What is Auction
An auction is a competition based sale or bid over certain assets. An auction can be closed or open, live or online. In closed auctions, the other bidders' offer are not disclosed. The sale of companies or company assets are typically done through closed auctions. Auctions can be held through several bidding rounds, and the highest bidder does not necessarily guarantee the purchase. Other criteria can be taken into consideration by the vendor, depending on their interests and objectives.