What Is the Gray Market?

I cannot tell you how many times people have asked me what the term "gray market" really means. Everyone seems to know what "black market" means. Most people would agree with Merriam Webster that bottom line, black market trading equals illegal trade practices of buying and selling. What is not as well known is the legal arena of "gray market." According to Webster, the term gray market rolled out around 1946. They define it as a market employing irregular but not illegal methods; especially: a market that legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer.

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