Meaning of the word overbid in English

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

overbid

US /ˌoʊ.vɚˈbɪd/
UK /ˌəʊ.vəˈbɪd/

Verb

to offer more money than someone in an attempt to buy something, or to offer too much money in an attempt to buy something:

Example:
They were overbid by a Japanese firm.