Auction & Northwest Business Leaders Set to Lead Auction Edge; More Details Unveiled
After speaking with company leadership on Tuesday afternoon, Auto Remarketing has discovered further details about the emergence of Auction Edge, which has acquired Auction Pipeline as well as Auto Lookout, and apparently isn’t finished making waves.
The company’s management includes top names in the auction business as well as former executives with Microsoft and Starbucks. Among the leaders is former National Auto Auction Association president Bob McConkey, who will be the chairman of the board at Auction Edge.
Following a story about the Auction Pipeline purchase, McConkey told Auto Remarketing on Tuesday that Auto Lookout was also purchased, and that Auction Edge isn’t done with its acquisitions.
Discussing Auction Edge in more detail, McConkey said it is designed to bring the independent auctions together to utilize a single platform.
With some of the top business and auction leaders from the Northwest on board, McConkey said Auction Edge has been a “dream” of his, as it aims to work “on behalf of independents to compete in online auctions,” calling it an “evolution of a lot of work and a lot of hours.”
Leading Auction Edge is chief executive officer David Weld, whose background includes time at Microsoft. Auction Edge also plans to retain Auto Lookout’s Dan Diedrich and Auction Pipeline president Scott Finkle in senior management positions.
The chief technology officer of the company will be Mark Richardson, formerly with Starbucks.
The list of additional board members reads like a who’s who of auction leaders. Among other directors, the list includes John Brasher, Richard Gundy, Michael Hockett, John Luce, Charlotte Pyle, Henry Stanley and Lynn Weaver.
One of those directors, Brasher, shared more insight about this news with Auto Remarketing.
When asked what kind of impact Auction Edge’s purchase will have on Auction Pipeline, Brasher noted: “Initially, there will be no change to Auction Pipeline. In the long term this acquisition, along with others that will be announced shortly, will mean that a lot more auctions, vehicles, and dealers will be on the Auction Pipeline.”
Brasher, who is president of Brasher’s West Coast Auto Auctions, added: “Furthermore, this acquisition means that Auction Pipeline will now be a part of a much larger technology company with broader reach and more financial resources. Auction Pipeline will now be able to evolve new products and services at a much faster rate. The experience and expertise that the Auction Edge management brings to the table will almost immediately begin to improve the user’s experience on Auction Pipeline.”
Brasher also touched on what impact he believes Auction Edge will make on the industry itself.
“Finally, there will be a financially viable technology company in the remarketing industry that has both extensive financial resources, and the superior service, speed, and agility of the independent auctions,” he continued.
Continuing along, Auto Remarketing first learned that Auction Pipeline was purchased by Auction Edge through a report Monday from GeekWire.
Auction Edge had filed a Notice of Exempt Offering of Securities, GeekWire reported, totaling $10.8 million. More than $6 million has been raised so far.
"A portion of this offering is being made in connection with the acquisition of Auction Pipeline, Inc.,” the SEC filing stated.
"A portion of the Total Amount Sold represents the shares of Series A Preferred Stock issued in exchange for capital stock Auction Pipeline, Inc.”
The report from GeekWire indicates that Auction Edge isn’t done making moves. GeekWire cited Weld’s plan to "roll up" other auction industry companies and his intention to make Auction Edge "a decent-sized profitable company out of the gate."