Meaning of the word outbid in English

What does outbid mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

outbid

US /ˌaʊtˈbɪd/
UK /ˌaʊtˈbɪd/
"outbid" picture

Verb

bid higher than (someone else) at an auction.

Example:
He outbid me by a thousand dollars for the painting.
We were outbid on the house we wanted.