use the Auto-Score feature for this auction (more on that later on), it is very important that Data Slots be created under Requested Information and mapped in the Criteria section prior to the project close (preferably before the project even Opens). 

If there are multiple Data Slots in your project, you will need to map one to this auction via the drop-down in the Active Submissions section of the Create Auction pop-up (see the Create Auction screenshot above).

Once all the required fields are filled out, click Save.

You will then be brought to the Buyer's auction view.

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In the Results tab of the Buyer's view, you will see a list of all Vendors who have created a submission along with their current submitted values (as dictated by the chosen Data Slot in the creation set). 

There is an Edit button to the top right of the screen if any changes are needed. The Edit Auction pop-up will appear (looks exactly like the Create Auction pop-up). You can leave the auction view at any time by clicking on the Back to Project button to the right of the Edit button.

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You can navigate back to the Auction view by clicking on the Actions drop down to the right of the desired auction in the Auction section of your Projects Dashboard and selecting View.

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Email notifications for Auctions are sent to qualifying Vendors the night before an auction and once more within 30 minutes of the start time. 

 

2. During the Auction

Buyer View

During a live auction, you will see the data on the auction view refresh automatically. 

Once the first bid is made, the placeholder chart to the right will chart the bidding behaviour of each bidder. Across the top are KPIs that reflect the bid results. 

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The History table will reflect all updates to the bid overtime along with a time stamp, dollar value and percentage change between bids. 

The time at the top right counts down the time remaining for this auction. 

An auction will continue past the set end as long as bids continue to come in. You can stop an auction immediately by clicking on the Cut Off Extension button to the top right of the screen. 

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Vendor's View
See Reverse Auctions (Vendor's view) article.

3. Once the Auction Ends

You may choose to use the results of the auction to override the current Data Slot entry by selecting Auto-Score from the Actions drop-down to the right of the specific auction in the Auctions section.

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This will override the current amount in the chosen Data Slot with the new bid amount for all who participated. 

If there was no previously created Data Slot, you will need to first create one. Please refer to the note earlier in this article about mapping Data Slots

If you have any questions about the article above, please email Support@GoBonfire.com

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