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Auctions offers complete, flexible auction capabilities to buyers so they can efficiently obtain the best possible price for goods and services. Prices are established based on actual supply and demand at the time the auction is transacted. Auctions allow real-time interaction to drive dynamic prices based on information that extends beyond price to include lead times, quantity and item-specific attributes. Because most auctions are open for short periods of time, the bidding process moves quickly which results in increased competition.

• Auctions last for a set period of time, typically a matter of a few days, although the close time can be extended manually or automatically based on last minute bids.

• Auctions enable buyers to solicit bids for goods and services that are clearly defined, such as office furniture or memory chips.

• Auctions are typically focused on creating competition between bidders.

• Negotiations allows buyers to establish either public or private auctions to meet the specific needs of buyers.

Steps in the auction process include:

1. Creating the auction The buyer defines the auction and includes all the auction item information, the business terms and conditions and intended bidders.

2. Responding to the auction Bidders participate in the auction by viewing the auction items and submitting bids online. If permitted by the auction rules, bidders can view competitive bids during the auction.

3. Monitoring the bid responses The buyer and all other participants can monitor the real-time activity during the auction and take action as necessary.

4. Evaluating and awarding bids The buyer analyzes the bids and awards the auction based on the price, bid quantity, bid attribute value(s). Once the auction is completed, bidders are immediately notified of the auction results via online notifications.

Auction features include:

• Auction templates

• Reusable attribute lists

• Reusable invitation lists

• Cost factors

• Price breaks

• Autoextend feature

• Manual extend and early close features

• Multiple Auction styles:open, blind or sealed

• Minimum Bid Decrement/Increment

• Sourcing Events

• Proxy bidding

• Power bidding

• Attribute based bidding

• Capture Total Cost

• Canceling auctions and Disqualifying bid

• Monitoring bid activity

• Purchase order generation

• Real-time status updates

• Bidding online and offline (spreadsheet bidding)

• Bid comparison

• Graphic monitor (Live Console)

• Notes and attachments

• Integration with Oracle Purchasing

• Online or offline awarding capability (spreadsheet awarding)