How do auctions work?

Auctions can be live, or they can be conducted on an online platform. The asset or service in question is sold to the party that places the highest bid in an open auction and usually to the highest bidder in a closed auction. In an open auction, parties come together at a physical venue or online exchange to bid on assets.

How many public auctions are held each year?

Each year approximately 300 public auctions are conducted throughout the U.S. and Puerto Rico to sell property forfeited as a result of violations of federal law enforced by the Department of the Treasury or nonpayment of Internal Revenue Service taxes.

What is an eAuction?

An eAuction is a transaction between sellers (the auctioneers) and bidders (suppliers in the business-to-business scenarios) in an electronic marketplace.

Why are auctions so popular?

Auctions are popular because buyers and sellers believe they will get a good deal buying or selling assets. An auction is a sale in which buyers compete for an asset by placing bids. Auctions are conducted both live and online. In a closed auction, for example, the sale of a company, bidders are not aware of competing bids.