Lot is the term refers to either an individual item or a group of items that are offered for sale or to be acquired (reverse auction). Depending on your sourcing strategy, you can either do a single lot auction or multiple lot auction.
This guide will walk through how to create a regular forward auction where the goal will be to earn revenue through the sales of goods. In this example we will be creating a forward auction to sell office furniture from conference rooms that are being replaced with new furniture with multiple lots.
You can learn about auction types and methods by reviewing our Auction Methods Support Article and Auction Types Support Article.
How To Create a Multiple Lot Auction
Click on the Create button.
Click on Auction.
Select the Create New Auction option.
| Quick Links to Each Section of the Auction Setup | |||
| Basic Details | NDA & Guidelines | Lots | Timeline |
| Suppliers | Team Members | Attachments | Publishing |
Basic Details
Input a name for your auction in the Auction Name field and include the abbreviated campus location that the auction is applicable for at the beginning of the name.
Input a brief description of the auction in the Event Description field.
Select Regular as the Auction Type.
Select Forward as the Auction Method.
Select USD as the Event Currency (should be defaulted).
In the Event Value field input an estimated value for your auction (this is optional and not required).
Click on the Event Category.
Checkmark the appropriate category and click on Save when done.
Keep the Organization Entity as Procurement.
Click on the Region link.
Checkmark the applicable campus and click on Save when done.
Click on the Save button when done.
NDA & Guidelines
Expand the NDA & Guidelines section.
Click on Create New Guideline if you wish to create a guideline or an NDA for your auction.
Complete the Guideline form and click Done when finished.
Lots
Expand the Lots section.
Click on the Create New Lot option.
Input a Lot Name for your first lot, this should be the item you are trying to obtain or sell (creating a Lot Description is optional).
Click on the Save button when done.
Click on the Start Date & Time to configure when your auction will begin.
Click on the End Date & Time to configure when your auction will end.
Click on Grid Actions.
Select Add Rows.
Input the amount of rows needed and click on the Add Row(s) button (this will be added to single defaulted row provided).
Input your lot items.
Click the Done button when finished.
Click on the Add button to create your second lot.
Select the Create New Lot option and build your second lot the same as you did for your first lot as described above.
When done, both your lots will now display in the Lots section.
Timeline
Expand the Timeline section.
Click on the Manage Timelines link to make adjustments to your timeline.
Click the Done button when finished.
Suppliers
Expand the Suppliers section.
Select Add Supplier(s) From Repository or Create New Supplier depending on your needs.
The suppliers will display once added from the repository or created.
Team Members
Expand the Team Members section.
Click on the Add button to invite internal members of your team to your auction.
Checkmark the team members to add and click Done when finished.
Team members will display once added from the repository.
Attachments
Expand the Attachments section.
Click on the Add Attachments option to upload any supplemental documents to your auction.
Drag and drop your file into the Attachments pop-up window that displays.
Once your attachment displays, click on the Close option to exit out of the pop-up window.
Click on the Settings button if you wish to add additional configurations to your auction.
Publishing
When you are finished building your auction, click on the Publish button.
A confirmation window will display, click the Yes button.
An email template will display for you to edit prior to sending out to your suppliers.
Click on the Send button when done.
Your auction will now be Published, Not Open Yet or Live depending on the timeline indicated.
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