Friday, Jan. 27, 2017, 08:13 PM UPDATED 8:13 PM
By Auto Remarketing Staff
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.
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.