A reverse auction is a purchasing method in which the roles of buyer and seller are reversed compared to a traditional auction. In a reverse auction, instead of bidders competing to offer the highest price for an item, sellers compete to offer the lowest price for goods or services the buyer wants to procure. ### Key Characteristics of Reverse Auctions: 1. **Buyer Initiates the Auction:** The buyer specifies what they need (e.g., goods, services) and invites suppliers or sellers to bid on providing those items.
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