REDC Acquires Auction.com Domain for $1.7M

Irvine, California-based ""Real Estate Disposition Corporation"":http://www.redcgroup.com (REDC) has acquired the domain name, ""Auction.com"":http://www.auction.com, for $1.7 million. REDC’s consumer Website for lender-foreclosed home auctions, until now, has been USHomeAuction.com. The company said it is in the process of making the conversion to ""Auction.com"":http://www.auction.com exclusively.
REDC's chairman, Robert Friedman, said, ""I’ve wanted this domain for years and I’m thrilled that we were able to acquire this coveted top level domain.""
Real estate auctions have gained tremendous appeal and popularity among both buyers and sellers. Auctions now play a major role in real estate sales, posting ever-increasing numbers when it comes to offloading distressed mortgage assets. Many financial institutions, developers, and the public are choosing auctions over the conventional - and some argue more time-consuming and expensive - sales methods.
According to Friedman, ""Auction.com"":http://www.auction.com has the potential to be the primary portal for real estate auctions in the United States. He added that the company will employ large marketing campaigns to maximize the benefit of the new domain.
Friedman said, ""This is a domain we should have had from the beginning and I’m thrilled we are finally Auction.com.""
""DomainNameNews.com"":http://www.domainnamenews.com reported that with the purchase by REDC, ""Auction.com"":http://www.auction.com takes the No. 2 spot of the top domain name sales for 2009, following the recent $5.1 million sale of ""Toys.com"":http://www.toys.com.
REDC, a Stone Point Capital company, has sold more than $4.5 billion in real estate assets at auctions since May 2007. REDC’s primary clients are residential mortgage lenders and home builders. The company explained that its success is based on the aggregation of lender-foreclosed assets that are marketed and sold in large event-style auctions across the country.