The REITbid online auction platform was founded by Ray Wirta of Rich Uncles and Bill Lange of LFC Group of Companies and FRE.com. Wirta, a 40-year real estate investment veteran, is the former chief executive officer and current director of CBRE, the world's largest commercial real estate brokerage firm. Lange, with more than 35 years of real estate auction marketing experience, is chairman of the LFC Group of Companies and one of the early pioneers of Internet-based real estate auction marketing. The decision to create REITbid was based on demand from non-traded REIT sponsors, broker-dealers and investors who needed an efficient secondary market that could provide liquidity for existing non-traded public REIT shares.Non-traded REITs are large public companies subject to SEC filing and financial reporting requirements, yet are not listed on public stock exchanges. These REITs have issued nearly $80 billion of equity during the past 10 years to more than 2 million shareholders, a number that is projected to increase significantly over the next few years. As the volume of investors increases, so will the demand for buyers and sellers to trade these illiquid REIT shares.REITbid is engineered to be the most advanced and comprehensive solution for buying and selling existing non-traded public REIT shares.