GSA awards FedBid contract for online auction services

The General Services Administration has awarded FedBid Inc. of Vienna, Va., a five-year contract to provide online reverse auction services for the government.

Under the governmentwide indefinite delivery task order, any agency will be able to competitively bid commodity buys, improving process efficiencies and saving up to 15 percent on their acquisitions, the company said.

Also, the system will provide procurement officers with documentation to assure compliance with federal procurement guidelines.

The company estimates that GSA and other agencies under the contract represent nearly $100 billion in annual commodity buys.

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