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REDC Acquires Domain Name Auction.com for $1.7M

Posted on: Wednesday, 18 March 2009, 11:40 CDT

IRVINE, Calif., March 18 /PRNewswire/ -- REDC, the leader in real estate auctions, has acquired the domain name, Auction.com, for $1.7 million, company Chairman Robert Friedman announced today.

"I've wanted this domain for years and I'm thrilled that we were able to acquire this coveted top level domain," Friedman says. "REDC is without question the number one real estate auctioneer in America and quite likely the world. This is a domain we should have had from the beginning and I'm thrilled we are finally Auction.com."

REDC's consumer website for Lender Foreclosed home auctions, until now, has been www.USHomeAuction.com. The company is in the process of making the conversion to www.Auction.com exclusively.

"Only REDC, with our large marketing campaigns, can maximize the benefit of this domain," Friedman adds.

Potentially, Auction.com can be the main portal for real estate auctions in the USA, he says.

With the purchase, Auction.com takes the No. 2 spot on the top domain name sales for 2009, following the recent $5.1 million sale of Toys.com, according to DomainNameNews.com.

REDC has revolutionized the real estate auction process since its formation in 1990. The Irvine, Calif.-based company has sold more than $4.5 billion in real estate assets at auctions since May 2007.

Thanks to REDC, real estate auctions have gained tremendous appeal and popularity among buyers and sellers. Auctions now play a major role in real estate sales with ever-increasing numbers. Many financial institutions, developers, and the public are choosing auctions over the conventional, time consuming and expensive traditional sales methods.

About REDC

REDC was established in 1990 and is the leading Real Estate Auction firm in the country. The company has established a dominant position in its industry by selling more than $4.5 billion in Real Estate assets at auction since May 2007. REDC's primary clients are residential mortgage lenders and home builders. The success of the company is based on the aggregation of lender-foreclosed assets that are marketed and sold in large event-style auctions across the country. Information about REDC auctions is available on www.auction.com. REDC is a Stone Point Capital company.

Contact: Rick Weinberg 949-639-3558 (direct) 949-648-3815 (cell) rickw@redcgroup.com

SOURCE REDC

Source: PR Newswire

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