While GoDaddy has no need to outbid you for a domain, we do have thousands of participants in our Auctions membership service. You can read more about our auction service here.
(From the article) When a domain name's registration expires, it goes back to the registry. Before valuable domain names expire and go back to their registry, registrars (like us) will try to sell the domain name through an auction. This gives interested buyers the opportunity to bid for the domain name before it goes back to the registry and is available for normal registration.
Hope this puts your mind at ease and bring clarity to the process for you.
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