Six years after its launch, Auction.com has become the largest online real estate dealer in the U.S. , Bloomberg News reports.
After boosting 2012 sales of property and mortgage notes by 46 percent, to $5.7 billion, the Irvine, Calif.-based company is on track to have an even better 2013, with $5.3 billion in sales through the first three quarters of the year.
Auction.com collects a 5 percent fee on most transactions, but does not disclose financial information like profits and losses. Investors in the company include LNR Property LLC and Stone Point Capital LLC. CEO Jeff Frieden declined to comment on whether the company plans to go public. Source: bloomberg.com