Words and phrases as used in this chapter shall have the following meanings, unless the context otherwise requires:

"Auctioneer" means a person who conducts a public auction as defined in this section.

"Clerk" means the city clerk.

"Inventory" means a list of new goods, wares and merchandise offered at public auction, showing make and model; also their serial number, if any.

"New goods, wares and merchandise" means those not previously sold at retail.

"Person" means and includes an individual, firm, association, corporation or any other legal entity.

"Public auction" means the offering for sale or selling of new goods, wares or merchandise to the highest bidder or offering for sale or selling of new goods, wares or merchandise at a high price and then offering the same at successive lower prices until a buyer is secured. (Prior code § 6-701)