Throughout the years since its inception almost 20 years ago, Xcira Corp. has been a leader in auction technology innovation.

From innovation in simulcast and digital auctions to securing real-time audio and video for remote audiences, the company has been a leader in the industry — evident through its numerous patents throughout the years.

To learn a bit more about the company’s impact on the auction industry, Auto Remarketing spoke with with Nancy Rabenold, chief executive officer and co-founder of Xcira Corp. and a member of the 2014 class of Women in Remarketing.

Xcira’s role in innovative technology began when the company filed its first patent application in May of 2000, recalls Rabenold.

Years of Advancement

When the company was founded, Rabenold says she identified hundreds of "needs" in the auction industry, noting there were many opportunities for the application of technology to “remove friction for buyers and sellers or improve operational and transactional efficiencies within the auction process.”

At that time, though, the idea of digital auctions was still new, and many in the industry remained cautious.

"In fact, the most prevalent needs before technology could succeed involved the elimination of the barriers to entry by satisfactorily answering such questions as:  ‘Will buyers bid sight unseen?’ and ‘Will the introduction of technology have negative consequences in the lane?’" said Rabenold.

Regardless of what cautions abounded, Rabenold pushed forward, and the first patent secured in 2000 — U.S. patent No. 6,813,612 — worked to enable individuals to participate in live auctions from remote locations, simply by using an Internet connection and a computer. 

This patent helped to break down some of the barriers between digital and brick-and-mortar auctions and helped lay the foundation for simulcast auctions.

“I definitively knew that our first patent, which involved the tenets of a simulcasted auction, would be the first of many.  It is vital that Xcira be perpetually known as an innovator; otherwise, our ability to sell our value-add would be justifiably compromised,” said Rabenold. “Furthermore, it is important that we maintain a patent portfolio and protect our customers accordingly.”

How did this first patent change the wholesale game?

The obvious impact, Rabenold says, included the wide-scale adoption and use of simulcasted auction technology.

“One of the most important benefits realized by the auctions was the elimination of geographic constraints associated with bidder participation,” she said.

Building off the platform of this patent, Xcira launched out in a variety of directions. Ultimately, the company would make strides in areas such as Web-based condition checks, real-time audio and video, and technology that allows local and remote bidders to participate in multiple auctions at the same time, among other technological advancements.

The Evolution

Fourteen years after the company’s first patent, many new industry needs have been identified.

"Fourteen years ago, e-commerce was just getting started, and obtaining useful or actionable information from the Internet was a hit-or-miss situation," Rabenold said. "Today, a global economy exists where we see worldwide transactional leaders such as Apple, Amazon, e-Bay, Google, and many others that have conditioned the online user to expect a simple, integrated, complete transactional user experience."

Xcira believes this will start a trend of systems involving multi-language, multi-currency and full integration (e.g., financing, transportation, etc.) capabilities for a "frictionless user environment."

A couple of the more recent needs in the auction industry that Xcira is looking into is mobility and business analytics.

"I believe the industry in general is still grappling with the meaning of mobility and the dealers’ respective use of the platform.  It really does remind me of the revolution that the Internet brought to the industry," she said.  "If you couple mobility with the trends of business analytics and the recent generations’ adoption of gaming systems and technology, I think we will see some evolving trends established very quickly that will change the industry as we know it today."

When asked about how she has seen the auction industry evolve since beginning her journey with Xcira , Rabenold said: "Obviously, technology has brought almost exponential changes to all aspects of the auction platform.  Because of the speed in which technologies change, the industry has changed into a perpetually alert and fast-acting body.  Technology has become a fore-thought versus a hind-sight."

Rabenold added: "The entirety of the industry is considered in decision making.  And no longer will any participating body of the auction process be underestimated or neglected."

Looking to the Next Decade

Though Xcira has already made a huge impact on the auction industry, it doesn’t plan on slowing down.

Rabenold said that today is the most exciting time in the company’s 18-year history.

In fact, it is the process of building a new platform.

Looking ahead, Rabenold said, "Although I’m excited to announce the features and functions, suffice it to say that I anticipate and hope it will have a greater positive impact on the automotive auction industry than OnLine Ringman had over 14 years ago."

The auction industry is always changing. And therefore, it is difficult to predict the auction industry’s state-of-affairs ten years down the road, but Rabenold said some things are a given:

 "Additional efficiencies will be realized in the auction process at all levels through technology.  Because we will have much more usable information available to us, decisions will be easier and necessary actions obvious,” she said. “Inefficiencies will be addressed immediately and ‘big data’ will drive huge benefit.  All aspects will be analyzed for optimization, regardless of the resulting impact to either brick and mortar subsistence or digital auction leveraging.”

Editor's Note: For more from Rabenold and Xcira Corp., see the upcoming May/June issue of Auto Remarketing Canada, a sister publication to Auto Remarketing.