Auction.com is moving in a new direction — beyond auctions, CEO Tim Morse told CNBC Monday.
The parent company of the online real-estate platform is re-branding as Ten-X, it said Monday, with a new non-auction feature coming in March to debut at the South by Southwest Interactive Festival in Austin, Texas.
"We really see Ten-X, the name, as a rallying cry," Morse said Monday on CNBC's "Squawk Alley." "We've got a lot of momentum, and really, the name of the company is changing because we're changing."
Ten-X Homes will have a national footprint, but will focus initially on four launch markets — Dallas, Denver, Miami and Phoenix, the company said. Right now, the technology platform facilitates commercial and residential real estate transactions entirely online, and has seen double-digit growth in the transactions performed on the site.
The vast majority of purchases and sales are still through the auction function, Morse said. But increasingly, people want to be able to do transactions of all kinds on the go. Ten-X would be the first full end-to-end platform for buying residential real estate online, he said.
"We made a lot of progress last year," Morse said. "It was really a tremendous year ... strategically, we were able to launch the beta version of our retail-ready, consumer-ready housing site in August ...there's a lot of room to expand, and that's what we're focused on.
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