Union Auction Public Company Limited (“Company”) was registered as Union Auction Company Limited on August 2, 1991 with the start-up registered capital of 3 million baht. The Company’s business was to conduct an auction of automobiles, under the management of Mr. Thepthai Sila, its promoter and business pioneer.
In the beginning, the key business focused on the used automobiles. In 1991, the owner established a company when seeing the potential of automobile auction services business which has not yet well-known at that time in Thailand. He studied the demand of customers and many car auction businesses in many countries, such as USA, Japan, Australia, New Zealand, etc. with the objective to offer the alternative of automobile buying/selling services and to create the ultimate satisfaction to customers, both buyers and sellers. The Company was considered the first company in Thailand conducting the automobile auction as an Open Auction in which the buyers showed the intention of purchase by offering the price to the public or participated bidders. The winner was the last one who offered the highest price.
The company's current business has extended to an auction of motorcycles and other types of assets according to customer's demand, such as land and houses, shares, furniture, electric appliances, and brand-name products, i.e. bags, watches (“brand-name”), etc.
The Company's head office with the first auction conducting site was firstly established on Ladprao road between soi 85 and 87. In 1992, the head office was moved to 518/28 Soi Ramkhamhaeng 39 (Thepleela 1), Wangthonglang sub-district, Wangthonglang district, Bangkok 10310, which was the good location for convenient transportation and had bigger space for the growing business in the future. It has been the Company’s head office until now.
Organizing a special campaign, Van Carnival, gathering the largest number of vans in Thailand.
Introduced AUCT FINN, a loan service for customers needing refinancing and auction credit.
Expanded warehouse space in 10 locations: Suphanburi, Kamphaeng Phet, Nakhon Ratchasima (Pak Chong), Kalasin, Buriram, Nong Khai, Krabi, Prachinburi, Loei, and Chaiyaphum, to accommodate the increased volume of goods after the end of debt moratorium measures.
Launched the "AUCT Friend Garage" project to facilitate customers in repairing or maintaining auctioned vehicles. Signed a memorandum of understanding (MOU) with the Auto Insurance Association.
Initiated the "Auction Cooperative" project to expand the customer base for agricultural machinery. Signed an MOU with the Agricultural Cooperative Marketing Federation of Thailand (ACMF), with the pilot project starting in Khon Kaen province.
Launched AUCTBID, a timed auction service where auctions have a set end time.
Signed an MOU with Chayo Group to include vehicles in auction sales.
Bid on real estate through the AUCTBID system with BAM (Bangkok Asset Management Company).
Launch a campaign offering exclusive benefits to AUCT Prestige customers
On the occasion of the company's 30th anniversary, a donation of ventilators was made to Busarakham Hospital
Organize a special campaign, Van Carnival, featuring the largest gathering of vans in Thailand.
Collaborated with the National Broadcasting and Telecommunications Commission (NBTC) to auction attractive mobile phone numbers.
Adapted auction methods in response to the COVID-19 pandemic by launching 100% online auctions.
Partnered with NBTC to auction frequency spectrums.
Organized a prize giveaway campaign, "FinLekkJakJing," giving away a Mitsuoka Himiko car worth 1.8 million baht.
Established AUCT STUDIO to produce TV programs on YouTube.Current Period (2021)
The company and the Bank of Thailand signed a memorandum of understanding (MOU) for data and academic collaboration.
Signed a business cooperation MOU with Krungthai Card Public Company Limited (KTC) to provide motorcycle loans through KTC POUND cards.
Collaborated with the National Broadcasting and Telecommunications Commission (NBTC) to auction attractive mobile phone numbers
The company organized the "Change Together" event, marking a significant transformation for Union Auction Public Company Limited.
Entrusted to manage auctions for decommissioned, written-off, and damaged items in the possession of the State Railway of Thailand.
The Company expanded branches into 4 provinces : Ubonratchathani Udonthani Surajthani and Hadyai
The Company increased the frequency of auction.
The Company increased properties auction to include brand name product and real estate
The Company granted the license to conduct auction for government agency namely Customs Department, Office of the Narcotic Control Board and Anti Money Laundering Office
The Company gained trust to conduct 1800 and 900 Mhz spectrum or 4G auction of Office of The National Broadcasting Telecommunications Committee (NBTC).
The Company started trading shares in MAI for the first time on August 9, 2013.
The Company expanded the storage to 3 provinces: Chiangmai, Nakorn Ratchasima and Surin.
The Company increased the frequency of the auction to Everyday, rotating to each branch.
The Company changed the value of common share from 0.50 baht to 0.25 baht per share and reduced the registered capital to 137.50 million baht by offering 110 million common shares to the public. The total capital increase was 27.50 million baht.
The Company expanded its head office compound by about 14 rai and raised the ground level as a flood safety zone. The auction at Chaeng Wattana office was moved to the head office.
The Company started trading shares in MAI for the first time on August 9, 2013.
The Company joined with Thailand Post - Chaeng Wattana branch for the auction space to be used for the auctioned car's test drive. This marketing strategy was to strengthen the confidence for customers before the auction started. The Company also extended the types of auction by joining with Toshiba Thailand Co., Ltd. for the electric appliances auction at Rangsit - Klong 8 branch.
The Company became the public company and changed the common share value from 10 baht/share to 0.50 baht/share and increased the registered capital from 110 million baht to 145 million baht.
The Company expanded the automobile storage facilities in 3 provinces in the South region: Prachuab-kirikhan, Nakorn Srithamaratch, and Rayong.
The Company launched the first mobile auction in the upcountry and set up the automobile storage facilities in 17 provinces: Pitsanulok, Chiangmai, Nakorn Sawan, Sakolnakorn, Roi Ed, Ayutthaya, Chonburi, Nakorn Pathom, Saraburi, Ubonratchathani, Nakorn Ratchasima, Udornthani, Khon Kaen, Songkhla, Suratthani, Trung, and Phuket. This covered all regions in Thailand for the convenience of property's owners.
The Company set up the new branch in Rangsit - Klong 8 to cover the customer base in Bangkok's vicinity.
The Company was appointed by the Financial Sector Restructuring Authority (FRA) to conduct the public auctions of vehicles and assets of insolvent finance companies.
The Company was the first and only Thai firm and the second in Asia, after Japan, to become a member of the National Auto Auction Association (NAAA) which is the non-profit international auction organization in USA with members from 270 countries. It aims to increase the standard of the car auction by protecting the benefits for buyers and sellers and supporting the business transparency and fairness.
The Company increased the registered and paid-up capital to 110 million baht for business expansion and commenced the auctions for other products, such as land and houses, shares, furniture, etc. in order to respond to customer's demand, both buyers and sellers.
The Company was incorporated with a start-up registered capital of 3 million baht to operate a vehicle auction business, and then increased the paid-up capital to 13 million baht and 25 million baht consecutively to increase business expansion and working capital. The Company also started the motorcycle auction to expand customer base.