I've tried everything, waxing, silicone, I even have a 5" strikemaster that was Teflon powder coated$$$$, but In a tourney, I don't want to deal with augers that won't cut. The cheapest thing you can do is simply spray the auger with Pam or some other cooking spray. It works great!
But the most important thing is how you handle your. Like was said earlier, after you break thru, plunge the auger down and then up hard in one clean motion. Once out of the hole, give the flighting (spiral flutes) one hood kick. fateful not to kick the blades. Do not touch the blades to the snow or slush. I kick a spot clean of all snow and lay the auger down.
I also carry a little rubber mallet with me to bang big buildup off. We drill hundreds of holes when were pre fishing for tourneys, keeping the auger cutting efficiently is a must.
Hope this helps, just things I've learned over the years.