Auction industry veteran joins CoStar Group as Ten-X sharpens its focus as a standalone brand dedicated to the future of real estate auctions
CoStar Group, Inc., a leading provider of online real estate marketplaces, information, analytics in the property markets, announced that Steve Price has joined the company as President of Ten-X, CoStar Group’s digital commercial real estate auction platform.
Price joins CoStar Group after 12 years in senior leadership roles at Auction.com, most recently serving as Executive Vice President of Foreclosure Auction Services, the company’s largest business unit. Ten-X operated as part of Auction.com prior to CoStar Group’s acquisition of the platform in 2020.
At Auction.com, Price built and scaled disposition programs responsible for billions of dollars in real estate transactions, pioneered the HUD CWCOT 2nd Chance Program and led a reengineering of the foreclosure division that reduced operating costs by over 40% through new technology and automation. He also developed the company’s remote bidding capability, which has facilitated more than $2.2 billion in total fundings since its launch, and drove the expansion of Foreclosure Auction Services into several high-volume states. Before Auction.com, Price spent a decade at Bank of America, most recently as SVP of Loss Mitigation.
As President, Price will build and lead a high-performing leadership team for Ten-X, fostering a collaborative, innovative and inclusive organizational culture. He will bring a data-driven approach to the business, closely monitoring and analyzing key performance metrics to ensure sales, service quality, marketing and product performance consistently meet and surpass established benchmarks. Price is known for personally leveraging data to drive informed decision-making, and he will apply that same rigor to quality assurance and continuous improvement across Ten-X.
“Steve has spent his career building and scaling disposition and auction businesses, and he knows this space as well as anyone in the industry,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Ten-X is an innovative digital auction platform, and brokers and sellers who use it benefit from great underwriting, strong marketing, a proven digital auction process all backed by a massive buyer audience. Ten-X is an important and valuable part of CoStar Group’s future roadmap and success. With Ten-X as a standalone brand and a dedicated leadership team focused solely on the opportunity ahead, I am highly confident in our ability to innovate, reimagine the product, grow revenue, and regain share in the online real estate auction space.”
Although Ten-X will operate as a separate brand with its own dedicated leadership team, auctions will remain available on both CoStar and LoopNet. CoStar Group also plans to relaunch the Ten-X website, with bidding functionality available directly on the site.
“Ten-X already has the ingredients of a great marketplace – rigorous underwriting, a broad and engaged buyer audience, and a proven digital auction process,” said Steve Price, President of Ten-X. “I’m excited to build a high-performing, data-driven team that’s focused solely on this opportunity, and to bring the same discipline around performance and continuous improvement that has defined my career as we reimagine the platform and grow the business.”
Source
CoStar Group
