The term 'AUCTION Group' can be broken down into two words, 'LOT' and 'AUCTION'. LOT is a 3 letter word meaning a large number or quantity of things collected together. AUCTION is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. An AUCTION Group is a group of people who come together to buy and sell items at an AUCTION. They may be professional auctioneers or just individuals looking to make a profit.