True or false? PMP preferred deals are an option that bypass auctions completely.

This statement is true. A Private Marketplace (PMP) preferred deal allows a publisher to offer inventory to a specific buyer at a fixed price, bypassing the real-time bidding auction process entirely. The buyer has the first right of refusal for the impressions at the agreed-upon price. If the buyer declines, the impression may then be offered through an auction or another deal. This differs from a PMP guaranteed deal, which also bypasses auctions but guarantees a certain volume of impressions. It also differs from an open auction, which is a competitive bidding process.