An auction system is a way of buying and selling goods or services where interested buyers bid against each other, with the seller accepting the highest bid as the winning offer.
Sentences with «auction system»
One or two are familiar: a cap and trade, auction system for basic resources; not just for carbon emissions, but for basic resources. (scientificamerican.com)
He saw the opportunity to create a user - based platform where buyers and sellers could seek each other out and negotiate — something the existing auction systems didn't allow them to do. (canadianbusiness.com)
They have implemented a weird auction system without a central order book that makes it possible that different lots of shares are simultaneously sold and bought for different prices. (alphavulture.com)