[Code of Federal Regulations]
[Title 41, Volume 3]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 41CFR102-38.95]

[Page 145]
 
           TITLE 41--PUBLIC CONTRACTS AND PROPERTY MANAGEMENT
 
               CHAPTER 102--FEDERAL MANAGEMENT REGULATION
 
PART 102-38_SALE OF PERSONAL PROPERTY--Table of Contents
 
                         Subpart B_Sales Process
 
Sec. 102-38.95  What is an auction?

    An auction is a sale where the bid amounts of different bidders are 
disclosed as they are submitted, providing bidders the option to 
increase their bids if they choose. Bids are submitted electronically 
and/or by those physically present at the sale. Normally, the bidder 
with the highest bid at the close of each bidding process is awarded the 
property.

                            Negotiated Sales