End-to-end auction design, implementation and operation

Our services span the whole range of consulting, software, and IT services required for taking an auction project to a successful conclusion. For some of these projects, we provide all these services directly to the client, whilst for others, we work in partnership with firms, including IBM and PricewaterhouseCoopers.

In the initial phases of a typical project, we work with our clients and their advisors to assess market needs, help define the products to be auctioned, and create a suitable auction design. Working closely with our associated company, Market Design Inc., our team includes academics who are renowned leaders in the field of auctions and auction methodology. We use this expertise as well as our unparalleled experience in implementing high stakes auctions to determine the best auction design for our clients. Once the auction method has been determined, we assist in drafting necessary documentation for regulators, participating bidders, and the press. This often includes Information Memorandums and Auction Rules. We frequently work with legal teams where necessary to review bidder's agreements and contracts.

Our software development team then customizes our auction software to implement the auction design, paying attention to the unique circumstances of the project. We always cater to the bidder's needs and abilities, ensuring that the user interface allows easy and unambiguous bid entry so that bidders can bid confidently. For projects that have multi-language needs, we often work with local partners to ensure these needs are satisfied – to have bilingual Auction Managers on staff, to produce auction documentation in other languages, and support auction screens in other languages, if required.

Preparation & Training

For most projects, we conduct a mock or simulated auction a few days before the live auction event. This is an opportunity for all participants, including the bidders, to familiarize themselves with the procedures, systems, and the software.

During the auction

During the auction itself, our experienced Auction Manager staff typically operate the auction, including providing bidder support, and ensure a smooth process that complies with the auction rules and applicable regulations. Many of our auctions are monitored by a trustee that reports on whether the auction was completed fairly and transparently. To date, all of our auctions have been completed successfully, and not a single dispute has been raised by bidders.

Stakeholder Debriefing

Finally, after the conclusion of the auction, we typically prepare a report for the client, and provide the results of the auction, integrating where necessary with any associated systems.