To lose in a close contest or bidding — to be outbid or to lose at the final competitive stage (often used for auctions, bids, or close athletic contests).
ネットオークションで何度も入札したが、結局競り負けてしまった。
I bid several times on the online auction, but in the end I was outbid.
会社の大型案件の入札で競り負け、契約を取れなかった。
We lost the bid for a major company project and couldn't secure the contract.
最後の直線で彼は競り負けて2位になった。
He was outsprinted at the final straight and ended up second.