A scoundrel not worth bidding for (3,3)

I believe the answer is:

bad lot

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'a scoundrel' is the definition.

I don't understand how the remainder of the clue works.

(Other definitions for bad lot that I've seen before include "Rotten fellow" , "Crook" , "Person of depraved character" , "rubbish at auction?" , "Thoroughly unreliable person" .)

I've seen this clue in The Globe and Mail.

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