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Link to "2-15 Consider Auctions" Link to contents for "2 Postal Service Supplying Practices Process Step 2: Evaluate Sources"      Link to "2-15.2 Reverse Auctions"

2-15.1 Forward Auction

The most traditional auction to consider is the forward auction. A forward auction is usually referred to simply as an “auction.” During a forward auction, the supplier (auctioneer) is the host in the transactions, and buyers (bidders) are invited to bid for the purchase of a product or products from the seller. The auction usually starts with a low price that the buyers will bid up until a set time has expired or no other buyer wishes to place a higher bid. Forward auctions are most typically used when organizations would like to sell off excess inventory, machinery, or equipment that is no longer in use to maximize revenue.




Link to "2-15 Consider Auctions" Link to contents for "2 Postal Service Supplying Practices Process Step 2: Evaluate Sources"      Link to "2-15.2 Reverse Auctions"
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