Auction Definitions Reverse/ Merchant Partner Auction Multiple potential suppliers bid for the right to supply goods or service required by one buyer. The buyer posts a "Guide Price" on the auction site, an opening bid is submitted, which is usually higher than the guide price, from this bid, further bids are submitted by competing bidders, each successive bid being lower than its predecessor. The lowest bid received at the expiry of the scheduled auction duration is, subject to acceptance by the buyer, the winning supplier. Direct Auction Multiple potential buyers bid against each other on line, for goods posted for sale on the site by one seller. From the opening bid, each successive bid is higher than its predecessor. The highest bidder is the successful purchaser. About Us>> Working with buyers >> Working with sellers >> Why conduct web based auctions >> Online auction rules >> FAQ'S >>