Explore BrainMass

Define the term reverse auction

Define the term reverse auction, and list three ways that procurement through a reverse auction would benefit an organization.

Solution Preview

Reverse auction refers to an auction in which two or more sellers put their items up for bidding and complete for the price with which a buyer offers to accept. In other words, the buyer puts up a single price or range of prices and lets sellers bid for that price or price range. In reverse auction, the buyer may have an ...