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 three 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 three 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. Rank Only - Once the auction commences, firms are provided their "Price Ranking". They will only be able to see their current position and will be blind to their competition's ranking and pricing.
   
   
   
2. Rank + Lowest Bid - This shows the participating firms their current "Price Ranking" AND the anonymous fee amounts and bids placed of the lowest priced firm only. It does not show the firms with pricing bids that fall in between, or fall over, your ranking and the lowest priced firm.
   
   
   
3. Rank + All Bids aka "Price ranking and each competitor firm's current bid" - This final auction type has the fullest visibility for firms. They are able to see their own price ranking as well as the anonymous fee amounts, bids placed and price rankings of every firm participating in the reverse auction.
   

You can find more information on what phase-based ranking looks like for your firm 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.