Domain auctions are the sale of a domain name in an auction style format, with the highest bidder purchasing the domain. Most often, the term domain auctions refers to the high-profile, premium domain auctions that feature generic, high-traffic, high-valued domain names. These auctions are offered on an ongoing basis by some companies, as well as domain meetings and conferences held throughout the year. Domain auctions occur on a smaller level as well though, particularly in the aftermarket, where many domain names are sold in an auction format. Often times, domain names that have been backordered with more than one potential buyer are also sold in an auction format.