Care about being demoted? You'll see lots here (7)
I believe the answer is:
auction
'lots here' is the definition.
(items at auctions are divided into lots)
'care about being demoted? you'll see' is the wordplay.
I cannot quite understand how this works, but
'about' could be 'on' and 'on' is found in the answer.
'see' could be 'c' (the word for the letter, according to Chambers) and 'c' is found in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for auction that I've seen before include "Competitive sale" , "Public sale to highest bidders" , "Lots are sold here!" , "Selling" , "event with lots involved" .)