In ________________ auctions, a company or government agency that wants to buy items places a request for quote RFQ) on its web site or third-party bidding marketplace. Once RFQs are posted, sellers or pre-approved suppliers submit bids electronically.

Question

Quizplus · Accepted Answer

In a reverse auction, the buyer posts an RFQ and multiple sellers compete to offer the lowest bid. This is in contrast to a forward auction where the seller posts items for sale and buyers bid to buy them at the highest price. An inverse auction is not a common term used in the auction industry, and business auction does not specify the type of auction.

In ________________ Auctions, a Company or Government Agency That Wants