What is Forward Auctions?

Forward auctions are, essentially, eAuctions in which bidding starts with the lowest possible price and the bid value increases gradually. Such auctions usually feature a single supplier offering goods or services and buyers competing against each other by submitting higher bids. The highest bid wins.

GEP SMART™, with its advanced buying analytics, enables procurement organizations to set custom-bidding parameters, ensuring that everyone has a fair chance of winning contracts. Learn more about GEP’s real-time eAuction platform solutions.

Related Terms

What is Flip?What is Forward Commitment Procurement (FCP)?What is Fourth-Party Logistics (4PL)?