Bid Wanted In Competition - BWIC

You know the song an ice cream truck plays? The one that drives every kid in the neighborhood screaming out their front doors? Now imagine that the ice cream truck only has a limited number of ice cream sandwiches and Good Humor bars. It also doesn't have set prices.

Instead, the ice cream man is going to drive around, playing that song, and collecting bids for the ice cream. Once he figures out the best bids, he'll come back later to deliver the ice cream and collect the money.

In that scenario, the ice cream song is like a bid wanted in competition. Basically, it announces that something is for sale and that the seller is ready to receive bids. It begins a process that ends when the seller determines the best bids for what it's selling.

The process usually comes up for people selling large amounts of securities, such as stocks and bonds. Once the best bid is determined, the buyer and seller can close the transaction. Which is even more satisfying than a Choco Taco.