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Letter to the Editor
Wednesday April 13
Auction Management Solutions and Insurance Auto Auctions Announce Patent of Online Bidding Technology
Auction Management Solutions, Inc. (AMS), a provider of technology for the auction industry, and Insurance Auto Auctions, Inc., a provider of automotive salvage and claims processing services in the United States, have 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.
"The patent granted to AMS further validates what we have been hearing from our customers - that our I-bid LIVE product, powered by AMS' OnLine Ringman(SM) technology, is extremely valuable and highly regarded within our industry," said Tom O'Brien, CEO of IAA. "We will continue to leverage this leading technology to offer our customers an integrated service offering that combines live, on-site auctions with Internet bidding capability throughout our national network of branches. We believe this dual bidding methodology will drive the highest proceeds for our customers across the entire product mix. Internet bidding among our buyer base, both in the U.S. and internationally, has consistently risen since the launch of this product in early 2004 and we expect it to further complement our live auction buyer base as buyers continue to recognize the speed and convenience of the product. Furthermore, this patent will help us maintain our technological advantage within the industry."
Auction Management Solutions, Inc., founded in 1996, is a technology infrastructure provider to the asset disposition industry and is the sole owner and developer of the patented OnLine Ringman(SM) system.
Insurance Auto Auctions, Inc., founded in 1982, currently has 78 sites across the United States.
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