Auctions are one of the oldest and most popular methods of buying and selling. They have been around for thousands of years, providing a trading platform for everything under the sun.
Technology has modernized the process, allowing buyers and sellers to complete transactions online, and every day more people use online auctions to find residential and commercial property investments. Online auctions allow buyers to purchase properties from anywhere in the world, as long as they have access to the Internet.
Across the globe, hundreds of companies host online auctions, but only a handful have sold a significant volume of properties. Irvine, Calif.-based Auction.com is the largest online property auction platform. Launched in 2007, the company auctions off an average of $5 billion of real estate annually. Last year alone, its auction volume totaled more than $7 billion, and it has sold nearly $20 billion in residential and commercial property since 2010.