The phrase "auction process" refers to a way of buying and selling items or services where people make offers or bids, and the one with the highest bid gets to buy or sell the item. Full definition
What makes the online auction process particularly appealing to agents and brokers is the assurance that a property will be sold at true market value, through a mutually transparent process. (rismedia.com)
Prices at a commodity exchange are set through a competitive auction process. (marketfinancenews.com)
You can learn more about the treasury auction process here. (learnbonds.com)