The reverse auction dates back to the 1990s; it made its debut when the internet opened its doors as a platform for auctions and e-purchasing. It's known by colorful other names similar as e-auction, sourcing event, e-sourcing, and procurement auction. For those strange with this setup, it'll first help to touch upon in brief how a reverse auction works here. In a regular auction, the one you and I know about, there's a dealer who has an item up for trade. The interested buyers place flings on the item. The one that…