The standard Ad Manager programmatic ad auction, available to all buyers on Ad Exchange – Open auction
An ad auction offered by one specific publisher to a group of select buyers – Private auction
A non-guaranteed direct transaction between a buyer and publisher in which the buyer and publisher agree on a fixed-price CPM for inventory that the buyer can optionally bid upon – Preferred Deal
A direct transaction between a publisher and buyer in which the buyer and publisher agree on a fixed-price CPM, with guaranteed buyer spend, for inventory that’s reserved for that buyer – Programmatic Guaranteed
This question is a part of the Check your Knowledge section of the “Explore Programmatic Capabilities in Google Ad Manager” lesson which is part of the Drive Advertising Revenue with Google Ad Manager course.