AMS-Auction Management Solutions, Inc.Real Estate Success
In January 2006, AMS teamed with Fisher Auction Company of Pompano Beach, Florida, to auction 1,900 tax delinquent lots for the City of North Port, Florida. These tax delinquent lots had previously been offered publicly for more than two years by the City of North Port, Florida, for $1,000 per lot. Fisher Auction Company and AMS proposed that the lots be offered initially via OnLine RingLots, with any remaining unsold lots offered via OnLine Ringman ®. As a result of the OnLine RingLots offering, all but five lots sold. The OnLine RingLots sale earned the City of North Port, Florida, $60 million, thus significantly exceeding the $12 million value anticipated by the City of North Port.
Since early 2007, AMS has been working with experienced real estate auction leaders and have offered more than 1,000 properties through its OnLine Ringman ® System, resulting in the processing of greater than 2,300 accepted online bids for properties valued at more than $120 million and in 2008 held 13,005 auctions resulting in a 28% sale completion.
AMS Products/Technology
Technically, How Online Technology Works.
AMS operates as an application service provider--providing technology to the asset disposition industry and primarily the traditional live auction industry. The AMS technology is delivered to our customers using an infrastructure business model that allows our customers to concentrate on their key relationships (consignors and bidders) while maximizing the effectiveness and efficiency that the state-of-the-art, market-tested technology enables.
AMS currently has three core product families: OnLine Ringman ®, OnLine RingLots and the Intelligent Condition Evaluator (ICE).
OnLine Ringman ®
At the foundation of the OnLine Ringman ® System and its patented technology is a complete understanding of the auction industry, its processes and the efforts every auction extends in caring for both bidders and consignors. This has resulted in the most "trusted" system by all participants in the auction industries. The OnLine Ringman® System enables an auction to extend its bidder base by eliminating geographic, time, and travel constraints without affecting the bidding audience in attendance at the physical auction. With OnLine Ringman ®, as in any traditional auction, the control of the auction always remains with the auctioneer and the auction company. Using OnLine Ringman ®, the auctioneer can effectively and efficiently take bids from either the local audience or the Internet audience and can accept or reject any given bid from the local or Internet audience. Bids submitted by the Internet audience are processed, received, and presented to the auction clerk, the auctioneer, and the local audience instantly. The OnLine Ringman ® System provides to the remote bidder the opportunity to participate--without disadvantage or delay--with live, real-time video and instantaneous audio (less than a one-second delay from the time when the auctioneer speaks to the time when the remote user receives and hears the auctioneer) in a real-time, instantaneous bidding environment.
OnLine RingLots
A variation of the OnLine Ringman ® System is AMS's OnLine RingLots System. OnLine RingLots leverages much of the same technology as OnLine Ringman ® but is designed to operate in an Internet-only configuration. In this environment, the AMS servers become the auctioneer and clerk, with all bids submitted electronically via the Internet (similar to an eBay ® format).
Absent a live auctioneer or clerk, OnLine RingLots provides Internet bidding action with auctioneer and auction clerk functions simply automated and handled by a high-performance server.
The interactive bidding capabilities of the system include:
- Bidding conducted on an item-by-item basis
- Start and stop times for each item
- Anti-'snipe' capabilities to extend bidding when there is activity near the stop time
- Ability of bidders to enter either a single bid through a Click Bid or a maximum bid
- Email notification of bidding status
- Optional floor prices
- Notification to winning bidders via email
- Bidder identity display via bidder's username
OnLine RingLots can be sold as a standalone product or as a complementary system to OnLine Ringman ® or ICE ®. When coupled with OnLine Ringman ®, Online RingLots can serve as a pre-sale proxy bidding engine. In this situation and prior to the OnLine Ringman ® auction event, the highest Online RingLots bid for each item becomes the starting bid during the auctioneer-controlled OnLine Ringman® event. When sold with ICE ® (see description below), the item can be automatically placed on an OnLine RingLots auction immediately following a completed inspection, allowing the auction or seller to eliminate the time period where the asset is ready for sale but is simply in a "holding pattern" until the next auctioneer-controlled auction event.
Intelligent Condition Evaluator (ICE)
The ICE ® System is an electronic condition reporting system that supports the collection of up-to-date and accurate information for items being marketed. The system provides an automated process to collect the inventory's condition data, audit the condition data at the time of initial inspection, and present and distribute this information to the appropriate stakeholders.
A mobile device "client" provides for data collection via data entry and photograph capture. This component is designed to execute on Windows CE, 2000, or XP compatible devices. The client device is periodically connected to a "Commerce Server" to upload and download data and software updates. The Commerce Server component provides a centralized repository for data management, data archiving, and data correlation. The Commerce Server component also contains import and export functionality that allows the system to integrate with existing applications and processes. An Administrator component provides for the management of the various features of the system and the Reporting component provides the ability to generate standardized or customized reports.
In 2006, the ICE ® was used to conduct approximately 13,000 inspections. Based upon current market penetration, AMS projects that the ICE ® System will be used to complete more than 316,000 inspections in 2008.
Company Overview
Auction Management Solutions, Inc. (AMS), is a unique company that blends visionary qualities with an outstanding reputation for cutting-edge technical excellence coupled with upstanding customer service with an in-depth understanding of the traditional asset disposition market space. This unprecedented combination has proven to be phenomenally efficient and effective, as demonstrated by the fact that AMS has changed industries. In May 1999, various technology companies were willing to take the path of least resistance by offering non-instantaneous bidding, audio, and video transmission auction systems using the Internet; alternatively, AMS accomplished the first-ever seamless integration of a local auction audience with a remote Internet audience while leaving the auctioneer in control of a fast-paced wholesale automotive auction. Between May 26, 1999, and March 31, 2008, AMS conducted more than 35,000 unique auction events containing more than 7 million items, resulting in more than $50 billion in sales--$8 billion of which went to online bidders. The United States Patent and Trademark office officially recognized AMS's pioneering contributions by awarding AMS United States Patent No. 6,813,612.
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