Any Advice on Reverse Auctions?

Now that my beloved employer is on to me and this “underground website” I’ve been known to access, they’re putting me to work.

What’s your best advice for Rank Reverse Auctions in business? We’re going after some new business, and we’d like to give it our best possible shot.

Thanks in advance,
CJ

What is a “Rank Reverse Auction”? Is it like this description, “A new type of auction has been invented and patented by Priceline.com. This auction type is known as a reverse auction where the bidder submits his/her bid and Pricelines patented system looks for a price that matches your bid”? Are you a buyer or a seller?