OCALA, Fla., Aug. 2, 2017 /PRNewswire/ -- Auctioneers and bidders participating in live and online auctions through Auction Flex (www.AuctionFlex.com) and HiBid can now take advantage of expedited financing services. Express Financing by Currency (www.CurrencyCap.com) quickly and easily connects auctioneers and auction participants to an expansive network of lenders, providing needed funds at competitive rates and presenting a number of key benefits for both buyers and auction houses.
Express Financing enables auctioneers to expedite loan approvals, simplifying financing for customers and streamlining sales transactions. Once the borrower's information is submitted through the program, the Express team works quickly to compare each credit profile to over 40 different credit boxes, accommodate unique loan requirements, arrange financing, and expedite underwriting and the distribution of funds.
Buyers browsing auction listings online at HiBid.com or through any of its state-specific websites (Forida.HiBid.com, for example) can submit borrower information quickly and easily by clicking the adjacent Express Financing link. Auction houses that opt into the Express Financing program benefit from the convenience of Express Financing input fields directly on their online auction listings, and the opportunity to generate recurring financing revenue through kickbacks from successfully financed deals.
"Currency provides user-friendly technology that truly expedites financing," explains Auction Flex's Auction Support Manager Kris Kennedy. "From the very beginning, we have made it a tenant to treat every opportunity as an investment in our customers and their success. Positioning our customers to leverage this proven-successful tool is simply an extension of our mission to help them build their businesses in any way possible."
Easy access to Express Financing is the result of an agreement between Currency and AuctionTime.com, which acquired Auction Flex in March 2017. These rollouts come on the heels of the strategic alliance formed in March 2017 between Auction Flex and AuctionTime.com, a leading online auction platform primarily serving buyers and sellers in the construction, agriculture, and transportation industries. Auctioneers interested in leveraging Express Financing can contact Auction Flex, AuctionTime, or Currency directly.
About Auction Flex & HiBid
Auction Flex is the market-leader in auction software for live auctions, with capabilities that include cataloging, clerking, cashiering, accounting, mailing list management, inventory management, multi-parcel, and more. Auction Flex also provides a seamless solution that enables auction houses to upload auction catalogs online and accept internet absentee bids, conduct internet-only auctions, or offer webcast live internet bidding through its integrated web service and internet bidding solutions—HiBid (both a private-label solution and a portal). Auction Flex and HiBid were built from the ground up to function together seamlessly. HiBid conducted over 21,000 auctions in 2016 and had GAP (Gross Auction Proceeds) of over $559 million.
About Currency Capital
Currency Capital offers technology that streamlines both approval and funding primarily by starting the application process with a comprehensive borrower profile and leveraging an expansive lender network. Currency's leading resources utilize the most cutting-edge technology to provide simple, accessible platforms for businesses and their customers. Since its founding, Currency has helped support businesses with over $500 million in capital.
SOURCE Auction Flex & HiBid