Definitions for outbidˌaʊtˈbɪd
Random House Webster's College Dictionary
out•bidˌaʊtˈbɪd(v.t.)-bid, -bid•den or bid, -bid•ding.
to outdo in bidding; make a higher bid than (another bidder).
Origin of outbid:
bid over an opponent's bid when one's partner has not bid or doubled
bid higher than others
To bid more than somebody else in an auction.