有一個廣告主參加了私下競價。 如果他們不是出價最高者，結果會如何？

In a Private Auction (PA) in Display & Video 360, the advertiser with the highest bid wins the impression. This is a fundamental principle of auction-based ad buying. Even though it's a private deal with invited bidders, the auction mechanism still determines the winner. Therefore, if an advertiser is not the highest bidder, they do not win the impression, and the advertiser who submitted the highest bid secures all available impressions for that specific auction. The system does not automatically cancel their deal; rather, they simply don't win that particular impression. They also don't get a partial share of impressions or automatically win, as these outcomes contradict the auction's competitive nature.