Reverplace auctions help us to get the best price for the acquisition of "Drive Subs" (fishing tool for wheels). With this element we wanted to recover a very important tool inside of a wheel we were drilling. The precision of our specifications, extern diameter, type of connection, type of pin connection, what kind of box connection we needed, the total lenght as well as the part number and manufacturer, helped us to find very precise and quick bids from our vendors during the auction.
We also placed clear terms and conditions in regard to the estimated time of delivery (ETD) and the place where we wanted the tool delivered (FCA Miami). Time was of the essence, so we make clear to the vendors invited that this was quite important since we wanted to recover the lost tool very fast.
We send invitations to 4 emails of vendors we knew from previous commercial contacts and indicated them that we will acquire this part via reverse auction. We had deals we these companies before and knew their seriousness, so the only thing we really needed was to let them know when and where the auction would take place. Fortunatelly they all participate on the auction, which actually took only one hour.
We got savings in value of 12%, base on similar purchases made in the past. It was worthy, fast and with a very marginal cost.