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Previously, when buyers listed  Wanted Ads for items, sellers who could see all theprices being offered could bid down on the auction in a limited time to win thesale. Now with the new feature, buyers can run a Closed Reverse Auction, where thebids are not revealed to the competing sellers.
 Only the buyer can see all bids, explained Oltiby Inc. VP, Sylvain REITER.  If theseller wants to win, he has to put his best price on the very first bid.Â
The added touch of  secret bids gives buyers access to more competitive pricing forthe products they would like to purchase. It also enhances the value of Oltiby.comto users overall, according to Reiter.  This new feature of closed auction issometimes required by various industries and corporations, he said.  Oltiby.com cannow help more customers in more industries to grow the base of their marketplace.Â
In addition to closed bidding, Oltiby.com has added a host of other features tobenefit consumers. The site now offers time-specific auctions that allow buyers todecide when they want to start and stop the auction process. Other recentenhancements include:  Updates on the bid cancellation policy - Buyers can boot out sellers (withapproval), if they have bad rating, for example. Uploading of additional files  Buyers can add supplemental information to providea better and more in-depth description of their items. Buyer invitations to suppliers - Buyers can invite their existing suppliers to bidon their auction. The buyers get to enjoy  live auctioning and lower prices, whilethe sellers receive an easy registration process.
Established in 2005, Oltiby.com was the first Website to offer such comprehensivereverse online auction services for buyers and sellers. The free reverse auctionservice, suitable for all products (except X-rated and illegal content), takes anon-traditional approach to facilitating purchase transactions. The online auctionsÂ'model is simple: Buyers post what they want to buy; sellers compete by posting theirbids and reducing their prices to win the auction. Buyers are responsible for asmall fee based on the value of the lowest bid (2.75 to 5.25 percent), or they donÂ'tpay anything if no bids are submitted.
 Anyone can buy anything they want, Reiter said.  The manufacturers can buy rawmaterials; constructions companies can get more supplies with less money; governmentbodies can more easily comply with their procurement procedures; end users can buyhard to find or just ordinary items and more. They can only save money on theironline purchase!Â
Reverse auctions are a valuable resource for online buyers because they offer manyadvantages not available through traditional auctions. Buyers can make freepostings; gain access to a wide range of products, save up to 40 percent onpurchases, plus save valuable research time.
Sellers also benefit from Oltiby.comÂ's free services. They control the price theyÂ'rewilling to sell items for, and there are no subscription, posting or bidding fees.Also, sellers can receive free advertisements and instant email alerts wheneverbuyers post in their selected category.
OltibyÂ's closed bidding and other new features represent an exceptional value toreverse online auctions participants. For more information about these enhancements,visit http://www.oltiby.com or contact Oltiby at info@oltiby.com.
