The basics - How does it work

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Working with reverse auctions is very simple and brings awesome advantages !!.
A Buyer: 1. Get Registered - 2. Acquires Tokens - 3. Opens an Auction - 4. Invites suppliers
A Supplier or Seller: 1. Is invited by a buyer and 2. Participates on Auctions! .......  that easy!!


What is a Reverse Auction? 

In a reverse auction the buyer has the control, which is the opposite to the regular auctions, where the seller ask buyers for higher prices. Let's suppose you want to buy a car with a reverse auction, and you know exactly what you are looking for: Brand, reference, accessories, color, extras, etc... Well, as BUYER you can open a reverse auction at Reverplace and invite whoever you decide (several suppliers), and make them bid for the deal (to sell you a specific car). At the end, you will consider the lowest price. Suppliers will bid down the prices, reducing or underbidding the amount as far as their financial calculations allow it.


How operates a Reverse Auction?

When you enter as user in Reverplace, you can act as a Buyer or as a Seller (Supplier), Buyers need to be sure to obtain enough credit in order to open new auctions (need to buy Reverplace TOKENS). Buyers will define the specs and terms of the auctions, which corresponds to the definition of precise characteristics of goods and/or services, and will indicate also a time frame for the suppliers to do their bids (initial time/date and final time/date). Once the auction starts, the Suppliers or Sellers invited by the buyer, will do the bids for one item, a group of items or a detailed service. They will be able to see in a table the development of the auction and which is the best current sell price offered. A countdown clock will show the remaining time for the auction to be closed. Bidders will be able then to reduce the price as many times they require to do it, and at the end, the supplier's offer with the lowest price will be the one considered by the buyer.

 

 

Register

When you register at Reverplace auctions, your email will be the ID for Auctions you want to open as a Buyer, or on the other side, it will grant you access as Supplier for those reverse auctions you have been invited to. Reverplace will not collect more data from you as the required for the regular auctions.