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Oltiby MyBuyBlog To Become The New Business Procurement Tool Using Reverse Online Auctions


Jupiter, FL - January 6th 2007 -- One month after revealing it’s new MyBuyBlog service for online auctions users, Oltiby Inc launched today an advanced service of procurement auctions for businesses. This new reverse auction procurement tool is a web-based application which allows businesses to manage all of their purchasing needs.

Oltiby reverse auctions site has an innovative technology that will help businesses acquire better pricing when buying from a pool of different suppliers.

This new feature brings in a new perception on how to purchase a variety of commodities.

Here is where the reverse online auctions’ model is the most beneficial:
* Buyers post what they want to buy;
* Competition between sellers is created on this new business lead. Sellers compete to gain the contract by posting their bids and reducing their prices to win the auction.
* Buyers are responsible for a small fee based on the value of the lowest bid (2.75 to 5.25 percent), or they pay nothing if no bids are submitted.

Reverse Online Auctions are dedicated to the buyer to save time and money. Studies from the Aberdeen Group in Boston show that this online procurement method can reduce the time of buying decisions from several months to a few days.

“We’ve had many inquiries from large businesses discovering Reverse Auctions who wanted to give it a try without investing millions of dollars in reverse auction software and personnel training” Reiter explained. “Oltiby offers this MyBuyBlog service for free for all members”.

The dedicated buying-space is owned by a single buyer and allows the administrator to have a complete control over it. He can grant access to other users, administrate all auctions or restrict specific categories. “For large corporations, that might have several procurement managers, each one of them can manage and post new auctions in a separate category” Reiter added.

The system is very flexible and fully customizable, and it can be adapted to any company procurement procedure. “If a small-business does not wish to set the minimum requirements, the system is setup by default to authorize only approved suppliers.” Reiter explained. “This way, the buyer is in control and knows who the suppliers are, which is a safe position to get a safe deal”. To enhance competition and drive the prices lower, buyers can rely on Oltiby rating system (based on successful auction activity history) to invite and approve new suppliers to consolidate their business.

This feature is not intended to undermine vendors. Registering with, sellers are able to browse through specific categories and find new leads of buyer’s listing, buyers who are expressly ready to buy the products. In case of an open auction, sellers can see other bids in real time! Auction sellers also avoid paperwork and long preparation when negotiation time comes.

MyBuyBlog purchasing method is the first of its kind that allows the buyers to have their own private store for all of their buying desires and needs.

Oltiby’s MyBuyBlog feature r


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