Recent succesful bidders:
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Name: Notebooks / Value: 3,230 Eur / Location: Bratislava (SVK) / Keyword: hardware, laptops, Bratislava, Stare Mesto Name: Limousine Services / Value: 10,890 USD / Location: New York (U.S.) / Keyword: VIP transport, taxi, limousine services, NYC Name: Car insurance / Value: 2,500 SEK / Location: Lulea (SWE) / Keyword: Insurance, Sweden Name: Office Stationery / Value: 98,295,284 IDR / Location: Bengaluru (India) / Keyword: Letters, envelopes, toners, office equipement, Bengaluru, Karnataka Name: Glass wine bottles / Value: 862,160 CNY / Location: Shadong (China) / Keyword: Glass containers, glass wine bottles, glass jar, China Name: Translation Services / Value: 37,792 PLN / Location: Krakow (Poland) / Keyword: Official language translation services, Krakow Name: Roof tiles / Value: 49,954 HRK / Location: Brela (Croatia) / Keyword: Tiles, building materials, Croatia, Split Name: Legal Counsel / Value: 68,500 Eur / Location: Cagliari (Italy) / Keyword: Legal advisory, law services, legal counsel, Italy, Sardegna Name: Long-term hotel accomodation / Value: 149,600 Eur / Location: Munich (Germany) / Keyword: Hotel accomodation, hotel services, Munich, luxury hotels Name: Car rental services / Value: 25,320 USD / Location: San Rafael (Argentina) / Keyword: Car rental, passenger car, leasing Name: Heavy truck tires purchase / Value: 1,156,500 RUB / Location: Krasnogorsk (Russia) / Keyword: Truck tires, Krasnogorsk, Moscow district Name: Mobile Devices / Value: 4,540 USD / Location: Pittsburg (U.S.) / Keyword: Mobile devices and accessories, Pittsburg, Samsung Galaxy S6

A reverse auction is an auction where the roles of buyer and seller are reversed and the primary objective is to drive purchase prices downward (as opposed to the rising prices in a regular auction).

In a reverse auction, sellers are competing to win business (as opposed to a regular auction where buyers compete for the right to purchase an item). Reverse auctions (which are also called e-auctions) are generally used in business-to-business procurement, and are usually conducted by way of e-sourcing software with an e-Auction component. Reverse auctions gained popularity in the late nineties and early noughts because many initial forays not only simplified and sped up the sourcing cycle, but generated significant returns for the early adopters. (Of course, for some early adopters the incremental returns on repeat applications on the same categories diminished rapidly when all the fat was trimmed from the margins or when the market conditions shifted back to support the supply side, but many companies still get a decent return on initial application for a new category, and reverse auctions still enjoy steady usage for this reason alone).

See more at: http://www.sourcinginnovation.com/glossary/ReverseAuction.php

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