What does 'First-Price Auctions with Resale' mean?

Question

Does it mean that the item is sold to the best bidder or to the first to bid?
Can anyone suggest a version in Spanish?

Thank you.

Answer 1

If you have a single item auction, the sealed bids are submitted and the highest takes the item. If there are multiple items, the bids are arranged from highest to lowest and the items are awarded from highest until the supply is exhausted.

The second link below gives a 36 page explanation.