The auction chant is a repetition of two numbers at a time which indicate the monetary amount involved with the sale of an item.
In between the numbers are "filler words" which are what the auctioneer says to tie the chant together making it smooth and rhythmic.
Some typical filler words taught at auction schools, are "dollar bid", "now", and "will ya give me?".
The typically taught chant for beginning auctioneers follows the pattern: "One dollar bid, now two, now two, will ya give me two?
", and continues in this fashion until the crowd stops bidding and the item is sold to the high bidder (automobile auctions have "reserves" or "minimum price" placed on all automobiles, so if the high bidder doesn't meet the reserve, they may be asked to raise their own bid in order to successfully purchase the vehicle in question).
Slurring filler words to make multi-part filler word phrases is a key element, giving the illusion that the auctioneer is talking fast, meant to create more excitement and bidding anxiety among the bidding crowd.
[1][2] The auction chant was explored in the 1976 documentary How Much Wood Would a Woodchuck Chuck, by Werner Herzog.
[3] On September 5, 2018, far-right activist Laura Loomer interrupted a House Energy and Commerce Committee hearing about social media to voice concerns about possible left-wing bias on the part of Twitter CEO Jack Dorsey.