An auction (Gant; auction) in which not the bidder with the highest offer is awarded the contract, but the bidder with the lowest offer (auction in which sellers bid prices for which they are willing to sell items ). – This reverse auction gives buyers the advantage of finding the lowest bidder among suppliers or sellers. The price of the auctioned item falls continuously until the first bidder accepts. The procedure was discussed lively in connection with the purchase of problematic assets by the U.S. Treasury in the course of the subprime crisis. – See Tender procedure, Auctioneer.
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