Larry is at a bar trying to hit on Nancy (from earlier in the movie) by telling her about his job as a cameraman. She is clearly not interested, but Larry doesn't take the hint.
Larry and Nancy run into Rita, who asks where Phil is. Nancy already seems to know that Phil is in the party.
Sure enough, Phil is at the party playing some expert-level rock and roll piano. It looks like all those afternoons of practice have paid off.
When Phil finishes a song, he walks down to Rita and seamlessly steps into a slow dance.
While they dance, a bunch of people walk up to Phil and thank him for the nice things he did that day.
The head of the Groundhog Festivities heads up to the podium to announce the beginning of the charity bachelor's auction.
Phil Connors heads to the front of the room to be auctioned off. After listening to some bidding, Rita makes the highest bid by far.
After Phil is gone, Larry runs up to the front of the room. An old woman bids twenty-five cents and ends up winning the bid.
On their way out of the party, Phil and Rita run into Ned Ryerson. Ned says that this is the best day of his life because Phil has apparently bought every type of insurance known to humanity from Ned that afternoon.