Auction

From Servipedia

auction

a selling procedure managed by a specialist intermediary in which the price is set by allowing prospective purchasers to bid against each other for a product offered by a seller.

The original version of this page was created from Lovelock and Wirtz (2007). That original version is (c) 2007 Christopher H. Lovelock and Jochen Wirtz. Other terms are available in the Glossary.