Auction.com’s Remote Bid feature on the company’s mobile app allows buyers to monitor and bid on select foreclosure properties from anywhere in real-time. The ability to achieve this innovation is due to our technology called AuctionSync, a digital auctioneering application for local, live auctions that can capture asset-level data in real-time, automate bidder registrations, track bids, and validate funds. AuctionSync is the conduit technology of the digitization process for all our foreclosure auctions. It’s the reason the auction experience is now in the palm of your hand. During an auction, AuctionSync allows Auction.com auctioneers and auction staff to receive real time updates on the status of a property. While conducting the auction, the auctioneer can track bids from individuals in the AuctionSync app on a tablet. This allows the bids to be transmitted in real time to the consumer application so buyers using Remote Bid can transact from anywhere. Bidders are not limited by location in their selection of properties and don’t have to worry about harsh weather, travel distances, or socially distancing in a crowded auction venue.
- In 2021, the number of approved bidders increased from 3,000 to 12,154, funding jumped from $55,000,000 to $261,740,722 and unique bids went from 500 to 2,984.
