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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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    Florabama Auction Services
    6148 Old Bagdad Highway, Milton, FL 32583
    A full service auction company using the auction method of selling property to successfully market residential, commercial and industrial Real Estate, fine antiques and collectibles, estates, business liquidations, equipment and other assets.
    (850) 626-7173
    Tallahassee Auto Auction
    5249 Capital Cir Sw, Tallahassee, FL 32305
    (1) Review Write a review
    (850) 878-6200
     
    User Review: "I often attend this auction because it is near me and it is very comfortable to go there...But still I like more repokar, i..." - Jenny (CA)
    Deanco Auction & Real Estate Co Inc
    6960 S U S 231, Dothan, AL 36301
    (334) 678-9770
    Ludlum Auction Group LLC
    172 Honeysuckle Rd, Dothan, AL 36305
    (334) 792-0400
    Wiregrass Auction Depot
    2210 Ross Clark Cir Ste 2, Dothan, AL 36301
    (334) 702-3343
    Burton Farm & Construction Equipment
    10513 W Us 84, Newton, AL 36352
    (334) 692-3955
    Watson Auction & Realty LLC
    2256 Montgomery Hwy Ste 2, Dothan, AL 36303
    (334) 794-2312
    Porter Auctions Inc
    427 Deshazo Rd, Crestview, FL 32539
    (850) 892-1360
    Deanco Auction & Real Estate
    15522 Us Highway 431 N, Headland, AL 36345
    (334) 693-2544
    Roebuck Auctions
    36086 Emerald Coast Pkwy, Destin, FL 32541
    (850) 654-6000
    Jackson Auction Services
    108 Eldredge Rd, Fort Walton Beach, FL 32547
    (850) 862-4988
    Moseley Cattle Auction LLC
    1044 Arlington Ave, Blakely, GA 39823
    (229) 723-7070
    Southern Mills Auction
    1400 E Shotwell St, Bainbridge, GA 39819
    (229) 416-4484
    Florabama Auction Services
    6154 Old Bagdad Hwy, Milton, FL 32583
    (850) 626-7173
    Midway Machinery & Auction LLC
    31805 Blue Star Hwy, Midway, FL 32343
    (850) 576-5500


    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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