Yes, been around for quite some time. It is a dumping auction in essence, a please where sellers auction off their unwanted stock.
For example, someone buys 3 pallets from a surplus supplier, cherry picks the load (meaning they take out anything of value) then use a site like liquidation.com to auction off what they don't want.
\ Now I'm not saying you can't get a bargain, but a lot of garbage that other's haven't been able to sell ends up on sites like that. So you have to tread carefully, just as you have to when dealing in any liquidated stock from any supplier.
Liquidation.com provide the platform for sellers, where as a liquidation supplier is a dealer selling their products specifically and of course there is no auction involved, well rarely an auction involved. You pay based on the type and volume of stock you are buying, you don't get caught up in a bidding war.
As I said, doesn't mean you can't get bargains there, but you have to tread carefully and not get sucked into a bidding war as many do and then over pay or get stuck with garbage. Check the sellers feedback, most important and check liquidation.com's terms and conditions on sales and delivery before bidding would be my suggestion.