Auction 101

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About Course

What Will You Learn?

  • Understand the history and evolution of auto auctions from 1938 to today.
  • Identify and compare the three main types of auto auctions: physical, online, and hybrid.
  • Master the complete auction process: pre-auction activities, auction day procedures, and post-auction steps.
  • Recognize the key roles and responsibilities that keep auctions running smoothly.
  • Apply best practices for efficiency, customer service, and accuracy in auction operations.
  • Understand compliance requirements and handle ethical dilemmas with professionalism.
  • Gain practical knowledge through real-world scenarios and case studies.

Course Content

Module 1: Understanding Auto Auctions
Understanding Auto Auctions covers the historical development of auto auctions, different types (physical, online, hybrid), and key players like dealers, manufacturers, and financial institutions.

  • 1. The Development of Modern Auto Auctions
    01:12
  • 2. Physical Auctions: Traditional In-Person Auctions
    01:00
  • 3. Online Auctions: The Digital Marketplace
    01:02
  • 4. Hybrid Auctions: Combining the Best of Both Worlds
    00:00
  • 5. Dealers and Their Role
    00:00
  • 6. Manufacturers and Their Remarketing Strategies
    00:00
  • 7. Banks and Financial Institutions in Auctions
    00:00

Module 2: The Auction Process
The Auction Process details the stages of an auction, including pre-auction activities (consignment, condition reporting, marketing, vehicle preparation), auction day procedures (auctioneers, block clerks, ringmen, support staff), and post-auction processes (title transfer, payment processing, post-sale inspections, vehicle delivery).

Module 3: Key Roles and Responsibilities

Module 4: Industry Best Practices
Industry Best Practices focuses on best practices for efficiency and accuracy in vehicle inspection, documentation, auction preparation, customer communication, and post-auction follow-up. It also discusses customer service excellence through scenarios and the importance of compliance and ethical considerations, including real-life case studies of title washing and insider trading.

Module 5: Summary of Key Takeaways
Summary of Key Takeaways reinforces the main concepts from each module, summarizing the history, types, key players, processes, roles, and best practices within the auto auction/remarketing industry.

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  • Beginner
  • 5 hours Duration
  • November 15, 2025 Last Updated
  • Certificate of completion

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Requirements

  • N No prior auction experience required.
  • N Access to a computer, tablet, or smartphone with internet connection.
  • N Recommended: basic familiarity with automotive sales or dealership operations.
  • N Students should review condition reports and NAAA guidelines (provided in resources) for context.

Audience

  • N New auction employees seeking structured training.
  • N Dealership staff who want to better understand wholesale vehicle sourcing.
  • N Financial institution and manufacturer representatives involved in remarketing.
  • N Entrepreneurs exploring opportunities in the auction industry.
  • N Automotive professionals transitioning into auction-related roles.