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Types of Auctions and Their Terminology

The auction is an old and unique method of making a purchase. Whether you attend an auction in person or participate in one online, the goal is to make the highest bid for the item you desire without paying more than you can afford. With the proliferation of online auctions, everything can be found on the block, from choice real estate to a collectible penny. Economists laud auctions for helping to create near perfect price discrimination.

  • Online Auctions - These auctions are a recent phenomenon. The public can log onto a specific website and bid on items ranging from houses to auto parts. The auction usually has a strict time limit. At the end of time, the website will distribute the item to the highest bidder.
  • Government Auctions - Government or Municipalities auctions raise money by selling off Repo goods at these specialized auctions. Often, a house or a boat that has been taking by the IRS will be sold at a greatly reduced price to the public. When IRS workers come around to collect property from tax dodgers, this is where that property ends up.
  • Charity Auctions - Nonprofit organizations raise money by auctioning off donated goods. Charity auctions for small organizations may include only minor equipment, however the larger NGOs and NPOs may auction off cars and Antiques.
  • Penny Auctions - These specialized auctions are gaining popularity due to an increase in copper speculation. Older pennies have a higher copper content. You can buy them by the sackful online and watch the price of copper slowly creep up.
  • Auto Auctions - These markets are the best way to find rare or refurbished cars unavailable on the mass market. Collectors and auto mechanics sell their most valuable vehicles through auctions to make the highest return.
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    National Auctioneers Association
    Overland Park, KS 66214
    Our association is the most committed providing our members with vital resources and professional development services. Make sure you have a membership to our auction association today!
     
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    Rockville Livestock Auction
    119 N Sill St, Rockville, IN 47872
    (1) Review Write a review
    (765) 569-6945
     
    User Review: "I found ther was plenty of items to look through, selling started at 9:30, just misc., hay @ noon, livestock @ 13:30, - ..."
    Lucas Auction Service
    1116 M St, Bedford, IN 47421
    (812) 277-0875
    Haley Bruce Auctions
    1195 E Dillman Rd, Bloomington, IN 47401
    (812) 824-9020
    AB Auction
    8480 N State Road 23, Walkerton, IN 46574
    (574) 586-3395
    Kankakee Valley Auction Co
    9224 S 875 E, Walkerton, IN 46574
    (574) 586-9883
    Auctions America by Rm
    5540 County Road 11a, Auburn, IN 46706
    (260) 927-9797
    F C Tucker Emge Auction Services
    621 Main St, Vincennes, IN 47591
    (812) 882-4444
    Hardy's Auction Service & Real Estate
    11812 Southeastern Ave, Indianapolis, IN 46259
    (317) 862-2381
    Hill's Auto & Truck Sales
    2573 N State Road 257, Otwell, IN 47564
    (812) 354-2419
    Sellabration Auction Services
    7542 N County Road 880 W, Greencastle, IN 46135
    (765) 739-6345
    Daviess County Produce Auction
    9084 E 550 N, Montgomery, IN 47558
    (812) 486-2445
    Star Light Auctions Auctnr
    5383 Us Highway 6, Portage, IN 46368
    (219) 764-8700
    Ted's Auction Center
    11536 4a Rd, Plymouth, IN 46563
    (574) 936-7253
    C & C Auction & Furniture
    13313 N Us Highway 231, Odon, IN 47562
    (812) 636-7939
    Earl's Auction Company & Liquidators
    5199 Lafayette Rd, Indianapolis, IN 46254
    (317) 291-5843


    Auctions are public events that allow people to bid on anything from houses, to antiques, to school memorabilia, to vintage coin and stamp collections. These events are sometimes large and sometimes small. An auction can be held by the government or it can be held by an estate or property owner. While auctions allow individuals and families to sell off cars, art pieces, home furnishings, and computer equipment, they also allow people to buy all sorts of items at lower rates. In this day and age, public auctions are not merely held at a house, estate, local site or large building. Now there are plenty of online auctions that sell overstock goods, home surplus items and vintage antiques. It is important to determine whether or not each item has a reserve price. This way you can decide if you want to buyout other bidders before the time runs out. On a separate note, there are also silent auctions that are held in public venues. Often these events are for high-end goods, antique jewelry, expensive artwork, and rare coin collections. Just keep in mind that once you place a bid, you cannot back out. Use the World Wide Web to learn more about auction house locations, government held events, online bidding, and residential home property for sale. This way you can focus on the type of auction you would be most interested in. You will likely discover that there are public auctions being held in your area and online all the time.
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