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This is the direct opposite to an auction in which people compete to purchase merchandise for the highest price. In the reverse auction, a buyer lists what he needs and then sellers bid for the lowest price.
Reverse Auction Already Baked [cindik, Mar 29 2009]
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||Who knew [cindik]? Go figure [jscotty].
||Used sometimes in automotive supply.
||Tendering, or Calling For Bids, is well baked in business & government.
||Ok.. let us MFD this one and pretend like it never happened. ;)