Preferred Deals overview
Preferred Deals is a feature that allows Ad Exchange sellers to offer inventory to buyers at a negotiated fixed price, before the inventory is made available to other buyers in the Open Auction. Some publishers also choose to offer certain inventory exclusively through Preferred Deals.
Buyers participating in a preferred deal get a "first look" at the inventory that the seller pre-defines in the deal. They gain access to the inventory by bidding at or above the negotiated fixed price.
If you are a buyer participating in a preferred deal, you can choose to bid on an impression specifically for that deal, or skip the deal and compete for the impression in the Open Auction, if it is still available. When you bid on an impression for a preferred deal, you are no longer eligible to complete for that impression in the Open Auction.*
Once you bid on a preferred deal impression, you are ineligible to bid for that impression in the Open Auction.
* This applies even if you happen to bid for the impression below the negotiated fixed price.