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All ScrapSite commerce methods provide access to private and secure online databases and reports of your transaction history.
Open-Bid Auctions
- Current highest bid prices and quantities bid are displayed to the Buyer after submitting a bid
- Bids can be updated during the auction; prices can only be increased
- Automatic time extensions - three minute intervals
- Proxy bidding - Buyer can let the computer update bids automatically so that they don't have to continuously monitor the auction
- Seller must award scrap to the highest bidder, if bids received meet or exceed Seller's confidential minimum reserve price (except for credit or previous performance reasons)
Ranked Sealed-Bid Auctions
- Upon submitting a bid, ranking or position is displayed to Buyer if they are in the top three current highest bids (otherwise, they see a message that they are not "among current three high bids")
- Buyer cannot see other bidders' prices or quantities bid
- Bids can be updated during the auction; prices can only be increased
- No proxy bidding
- Seller does not have to award to the highest bidder - factors other than price can be taken into account when making the award decisions
Traditional Sealed-Bid Auctions
- No ranking is displayed - totally "blind"
- Bids can be updated during the auction; prices can only be increased
- Buyer cannot see other bidders' prices or quantities bid
- No proxy bidding
- Seller does not have to award to the highest bidder - factors other than price can be taken into account when making the award decisions
Formula-based Auctions
- Formula-based auctions are available in Open-Bid, Ranked Sealed-Bid, and Traditional Sealed-Bid auction formats
- Buyer bids a "price differential" from a published price index
- Useful for auctioning contracts or other longer-term buying agreements
Private Auctions
- Seller determines select list of pre-qualified Buyers to invite to participate in the auction (these are the only Buyers that have access to the auction)
- Private auctions are not advertised in the public areas of the ScrapSite website
- Only invited Buyers receive e-mail notices about the auction and can view scheduled auction on the calendar
- Private auctions are available in Open-Bid, Ranked Sealed-Bid, and Traditional Sealed-Bid auction formats
Whatever commerce method is chosen to conduct your business, you build secure, web-based, historical databases of all details of your scrap sales and purchase transactions… accessible only by authorized individuals in your company.
ScrapSite… an unbiased, secure, and confidential marketplace focused on the recycling industry.
Please call us at 1-877-544-4458 (in the U.S.) or 412-661-6429 (outside the U.S.) today to learn more about participating in ScrapSite's auctions… it's
easy!
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