oboloo

oboloo Glossary

Reverse Auctions

oboloo Glossary

Reverse Auctions

Reverse Auctions Definition

A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In a typical auction, buyers compete to obtain an item or service by offering the highest price. In a reverse auction, sellers compete to obtain business from the buyer and prices typically decrease as the sellers bid against each other.

Reverse auctions are commonly used to procurement goods and services. They can be used for other purposes such as selling advertising inventory, carbon offsets, financial instruments, real estate, and transportation services.

Want to find out more about procurement?

Access more blogs, articles and FAQ's relating to procurement

Oboloo transparent

The smarter way to have full visibility & control of your suppliers

Contact

Feel free to contact us here. Our support team will get back to you as soon as possible

Oboloo transparent

The smarter way to have full visibility & control of your suppliers

Contact

Feel free to contact us here. Our support team will get back to you as soon as possible

© 2024 oboloo Limited. All rights reserved. Republication or redistribution of oboloo content, including by framing or similar means, is prohibited without the prior written consent of oboloo Limited. oboloo, Be Supplier Smart and the oboloo logo are registered trademarks of oboloo Limited and its affiliated companies. Trademark numbers: UK00003466421 & UK00003575938 Company Number 12420854. ICO Reference Number: ZA764971