NY Real Estate Developer Uses Reverse Auctions to Reduce Natural Gas Costs

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A large real estate developer in New York saved 8% on its natural gas costs in a reverse auction that was powered by eDynaQuote and managed by Luthin Associates. The savings are for this calendar year and were realized using eDynaQuote's proprietary reverse auction software, which enabled this real estate developer to procure natural gas in a highly competitive bid process.

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This is another fantastic example of how working with our strategic partners can be beneficial for our mutual clients

A large real estate developer in New York saved 8% on its natural gas costs in a reverse auction powered by eDynaQuote and managed by Luthin Associates. The savings are for this calendar year and were realized using eDynaQuote's proprietary reverse auction software, which enabled this real estate developer to procure natural gas in a highly competitive bid process. Luthin Associates Inc., of Avon, New Jersey, was hired as the developer's energy management consultant for the bid. This proves once again that eDynaQuote's reverse auction platform can be used successfully for competitive energy bids.

Within 90 minutes, this auction received 45 bids that were issued by three different energy suppliers. This highly competitive bid process was made possible by the ease of use of the eDynaQuote reverse auction platform, the energy management expertise of Luthin Associates, and the developer's forward thinking attitude to use a powerful technology solution to ensure competitiveness in their procurement process.

Using the eDynaQuote platform, the process is streamlined and allows for continuous bidding until all of the suppliers provide their lowest bid. Before the process begins, the energy consultant, customer and suppliers, agree on contract terms and conditions. Before the auction begins, the bid documents are available to all suppliers online in eDynaQuote, so bidders have easy access to the most up-to-date specifications that they needed to formulate a bid. And instead of submitting sealed bids via phone, fax, email or paper, they simply register with eDynaQuote and sign in to the secure site on the announced day and time of the auction to place their bids. Once a bid is placed the suppliers can see where they rank allowing them to alter their bids immediately if they choose.

"This is another fantastic example of how working with our strategic partners can be beneficial for our mutual clients," said Bret Grady, CEO of eDynaQuote.

Visit http://www.edynaquote.com or email info(at)edynaquote.com for additional information.

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Bret Grady

Doug Luthringer
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