Area Man forces Oil Heating vendors though Reverse Auction – Saves big
A Reading, PA man forced the local oil companies to go though a reverse auction to earn his business. The opening bid was $976.25 for a full 275 gallon tank. When the auction was complete he paid only $875.00. Meaning he saved over $100 using the Advanced Reverse Procurement Auction. He requested 2 vendors bid directly against each other in real time. Both claimed to have the best pricing, but clearly after a few minutes of bidding only one did. You can see the auction result here. He noted on his auction that the auction would be closed if $100 of savings was realized. This was to entice the vendors to race down at least $100. In hindsight he should have let it go further.
There was no fee for this special case auction, so literally in 5 minutes he saved over $100 dollars.