SPOKANE, Wash. -

Auto Remarketing has learned that Auction Pipeline was recently purchased by a new company with a slew of auction industry veterans as directors, including the current and former presidents of the National Auto Auction Association.

According to a report Monday from GeekWire, Auction Pipeline was bought by Auction Edge, a new company headed by David Weld — an entrepreneur based out of Seattle — that is apparently set to make waves in the auction business.

Auction Edge has filed a Notice of Exempt Offering of Securities, GeekWire reports, 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 SEC filing also lists the following as directors:

Robert McConkey
Emily Barber
John Brasher
D. Brewer
Richard Gundy
Michael Hockett
John Luce
Charlotte Pyle
Henry Stanley
Lynn Weaver

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."

Stay tuned to Auto Remarketing for more news on this purchase.