How does FedBid drive competition?
We run a competitive process called a reverse auction, staffed with market makers, in which a Buyer solicits bids from Sellers during a period of time set by the Buyer. During the reverse auction, Sellers have the opportunity to submit a single bid or multiple bids that decrease in price. While Sellers do not see competitors’ names or prices, they do see a bid status of either LEAD or LAG, depending on their bid price. LEAD means that a bid is in the lead during the buy process; LAG means that a bid is not in the lead and may be lagging to competitor bids and/or an Active Target Price (ATP).
When would I use FedBid?
Whenever you're looking to buy a commodity good or simple service—from new laptops, software, printer toner or IT support services to fire hose, school busses or x-ray machines to desks, scrubs and toilet paper. FedBid's online marketplace can maximize any public or private sector organization’s buying power, regardless of size—delivering double digit savings and reducing internal buying costs. Our simplified purchasing process saves time and money, and dramatically reduces the administrative challenges of managing large-scale commodity and spot buys. Typical buys include goods and services that are:
- Generally considered "common"
- Range in price between $3,000 to $150,000+
- Have well-defined requirements
- Highly competitive
How much does it cost to start using FedBid?
FedBid users incur NO upfront investment, license fees or maintenance costs. FedBid ensures ongoing cost-savings and a risk-free procurement process by requiring payment only after the Buyer selects a Seller for award and completes the transaction.
What is a Reverse Auction?
A reverse auction is a competitive process in which a Buyer solicits bids from Sellers during a period of time set by the Buyer. During the reverse auction, Sellers have the opportunity to submit a single bid or multiple bids that decrease in price.
Is FedBid the same as FedBizOpps?
No. FedBid is a privately held company that provides an online marketplace for government and business Buyers. FedBizOpps (FBO), at FedBizOpps.gov, is a government-run, online bulletin board. However, FedBid does maintain automated feeds to FBO in order to enable federal government Buyers to meet Federal Acquisition Regulations (FAR) requirements regarding opportunity notification.