Why does UCC 9–627(b) (3) require that a sale be conducted in conformity with the reasonable commercial practices among dealers in the type of property that was the subject of the disposition?

The first organized auctions were held during the time of the Roman Empire to sell locally produced goods. During the 1700s, auctions were used in America primarily to sell property to satisfy debts. Today, auctions serve many purposes, including the sale of repossessed collateral. In a public auction, which is open to the general public, the price is determined after competitive bidding. An advertisement or other public notice must precede the sale. The most convenient way to publicize a sale is online, where announcement boards and other sites list current and future auctions. A private auction, which is open only to a select group of bidders, does not need to be publicized, although if repossessed collateral is sold at a private auction, the debtor must be notified.