Crossword Genius

Trade event with lots getting sold (7)

Ross

I believe the answer is:

auction

I'm a little stuck... Click here to teach me more about this clue!

'trade event' is the definition.
The definition and answer can be both acts as well as being singular nouns.
Maybe there's an association between them I don't understand?

I don't understand the remainder of the clue.

Can you help me to learn more?

(Other definitions for auction that I've seen before include "Where things are sold to the highest bidder" , "Public sale to highest bidders" , "Public sale by bid" , "Public sale to the highest bidder" , "Use caution at public sale" .)

I've seen this clue in The Times.
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