Abstract: The invention relates to the field of business-to-business (B2B) commerce and in particular to a real-time, computer implemented system and method for conducting a reverse auction for procuring maintenance, repair and operations components over the Internet. Integral to the present invention is a Reverse Auction Module (RAM) which is a web-based system that allows buyers or sourcing agents (SA) to electronically solicit a group of remotely situated potential suppliers to bid on a requirement. Those suppliers that respond before bid closing will have their bids evaluated by the system against multiple criteria. The system then presents the SA with the results of the evaluation. The SA or buyer is able to accept the recommendation or override the recommendation and create a proposal based on the bid information from one of the suppliers. The proposal is then given to the customer.