elauction means: An elauction takes place when elected office becomes available for sale to the highest bidder.

Elauction refers to the main role of money, and those who are the major bearers of that money in elections supposedly democratic.

Elauction is the term that describes how billionaires and Billionaire Overlords, also known as the Oligarchy, are able to purchase elections.
(in Open Dictionary, added by Kade Stokes)