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Reverse auction. A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In an ordinary auction (also known as a 'forward auction'), buyers compete to obtain goods or services by offering increasingly higher prices. In a reverse auction, the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers underbid each other.
Reverse auctions: are auctions where the bidder is the seller and not the buyer. The bid reflects how much the buyer is being asked to pay. Web-based reverse auctions have become extremely popular for purchasing large amount of goods or services at the corporate level.