What are the different auction types? What can I see during auctions?

PERSUIT's optional Reverse Auction feature is often the best way to find true market pricing for your matter.

• Reverse Auction Types
• How to Find the Auction Type 
• Total Price vs. Comparison Value

Reverse Auction Types

Clients choose from four options if using this feature. The auction type determines the comparative level of visibility and detail for the competing firms. You can find the chosen auction type in the request details section.

For all four auction types, you will be blind to your firm's overall ranking, ranking at the phase-based level, and price until the official start of the auction. 

1. Price ranking only
2. Price ranking and lowest bid
3. Price ranking and each competitor firm's current bid
4. Phase price ranking and lowest phase bid

1) Price ranking only

Once the auction commences, you are provided your overall "Price Ranking". You will only be able to see your current position and will be blind to the competition's pricing and ranking.

2) Price ranking and lowest bid 

You will see your own current "Price Ranking" overall AND the bid of the anonymised lowest priced firm only, including its items and sub-items. The pricing assumptions are not displayed. It does not show any details about any of the other firms or their pricing bids.

3) Price ranking and each competitor firm's current bid

This gives the most visibility to firms. You see your own "Price Ranking" overall as well as the anonymised fee amounts, bids placed (pricing items and their sub-items) and price rankings of every firm participating in the reverse auction. Other firms' assumptions are not displayed.

4) Phase price ranking and lowest bid per phase

You will be able to see your own "Price Ranking" at the phase level AND the lowest bid per phase by any competitor.  You will not be able to see your own overall price rank in this visibility type. This encourages strategic bidding and information while maintaining confidentiality of total proposal values.

You can find more information on what phase-based ranking looks like for firms in this article.

How can I find the reverse auction type that I will be participating in?

In the Request Details section in the main request page, which also includes important timeline, currency and auction information.

Total Price and Comparison Value

An auction is run on the basis of either a Total Price or Comparison Value number to determine the rankings.

Total Price is a figure that is defined by the client. Often this is defined as the sum of particular phases or a different calculation that gives the client a good benchmark to compare firms at a high level. This is helpful when the client wants to utilize a specific reference in assessing the proposals. Instructions and assumptions on how to calculate the Total Price are typically outlined in the pricing section. If pricing items are revised at the phase level, firms and vendors should ensure that those adjustments are reflected in the calculation for the Total Price. This is particularly important during the auction and should be completed before the auction ends.

The Comparison Value is a figure that is automatically calculated based on the sum of all the pricing items. The comparison value does not sum hourly rates, rate cards, or discount %s. This simplifies the high-level comparison figure to a simple sum across the items and does not need to be recalculated or updated by the firms or vendors. The advantage of this figure is to allow firms and vendors to focus on the individual pricings items that make up the new Comparison Value.