Elauction indicates the primary role of money (and the principal bearers of money known as billionaires) in supposedly democratic elections.
The term, elauction, represents how the oligarchy, known these days as billionaires (or Billionaire Overlords) is able to buy elections.
When each candidate is a mere face, a mere facade for billionaire backers, an elauction is under way.
Who will win the elauction? The highest bidder, or the highest so-called 'contributor' will of course buy the elauction.