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Xcira acquires ABC’s auction management system

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TAMPA, Fla. –

The second major development involving Auction Broadcasting Co. came to light late on Friday. Xcira announced that it has acquired the intellectual property and certain personnel associated with ABC’s auction management system.

Xcira highlighted this acquisition will allow the company to expand its offering significantly in the auction industry, positioning the firm to offer an end-to-end automotive technology platform.

In connection with the acquisition, executives indicated current licensees of the auction management system will continue on as licensed users with Xcira. In support of its commitment to provide and support technological excellence within the automotive industry, Xcira said it will continue partnering with key automotive auction companies to ensure its technical offerings are developed to meet the evolving and specific needs of the automotive sector.

“As someone who has been around the auto auction industry for more than five decades, I’m confident that Xcira’s next generation platform will not only provide industry-led, state-of-the-art technology, it will also serve to transfer control to the individual auction owners and allow them to leverage Xcira’s technology offerings in a personalized and powerful manner for many years to come,” Auction Broadcasting Co. chief executive officer Mike Hockett said.

“I’m excited to know that our auction management system will become an integral part of this transformational, technological future,” Hockett continued.

Xcira CEO Nancy Rabenold elaborated about what this move means for the company’s future.

“Our plans to integrate this acquired auction management system into our next-generation platform will result in a superior technological offering,” Rabenold said. “We are forever grateful for those clients who have supported us over the years, and we look forward to the privilege of providing end-to-end, state-of-the-art services to both current and new clientele.”

Ritchie Bros. continues to support the development of auction technologies at Xcira, through both investment and auction industry insights.

Commenting on the agreement, Karl Werner, chief operational support and development officer as well as managing director of the Middle East for Ritchie Bros., said, “We are pleased to be working closely with Xcira and their other strategic partners in developing the next generation auction management system, and are committed to helping Xcira expand and enhance its technology offerings for the automotive auction industry.

“This acquisition further bolsters Xcira’s position as the preeminent technology provider for that sector,” Werner went on to say.

The announcement involving Xcira came on the heels as Auto Remarketing learned on Friday afternoon that America’s Auto Auction is growing to 20 locations through the acquisition of ABC’s eight auction facilities.

 

To view the full press release click Here.

Xcira Announces Strategic Investor in Ritchie Bros.

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Xcira, Inc., (Xcira) the premier and leading technology supplier to the traditional auction industry, is very pleased to announce that it has secured a strategic equity investment from Ritchie Bros. (NYSE and TSX: RBA), the world’s largest industrial auctioneer.

As the leading auction technology supplier, Xcira has enjoyed a strong relationship with Ritchie Bros. for the past fourteen years. Ritchie Bros.’ new equity stake provides Xcira with the opportunity to further invest in its next-generation, multi-segment technology platform, and secures a strategic partnership, with the worldwide leading industrial auction company. By leveraging Ritchie Bros. global auction expertise and experience, Xcira will be better positioned to develop technologies that cater to the needs of auction companies and their bidding customers.

“This transaction is a natural evolution of our close working relationship. We look forward to developing our next-generation auction technologies alongside Ritchie Bros.’ vast auction experience,” said Nancy Rabenold, Co‐Founder and Chief Executive Officer of Xcira.

“Xcira’s market leading technology and approach to online auction innovations were key factors in our decision to acquire an equity stake in the business. The strength of their systems was, and continues to be, an important contributor to Ritchie Bros. success. In fact, nearly $1.7 billion of equipment and other assets sold through Ritchie Bros. auctions during 2014 transacted on Xcira’s ‘Online Ringman’ software platform,” said Ravi Saligram, CEO, Ritchie Bros. Auctioneers.

Xcira remains committed to serving all auction segments and is excited about finalizing key strategic relationships with auction companies in other industries to contribute to the development of its next-generation technology platform. Xcira, based in Tampa, Florida, will operate business-as-usual under its current branding. The existing Xcira team will continue to provide valued technology services to customers in every auction segment around the world.

To view the full press release click here

Xcira’s New Floor Planning System featured on Auto Remarketing

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The Auto Remarking staff details the Floor Plan Management System, expressing the 4 key features, and gets a chance to interview Nancy about the product.

On Friday, Xcira unveiled its new floor plan management system, which will begin its launch sequence at BSC America’s Bel Air Auto Auction later this month.

Designed to allow an auction to manage its own floor planning program for its dealers more efficiently, the company highlighted the system is the most recent in a series of cutting-edge technological solutions developed for the auction industry by Xcira, creator of the patented OnLine Ringman program.

“Xcira continues to support the auction industry with innovative technology,” Xcira chief executive officer Nancy Rabenold said. “Our newest product, the Floor plan Management System, has been designed to optimize the workflow at the auction level, reducing the steps and user actions required to floorplan vehicles.”

Rabenold indicated that the new system integrates a number of processes that previously were managed separately by auction finance departments. The solution can accommodate:

— Variable rate interest calculations
— Multiple fee tables
— Flexible dealer curtailment schedules
— A tool for calculating payment estimates

Rabenold also pointed out the program also can provide a central location for collection notes, compliance information, notification of expirations, lot audit reporting and vehicle loans across a historical portfolio.

See the full article here

AuctionEar Press Release featured on Auto Remarketing

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Auto Remarketing Staff published an article on Monday spotlighting Xcira’s recently released mobile application that allows bidders to see and hear all the action from a live auction.

Technology service provider Xcira announced Monday the release of AuctionEar, an iPhone app that brings the sights and sounds of the auction block to your mobile device.

Available for free in the Apple iTunes store, AuctionEar allows for live audio and video streaming, in conjunction with Xcira’s existing mobile bidding technology, to aid in remote bidding.

Nancy Rabenbold, Xcira’s chief executive officer, believes the choice between audio, video or both when bidding outside of the auction place will enhance the experience.

To read the full article click here

Xcira featured in technology article by Auto Remarketing

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Auto Remarketing staff writer, Sarah Rubenoff sat down with Nancy to discuss the strides that Xcira has made and will continue to make in the auction industry.

Throughout the years since its inception almost 20 years ago, Xcira Corp. has been a leader in auction technology innovation.

From innovation in simulcast and digital auctions to securing real-time audio and video for remote audiences, the company has been a leader in the industry — evident through its numerous patents throughout the years.

To learn a bit more about the company’s impact on the auction industry, Auto Remarketing spoke with with Nancy Rabenold, chief executive officer and co-founder of Xcira Corp. and a member of the 2014 class of Women in Remarketing.

Xcira’s role in innovative technology began when the company filed its first patent application in May of 2000, recalls Rabenold.

Years of Advancement

When the company was founded, Rabenold says she identified hundreds of “needs” in the auction industry, noting there were many opportunities for the application of technology to “remove friction for buyers and sellers or improve operational and transactional efficiencies within the auction process.”

At that time, though, the idea of digital auctions was still new, and many in the industry remained cautious.

“In fact, the most prevalent needs before technology could succeed involved the elimination of the barriers to entry by satisfactorily answering such questions as: ‘Will buyers bid sight unseen?’ and ‘Will the introduction of technology have negative consequences in the lane?’” said Rabenold.

Regardless of what cautions abounded, Rabenold pushed forward, and the first patent secured in 2000 — U.S. patent No. 6,813,612 — worked to enable individuals to participate in live auctions from remote locations, simply by using an Internet connection and a computer.

This patent helped to break down some of the barriers between digital and brick-and-mortar auctions and helped lay the foundation for simulcast auctions.

Click here to read the full article