From a purchasing perspective, the most common type of auction is the reverse auction. In a reverse auction, the buyer (auctioneer) is the host of the auction and is the party soliciting bids for goods or services that it wishes to purchase from a supplier (bidder). The auction process is an important factor in the determination of best value. Some auctions, such as those hosted by reverse auction service providers, can support very complex auctions that enable businesses to better align auctions with their business practices.
