Reverse Auction

Because I was late on the eBay bandwagon, I thought I'd share the next biggest thing in online auctions. The site is called Oltiby (www.oltiby.com). Many times on eBay, I have gotten caught up in the buying process and bid too much on broken electronics not realizing they were broken. Oltiby is different, it's a reverse auction, which means that you post what you want to buy in detail, and sellers compete against each other to win you as a customer. It works the way capitalism should. At the end, the lowest bidder wins the auction, but you as the buyer have the option of choosing a different bidder from the offers you received.
I think the idea is certainly promising, but I wonder how many buyers can accurately list what they want. The process has great promise for new car sales, where many buyers already check prices with different sellers before buying a car. The one thing eBay has over a reverse auction process is the ability to sell unique items the buyer may not have been aware of before they visited the auction.