Defining the Concept: The Chartered Institute of Purchasing & Supply Offers Its Definition of What a Reverse Auction Is

Well, here is the definition of what constitutes a reverse auction from The Chartered Institute of Purchasing & Supply. CIPS defines it in the following manner:

Reverse auctions

The opposite of the usual kind of auction in which potential buyers  compete to bid the price up. In a reverse auction, which has come into  its own with the Internet, suppliers bid the price down.

David

From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/

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