{"id":1004114788,"date":"2015-03-04T07:37:49","date_gmt":"2015-03-04T15:37:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004114788"},"modified":"2022-12-08T18:02:52","modified_gmt":"2022-12-09T02:02:52","slug":"auction-com-finds-a-new-channel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/auction-com-finds-a-new-channel\/","title":{"rendered":"Auction.com Finds a New Channel"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><em>\u00a0<\/em><\/p>\n<div id=\"attachment_1004107669\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004107669\" data-attachment-id=\"1004107669\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/colony-american-finance-grabs-165m-loan-portfolio-partners-with-auction-com\/rick-sharga\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\" data-orig-size=\"290,225\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Rick Sharga\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rick Sharga&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg?w=290\" class=\"size-thumbnail wp-image-1004107669\" alt=\"Rick Sharga\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Rick-Sharga.jpg\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004107669\" class=\"wp-caption-text\">Rick Sharga, Auction.com<\/p><\/div>\n<p>Auction.com L.L.C., already, the leading online real estate marketplace, is in growth mode and its latest move is the acquisition of Channel L.L.C.\u00a0 Auction.com is snapping up the real estate technology solutions provider in a cash and stock deal, the terms of which are not presently being disclosed.<\/p>\n<p>It\u2019s simple. \u201cThis announcement is mostly about accelerating our opportunity to move into the residential space,\u201d Rick Sharga, an executive vice president with Auction.com, told <i>Commercial Property Executive<\/i>.<\/p>\n<p>Formed one decade ago this year, Channel develops high-quality software products and offers a state-of-the-art real estate transaction platform with the ability to engage residential brokers and consumers in the disposition life cycle. The company is a perfect fit for Auction.com\u2019s current strategy, but the merging of the two wasn\u2019t precisely a plan that had been brewing. Essentially, the stars aligned.<\/p>\n<p>\u201cPart of [the reason why this is happening now] is simply the opportunity. We found a company with a technology that fits into our near-term and longer-term plans to migrate from being a platform selling distressed assets to being a company selling retail properties on the residential side,\u201d Sharga said. \u201cAnd partly it\u2019s because we\u2019re getting ready to begin that transition, so it was a little bit of timing in terms of where we are as a company and a little bit in terms of the opportunity presenting itself.\u201d<\/p>\n<p>With Channel under its umbrella, Auction.com will be able to expedite the expansion of its online marketplace by commencing the selling of move-in-ready residences, and the Channel transaction platform will allow Auction.com to merge the top broker-led deals with the transparency and reach of the online auction system.<\/p>\n<p>Going residential is just one of a few steps Auction.com has taken in its bid to spread its wings. In January, the company announced it had expanded its hospitality business with the <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/hospitality\/auction-com-launches-national-hospitality-division\/1004112100.html\"><span style=\"text-decoration: underline\">launch of a new division<\/span> <\/a>focused entirely on hotel property sales.<\/p>\n<p>\u201cOne of the reasons we\u2019re confident about making this move [into residential] is because of the success we\u2019ve had over the past year in beginning that migration on the commercial side,\u201d Sharga noted. So we\u2019ve already begun moving from distressed properties to traditional properties in commercial, and at the moment, about 40 percent of the assets we sell are traditional non-distressed commercial properties. So that\u2019s really given us more confidence than ever that our platform\u2019s going to work across all these different property types.\u201d<\/p>\n<p>After the closing of the acquisition, Channel will become a wholly owned subsidiary of Auction.com, operating from its current office in Newport Beach, Calif., just 10 miles from its new parent company\u2019s headquarters in Irvine. For the time being, Channel\u2019s platform will not be entirely exclusive to Auction.com, as the software company\u2019s current customers will still be able to avail themselves of the technology.<\/p>\n<p>As for Auction.com, clearly, there\u2019s more to come on the expansion front. Having unveiled a new iPad application last year, the company is now in the midst of developing new apps for both the iOS and Android platforms, and that\u2019s just for starters.<\/p>\n<p>Sharga added, \u201cWe\u2019re exploring whether it would be advantageous for us to have similar operations in specific market sectors&#8211;for example retail, perhaps multi-family&#8211;so we\u2019re looking at those as being possible opportunities.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>LINK:<\/p>\n<p>Auction.com Launches National Hospitality Division<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Auction.com L.L.C., already the leading online real estate marketplace, is in growth mode.<\/p>\n","protected":false},"author":969,"featured_media":1004107669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21787],"tags":[],"class_list":["post-1004114788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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