An advertiser participates in a private auction. What happens if their bid isn't the highest?

Analysis of Correct Answer(s) A private auction is an invitation-only, real-time bidding environment. The fundamental mechanic is still an auction, which means the impression is awarded to the highest eligible bidder. If an advertiser participates but does not have the highest bid for a specific impression, they will lose that auction. The advertiser who submitted the highest bid wins and gets to serve their ad.

Analysis of Incorrect Options - The advertiser will automatically win the auction: This is incorrect. Winning is conditional on placing the highest bid, not just on participation. This describes a fixed-price deal like a Preferred Deal, not an auction. - The advertiser still receives half the deal impressions: This is false. There is no mechanism in a private auction that guarantees a share of impressions for losing bidders. The winner of each auction takes the entire impression. - The deal is automatically canceled for the advertiser: This is also incorrect. Losing a bid for a single impression does not cancel the advertiser's access to the private deal. They can continue to bid on all subsequent impressions available through that deal.