US states will spend $450 mln on reverse online auctions

States spent $151 mln through the use of online reverse auctions during fiscal 2004, and that number is expected to triple by fiscal 2007, according to INPUT. The US General Services Administration implemented reverse auctions in fiscal 2003, and has seen 12% to 48% savings over the last few years within the Defense Finance and Accounting Service, Air Force and Coast Guard.