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Bid4Spots.com is trying sell radio airtime the way Priceline.com sells airline tickets. The Encino-based media buyer launched a reverse auction system to fill the unsold airtime and is buying and selling the last-minute radio spots through an online auction system. Advertisers create the auction by selecting the market, time slot, demographic and station format they want for their spots, then pick the most they'll pay. Radio stations meeting the market and format criteria participate in the auction. Stations can pre-screen advertisers and their spots to determine if they want to get in on the auctions, which take place Thursdays between 8 a.m. and 12 p.m. PST. Winning spots air the following broadcast week. "Radio stations and advertisers have embraced our reverse auction model as an efficient and highly effective approach to buying and selling remnant inventory because it addresses their individual needs - full rate confidentiality for stations and an auction designed to bid the prices down for advertisers," said Dave Newmark, Bid4Spots.com president and chief executive. The company says that more than 1,100 advertisers in the top 300 radio markets are participating.