Auction Types

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Reverse Auction (Want Ad) Features

Reverse Auctions are a specialized auction format that allow individuals/organizations to procure materials at the lowest possible price.

Featuring decreasing incremental bidding, the format lets potential suppliers submit a bid and the supplier with the lowest price will win. In other words, prospective buyers can list any items that they wish to buy, and then sellers bid to provide the best price. The consumer decides the exact specifications of each item, instead of the specifications being dictated by the seller.

See the Reverse Bid/Offer Information.

Reverse English Auctions

English auctions are probably the most common type. Suppliers bid the lowest price they are willing to sell an item for and bidding activity stops when the auction duration is complete. The item is bought from the lowest bidder at their bid price.

English auctions also allow the buyer to specify a reserve price above which the item will not be bought.