An auction where buyers post a listing for an item or service, and sellers bid their prices down to make a sale (conducted on sites like eWanted com)
Buyers list items they want to purchase and choose the best offer from competing sellers Winners are determined by allocating total quantity among lowest bidders
A type of auction in which buyers post their product or service needs and vendors bid to fulfill those needs, with prices moving downward as vendors compete against each other See also "Auction "
Also called a buyer's auction, a reverse auction empowers the buyer and allows them to find the lowest bidder from among suppliers/sellers
A buyer-initiated auction in which a buyer invites bids from multiple sellers The price decreases as sellers compete for the buyer's business with the lowest bid considered the winner Many large corporations may use a Reverse Auction as an alternative to the more traditional RFQ or RFP process, but in most Reverse Auctions, there are procedural variations For example, that the buyer is not bound to accept the lowest bid, but may accept any bid, or is not bound to accept any bids