This informal meaning expresses a large quantity or number.
There were lots of people at the festival.
She has lots of experience.
This meaning refers to measured parcels or plots of land.
The developer divided the land into twenty lots.
Several empty lots remain near the station.
At an auction, lots are individual items or groups of items offered for sale as units.
The paintings were divided into several lots.
Lot twelve sold for twice its estimated price.
