An RFQ Auction is designed for publishing a "Request For Quotations". A Request For
Quotation would typically be issued by an individual or organization looking for a product or
service that they will describe in the RFQ's detail information. Then any people or organizations
interested in providing
the product or service to the auctioneer, can submit their bid for the products or services
outlined in the RFQ. Their bid may typically include additional descriptions or features of their
products and services in regards to the RFQ, as well as any other limiting terms of their
An RFQ Auction works a little bit differently from the standard auction types in a couple ways.
First, the auction bid amount is not driven up or down as with a Standard or Reverse auction.
The auctioneer (the person/organization interested in receiving bids/quotes), will decide who the
winning bid submission is. The winning bid submission is not automatically determined by price, since
the auctioneer may select one bid over another depending on other factors, such as:
- Reputation of Bidder
- Additional Details of Products/Services Offered
- Limitations of Competing Bids Offered
This auction option is perfect for companies wanting to have farm equipment, vehicles, or any other items shipped. RFQ's give you the ability to choose who ships your items, no matter who the lowest bidder is.