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How Forward Auctions Can Help You Create Value From Any Situation!
A European retailer had accumulated a large number of EU pallets in their central warehouse, as most of their products are delivered on EU pallets.
A total of about 400,000 pallets had varying conditions due to wear and tear and were divided into 2 quality groups (B and C pallets)
A Forward Cherry Picking Auction was selected, with one line per pallet quality
Five potential buyers were invited to the eAuction
During the auction, the participants could see their Rank per line
The winner of the auction per quality was the supplier with the highest price
The eAuction was very dynamic with the buyers competing heavily on both qualities
A total of 275 bids were placed and the eAuction was extended 11 times
A spectacular result was achieved with bids increasing between
89.25% and 95.25%
from their opening level during the course of the event