Nor are they selling targeted information. When I purchase ads targeting a specific demographic, I don't get to see who was served ads. I could correlate this with new customers following the ad campaign, but the same could be done by airing TV ads in specific households and doing the same correlation.

You seem to have a much more expansive idea of what selling information means as compared to other commenters. Google collects information so that when a customer buys ads, they can serve those ads to the desired demographics. They don't sell info on which users belong to which demographics or other otherwise sell user information. While it's true that they monetize information in optimizing their ad placement, this is not what most people think of when they hear "selling user information.

Say I have a nail salon and I want to advertise. So I give out coupons to bakeries, coffee shops, etc. and tell storekeepers to hand out the coupons the customer's demographics (women, mostly, and maybe women with fancy nails in particular). When these storekeepers kept an eye out for women with fancy nails and gave them my coupon, did the sell their customer's information?