Why is the RFQ mechanism popular?

FreeMarkets (freemarkets.com) is a leader in creating B2B online auctions for buyers of industrial parts, raw materials, commodities, and services around the globe. The company has created auctions for goods and services in hundreds of industrial product categories. FreeMarkets auctions more than $5 billion worth of purchase orders a year and saves buyers an estimated 2 to 25 percent of total expenses (administrative and items).
FreeMarkets operates two types of marketplaces. First, the company helps customers purchase goods and services through its B2B global marketplace where reverse auctions usually take place. Second, FreeMarkets helps companies improve their asset-recovery results by getting timely market prices for surplus assets through the FreeMarkets AssetExchange, employing a forward auction process, as well as other selling models.