In 2002, the Department entered into a pilot program with FedBid, Inc. to use a method of acquiring goods and services that was cost effective and would maximize competition.
As a result of the success of reverse auctioning, the Department has saved over $15 million taxpayer dollars each fiscal year. Small businesses firms regularly win more than 73% of the Department’s Reverse eAuctions worth approximately $92 million. Products and services that have been reverse auctioned range from commercial vehicles to photographic services.
-- Overview
