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Define the term reverse auction

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

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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 ...