Every so often, innovations come along that are proclaimed to be the best thing since sliced bread. They promise to make old processes easier, old methods less costly, and old ways of doing business obsolete. All of these qualities have been attributed to the newest dog in the bidding kennel: the Internet reverse auction.
By now, most people know what an Internet reverse auction is: an Internet-based method of bidding for the supply of goods and services. Simply stated, after a certain number of rounds of bidding, during which competitors can see each other's bids, the lowest bid wins.