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This entity functions as a marketplace where vehicles are bought and sold through a bidding process. It operates as a business facilitating transactions between sellers, who may include dealerships, financial institutions, or individuals, and buyers, often consisting of car dealers or other automotive professionals.

Such organizations provide a crucial service to the automotive industry by streamlining the wholesale distribution of vehicles. These auctions offer a concentrated venue for establishing market value, moving inventory quickly, and connecting a wide network of buyers and sellers. Historically, these events were physical gatherings, but increasingly, they are incorporating online platforms, expanding accessibility and reach.