Auction.com, LLC

Auction.com, LLC, founded in 2007 by Jeff Frieden, Monte Koch, and Robert Friedman, is headquartered in Irvine, California. The company operates as the nation's leading online real estate marketplace, specializing in the sale of residential bank-owned and foreclosure properties through online auctions and in-person auction events. The founders, who previously co-founded Real Estate Disposition Co. (REDC) in 1990 to auction distressed properties, began selling bank-owned homes at ballroom auctions in 1993. Anticipating the rise in mortgage defaults and the shift toward online transactions, they established Auction.com in 2007 to leverage technology for property sales. The company rebranded to Ten-X in January 2016 to reflect its expansion into a broader online marketplace for both residential and commercial real estate, offering auction and traditional sales options. In June 2020, CoStar Group, Inc. acquired the commercial real estate division of Ten-X for $190 million, integrating it into its LoopNet and CoStar platforms. Following this acquisition, the remaining residential-focused business reverted to the Auction.com name. Auction.com provides a technology-driven platform that facilitates fast, efficient, and transparent property transactions, primarily for real estate investors. The platform supports remote bidding, property listing, and due diligence, with an inventory of over 30,000 properties. 

Business/Product Breakdown

Auction.com operates an online real estate marketplace focused on residential bank-owned and foreclosure properties, accessible via its website (www.auction.com) and mobile applications for Android and iOS. The platform allows users to list properties, bid remotely, and access detailed property information, including prices, sizes, and locations. Its proprietary Remote Bid technology enables buyers to participate in auctions from anywhere, ensuring an unbiased process as Auction.com does not own listed properties or set prices. The company's SmartSale technology provides distressed homeowners an alternative to foreclosure by facilitating property sales through its platform. Auction.com also collaborates with partners like Offerpad for renovation services and FoxyAI for advanced property visualization and intelligence tools. Additionally, the company supports in-person auction events and provides broker support services to enhance buyer success. Its Auction Market Dispatch offers market insights, such as demand trends, to inform sales strategies. Auction.com's technology stack includes tools like Hotjar and Google Hosted Libraries to optimize user experience. The company maintains a strong commitment to community engagement, raising funds for initiatives like the Ruth Cheatham Foundation and student scholarships.