VIENNA, Va.--(BUSINESS WIRE)--FedBid, Inc., the largest commercial marketplace for reverse auctions, today announced that the U.S. Department of Labor (DOL) will continue to utilize FedBid's services through a newly-awarded contract available to all DOL contracting offices. This decision cements the critical role that FedBid plays in supporting DOL’s best-value acquisition strategy for commodity goods and simple services.
“We are proud that our partnership with DOL has been a very effective one for the agency and taxpayers, and we are pleased to see this partnership continue,” FedBid CEO Joe Jordan said. “FedBid’s marketplace delivers robust competition among an expansive vendor pool. As a result, Buyers at DOL and other federal agencies get a critical view of the market for whatever they are looking to purchase, allowing them to make effective best-value source selection decisions, while also bringing more small businesses into the federal supply chain.”
FedBid’s contract is one base-year with four option years. The company’s easy-to-use system, expert sourcing, quality assurance and account management support staff help drive greater efficiency in the acquisition process, reducing time spent on procurement actions, while also being fully-compliant with the Federal Acquisition Regulation (FAR). Additionally, FedBid’s dynamic, competitive platform facilitates best-value contract awards based on a real-time view of current market pricing for whatever a Buyer is looking to purchase.
Over the last 11 years, DOL Buyers have awarded more than $68 million in contracts through FedBid’s marketplace, 95 percent of which went to small businesses. Compared to their original Independent Government Cost Estimates (IGCE), FedBid has driven more than $4.6 million in cost reductions through the use of reverse auctions, while also helping expand DOL’s supplier base and drive efficiency and time savings into the purchasing process.
About FedBid, Inc.:
FedBid, Inc., is the industry-leading provider of reverse auction services, optimizing how businesses, governments and educational institutions buy the goods and services they need. Currently, more than 75 federal, state and local government agencies and departments use FedBid as a key component of their purchasing strategy. FedBid’s innovative, patented acquisition solution helps Buyers expand their supplier base, while saving time and money. At the same time, Sellers gain greater access to opportunities to compete and win contracts. In 2016, more than 90 percent of contracts awarded through FedBid went to small businesses. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID.