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Bidding Rules Used with a Reverse Auction

A Reverse auction scheme uses bidding rules that allow the lowest bid to win an auction. This type of bidding is advantageous to a buyer who is soliciting some type of service (like a yearly maintenance contract), or some type of financial advantage (such as the lowest interest rate on a mortgage).

In a Reverse auction, a bidder offers a service, contract, equipment, and so on, to the buyer. The auction is posted on a Reverse auction by the buyer who uses it to request the service, contract, or equipment. A Reverse auction is also known as a Request for Quote (RFQ).

Bidding rules and examples for the Reverse bid type are included in the following sections.


 Siebel eAuction Guide 
 Published: 18 April 2003