What are Reverse Auctions?
For years now, KACo has been utilizing a member service that has been saving counties money on large purchases. The services that we are talking about are Reverse Auctions. A Reverse Auction is a procurement method where competing suppliers reduce the price at which they are willing to sell their goods or services by submitting successively lower bids online via the internet.
The main difference between the old way and the Reverse Auction method is - MULTIPLE BIDS. With Reverse Auctions, suppliers have the opportunity to submit more than one bid, unlike the old way which was "one & done." And with each new bid the price is lowered, saving the county money. Not to mention, it will not cost the county a penny - it's a FREE service!
Since its inception, Reverse Auctions have been saving counties five to fifteen percent on all types of products such as: roadside equipment, emergency vehicles, water lines, road salt and many others. KACo Reverse Auctions is just another way KACo is saving counties money.
"I know the reverse auction is a great tool for us, one we will use again in the future." - Woodford County Magistrate