B2B auction

a Web marketplace that provides a mechanism for negotiating prices and bidding for services. Web-based B2B auctions reverse the traditional auction formula in which the goal is to help the seller get the best price. B2B Web auctions involve suppliers competing with one another by bidding down the price of their service. This inevitably benefits the buyer, as instead of having to bid higher for a particular service or product he or she can wait until the suppliers have bid themselves down to a reasonable price. Typically, online auctions require companies to follow a registration process in order to take part. During this process, users have to provide their credit card information and shipping preferences as well as agree to the site’s code of conduct. Some sites (for example, Business-Auctions.com) also manage secure auctions, which restrict potential bidders to specific firms or individuals.

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