Equipment auctions and trading services provide used equipment at discount prices. Products range from laboratory instruments to earth-moving equipment. There are two basic types of equipment auctions: standard auctions and reverse auctions. Both types place buyers in contact with sellers and reduce negotiations to a single price. A standard auction or seller’s auction allows a supplier to list some or all of its products. Potential buyers then place bids for specific items. A buyer’s auction or reverse auction allows a customer to list product requirements. Potential vendors can then solicit business. There are two types of reverse auctions: open and closed. Both are similar to the traditional request for quote (RFQ) process. At a closed auction, a buyer sends requirements to a limited set of suppliers and receives closed bids. At an open auction, the buyer advertises publicly and receives open bids from interested sellers. In some cases, equipment auctions and trading services work with application service providers (ASP) to facilitate on-line bidding and the management of electronic catalogs.