reverse auction

Popular Terms
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.

Use 'reverse auction' in a Sentence

Construction companies take advantage of reverse auctions frequently, as it is a place to directly offer a bid on a new project to a customer.
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The North Carolina Department of Transportation decided to choose Caterpillar from the reverse auction because they delivered met the specs with the best piece of equipment at the best price with their bid.
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Many times when public sector companies are looking for a contract, they may into a reverse auction. Here, businesses compete in offering their services, for the companies price.
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