Our eAuction platform / service offering targets insurance companies (seeking to dispose salvage assets by way of auction) and lending organizations (seeking to obtain highest possible value for repossessed assets by way of auction).
Maximizing returns of an auction process is driven by 4 key elements; high number of interested bidders, providing real time information, low cost auction process, and transparency. Our eAuction solution strives to deliver all 4 elements.
The platform allows for unlimited number of interested bidders (by way of targeted or social media based mass invitation), through an automated on-boarding process (including collection of deposits and KYC verification).
Bidding and auction process is based on client defined rules, such as reserve pricing, bid incremental value, auction window, nature of real time information provided to bidders, winner notification, and settlement process.