reverse auction
Definition
Type of auction in which several sellers offer their items for bidding, and compete for the price which a buyer will accept. The buyer usually has the option to accept any bid or reject all. Bid-based construction or supply contracts are examples of reverse auction. Also called business to consumer auction.
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reverse auction is in the Commodities & Precious Metals Trading, E-Commerce, Internet & World Wide Web, Purchasing & Procurement and Securities & Futures Trading subjects.
reverse auction appears in the definitions of the following terms: business-to-consumer auction and auction
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http://www.businessdictionary.com/definition/reverse-auction.html