YITH WooCommerce Auctions allows you to sell the items in your store using an auction system. Each and every offer your users make is automatically processed until the auction is closed: the winner will receive an email inviting him to purchase the item; if they don’t, you have the option to keep the auction closed or open it again.
By activating both plugins, a new endpoint will be added to the ‘endpoints’ section automatically.

The customer (after making a bid or adding an item to the watchlist) will see the following on the My account page:

For further details about YITH Auctions for WooCommerce settings, please refer to the official documentation.