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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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    Laurel Auction Inc
    14725 Baltimore Ave Ste K, Laurel, MD 20707
    If you enjoy going to auctions, then visit our venue today. We offer a long list or products for everyone, including antiques, boats, collectibles, and even real estate. We look forward to seeing you.
    (410) 880-0864
    Bank of America Mortgage
    570d Ritchie Hwy, Severna Park, MD 21146
    Featuring public auto auction, where vehicles come from charity donations and public consignors. We accept vehicle donations from the general public and sell them through auction.
    (410) 544-3400
    A.J. Billig and Company
    6500 Falls Road, Baltimore, MD 21209
    Full service auction firm specializing in real estate in the Mid-Atlantic Region.
    (456) 454-1532
    J.t. Rhoades Auctioneer
    3420 Old Elk Neck Rd, Elkton, MD 21921
    Mr. Rhoades of J.T. Rhoades Auctioneer conducts real estate auctions and sales in Elkton, MD. For inquiries, contact him today.
    (855) 779-9906
    Steve Dance Auctions
    400 Allegheny Ave, Towson, MD 21204
    Steve Dance Auctions is a full-service company that conducts consignment and real estate auctions in Towson, MD. Contact us for more details.
    (443) 846-0920
    Maryland
    500 Gilscot, Rockville, MD 20851
    (240) 421-9060
    Marshall Real Estate Auctions
    2815 N Salisbury Blvd, Salisbury, MD 21801
    (410) 749-8092
    Car & Truck Auction of Maryland, Inc.
    803 Baltimore Pike, Bel Air, MD 21014
    (410) 893-5200
    BSC Salvage Auction
    1300 Business Center Way, Edgewood, MD 21040
    (410) 879-7950
    Gregory Warfield Auctions
    2210 Fairgrounds Rd, West Friendship, MD 21794
    (410) 489-7200
    Custer's Auction Service
    317 Filsinger Ln, Oakland, MD 21550
    (301) 334-3141
    Full House Auction LLC
    7960 Cessna Ave, Gaithersburg, MD 20879
    (301) 407-1608
    Mosby & Company Auctions
    5714 Industry Ln, Frederick, MD 21704
    (240) 629-8139
    Pony Mail Box
    25 E Antietam St, Hagerstown, MD 21740
    (301) 714-0470
    Insurance Auto Auctions
    7140 Virginia Manor Ct, Laurel, MD 20707
    (410) 813-2900


    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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