eBridge Procurement hosted a large fuel reverse auction in the state of North Carolina. 14 vendors participated in the reverse auction, which allowed the entity to receive 3,740+ bids on the fuel line items. eBridge excels in helping entities find market price for bulk fuel purchasing.
Fuels
- 14 Vendors
- 3,744 Lowering Bids
- 668 First Place Takeovers
- Lowest Spread between 1st - 2nd Place was 0.01%
The reverse auction event lasted for a combined 14 hours, which allowed the entity to find current market level pricing for their massive bulk fuel purchase. The statistics from the event prove reverse auctions create the most competitive bid environments for public entities making bulk commodity purchases.
During the event, the 1st and 2nd place vendors changed 668 times. Which is what allowed the entity to see a 0.01% difference between the 1st and 2nd place vendor's bids. Anytime the spread between the 1st and 2nd place vendors is below 2%, eBridge considers the reverse auction a success.
eBridge continues to expand the use of reverse auctions for public entities across the United States. If you would like to view full results from other fuel reverse auctions, click here to view our press release with