Reverse auctions on GSA schedule

Reverse auctions have been added to the list of services that agencies can

acquire through the General Services Administration.

FreeMarkets Inc. has been added to the GSA schedule, meaning agencies

can hire the company to conduct online auctions for buying goods and services.

The auctions feature vendors of products and services bidding against one

another to win government contracts.

Compared with the traditional sealed-bid procedure in which companies

wanting to do business with the government submit a single secret bid, active

competition among companies during online auctions tends to drive prices

down.