Domain name auctions are a means to sell domain names on the secondary market which is mainly used by domainers.
Domain name auctions may take place on specialized online marketplaces, general auction websites (i.e. eBay), during special events or less frequently during classic auction sessions.
Many domains are sold for several hundred dollars, but some may be sold for over one million dollars (see domain buying for examples).
In your reseller control panel, you will find a domain auction panel and a lot of domains are selling and buying through your super reseller control panel.