Auction Header

On the Header page, you can:

Enter and edit basic and settings information
Add amendments
Add and remove collaborators
Add and remove document links

Features

Field Help for the Header page

Many field values on the Header page are preset by the auction type.

Function	Description
Name	Enter a name for the auction.
Description	Enter a description of the auction.
Document Type	Indicates the name of the auction type that defines the settings for this auction.
Company	Choose the name of the company conducting this auction.
Organizational Unit	Choose the name of the organizational unit for this auction.
Product Category	Choose the name of the product category for this auction.
External Category	Choose the name of the external category for this auction.
Currency	Select a default currency for the auction from the drop-down list.
Estimated Value	Enter the current estimate of the total spend for this auction. This value can be updated as the auction proceeds.
Budgeted Value	Enter the total amount budgeted for the spend in this auction. This value typically remains the same throughout the auction.
Actual Value	Indicates the sum of the awarded or final line item prices for the auction. This value is not final until the auction is complete or awarded.
Event Contact	Enter a contact name for the auction.
Event Contact Telephone	Enter a phone number or other contact information for the event contact.

Settings

Note Note

Some fields in this section appear only if enabled in the auction type.

End of the note.

Auction Direction

Function	Description
Reverse Auction	The price drops as the auction proceeds. Reverse auctions are typically used for sourcing events.
Forward Auction	The price increases as the auction proceeds. Forward auctions might be used to sell excess inventory or stock, for example.

Bidding Rules

Function	Description
Standard bidding	Bidders must beat the leading bid price by the specified minimum bid improvement and meet or exceed the leading bid quantity.
Proxy bidding	An automated way to place a bid. Each bidder places one best-offer bid. The software evaluates all best-offer bids and places incremental bids on behalf of each bidder. Each bid is reduced by the amount indicated as the minimum bid improvement. The winning bid must meet the reserve price, if it is set on the Auction Line Items page.
Open bidding	Bidders must meet or exceed their own most recent bid in both quantity and bid price, but do not have to beat the current leading bid.
Any price bidding	Bidders can place a bid for any value, regardless of the current winning bid. Thus, bids can go up or down, regardless of whether the auction is reverse or forward. At the conclusion of the auction, you choose the winning bidder.
Dutch bidding	Line items steadily increase in price until the first supplier agrees to sell some quantity of the item at the current price. Line items open and close consecutively and only one line is open for bidding at any given time.

Bid History Rules

Functions	Description
Public	All suppliers can see the full bid history.
Sealed	Suppliers can see only their own bid. No other bid information is displayed.

Supplier Rank

Function	Description
Do not display rank information	Suppliers cannot see any ranking information for their bids.
Display rank	Suppliers can see the ranking of their bids compared to other bids. For example, a bidder might be ranked third in the auction.
Display rank and number of participants	Suppliers can see the ranking of their bids compared to other bids and can see the number of bidders in the auction. For example, a bidder might be ranked third out of 11 bidders.

RFx Update

Indicates that supplier responses to a related RFx will be updated with each supplier's best bids when the auction is closed. This field only appears if the auction was created from an RFx. Its value is determined by a checkbox in the Create Auction from RFx wizard.

Additional Bid Information

Function	Description
Anonymous bidders	Suppliers see aliases rather than the company names of other bidders.
Leading bid	Suppliers can see the leading auction bid.

Amendments

You use this section to add a text amendment to change or add information to an auction in progress. You add a text amendment to an open auction to change or add information.

Note Note

To add an amendment, you must first suspend bidding activity by suspending all bidders, add the amendment and subsequently unsuspend bidding activity by reinstating all bidders.

End of the note.

Collaborators

You use this section to add and remove collaborators. You can edit the collaborator list during any phase of the auction, including Closed.

Note Note

To edit collaborators during the Pre-bid, Preview, or Open phase, you must first suspend auction bidding.

End of the note.