Livestock auctions are held in Waco. An auction is a system of selling in which prospective customers bid against each other for the product or service (in this case, for the animal). The customer who has the highest bid which remains uncontested till a count of three, usually wins and gets the item at his agreed to price (which is the final bid). Some of the livestock options that may come up for auctions in Waco include horses, cattle, sheep, goats, pigs, poultry, rabbits, peacocks and gerbels. These auctions are pre-scheduled and advertised so that prospective customers can know about it beforehand, and come prepared. They may also be held on a regular basis, perhaps weekly or monthly.