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Online Bidding Technology
Date: Apr 9, 2005
Contributor: Allie Wadman
Auction Management Solutions and Insurance Auto Auctions Announce Patent of Online Bidding Technology
Auction Management Solutions, Inc. (AMS), a leading pioneer of technology for the auction industry, and Insurance Auto Auctions, Inc. , a leading provider of automotive salvage and claims processing services in the United States, today announced that AMS has been granted a United States patent for its OnLine Ringman(SM) technology. This technology is used to power IAA's online bidding product, I-bid LIVE(SM), which allows buyers to join live auctions through any Internet-enabled computer and bid along with both live local bidders and other Internet bidders.
"We are excited that the patent office has recognized our groundbreaking work in developing a product that assists our customers in revolutionizing the remarketing industry," said Nancy Rabenold, CEO of AMS. "In the same way we developed our OnLine Ringman(SM) technology, we are committed to pioneering breakthroughs that will further advance technology's role in today's auction environment. Due to its speed, ease-of-use and reliability, IAA's I-bid LIVE product is a perfect example of how the application of our technology can directly benefit customers in the auction market."
In addition to its exceptional speed and ease-of-use, I-bid LIVE further extends the excitement of the auction by providing a live voice feed of the auctioneer directly to IAA's Internet customers, allowing them to actually hear the bidding activity real-time and giving them a much better feel for the auction itself. During the first part of 2004, IAA and AMS successfully tested the product and then began aggressively rolling it out. IAA met its objective of rolling out I-bid LIVE to all of its targeted branches by the end of the year.
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