Carl D. Silver founded the Fredericksburg Auto Auction in the late 1950s, likely around 1957 or 1958. As his automotive business expanded beyond its original location, Silver acquired the former Fredericksburg National Guard Armory at the corner of Route 1 and Fall Hill Avenue and transformed it into one of the region's earliest automobile auction facilities.

The auction quickly grew alongside Fredericksburg's expanding automobile market and became an important part of the area's automotive industry. In 1967, Silver sold the operation to Manheim Auto Auction, which continued operating the facility for decades before eventually relocating to Stafford County. The original site was later redeveloped as part of the first shopping center developed by Carl D. Silver, anchored by a Safeway grocery store.