auction process
Sale by bids
The auction process is the series of steps through which an auction unfolds—from listing items and attracting bidders to conducting the sale and finalizing transactions.
The term appears in business, real estate, and government contexts: We're in the middle of the auction process for the company's assets.
It can also describe competitive bidding more abstractly: Several firms entered the auction process for the contract.
- starting bidFirst price offered
- bidderOne who makes offers
- consignorOne entrusting goods for transport
- reserve priceMinimum acceptable bid
- no reserveWithout holding anything back
sale price · fair market value · appraiser · seller · buyer · buyer's premium · closing time · lot number · winning bid · broker · agent · hammer price · sealed bid · surplus value · observer · estate sale · facilitator · gavel
- tax lienstax lien, tax deed, tax sale, tax foreclosure, tax arrears
auction processsticker price
Manufacturer's suggested retail amount
list price · retail pricing · posted price · MSRP · price tag
auction processlottery
Randomized prize distribution
rationing · first-come-first-served · queue system · central planning · gift
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