I do not think the OP intended to mean a 'pure auction' in the sense you're using it. I strongly suspect he meant run a competitive bidding / auction process. N

I do not think the OP intended to mean a 'pure auction' in the sense you're using it. I strongly suspect he meant run a competitive bidding / auction process. Non-tangibles are absolutely acceptable tools in such a process, including future relationships, intangible terms like fewer board seats, etc. An auction does not have to be solely monetary in nature.