A way to buy/sell programmatic advertising. This auction type is very similar to an open auction, except a publisher restricts participation to select buyers/advertisers. A publisher may choose to not participate in an open auction and only run an invitation-only auction. It is important to note that an invitation-only auction is still an auction and buyers will be expected to bid on inventory. A publisher may choose to expose different information such as transparency or data, through the use of deal IDs or line items to add value to this select group of buyers while using this tactic.

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