Home » United States Articles » Consolidated Asset Recovery Systems Announces Launch of Right to Cure Pre-Marketing Online Auction
Consolidated Asset Recovery Systems Announces Launch of Right to Cure Pre-Marketing Online Auction
Online bidding solution to streamline resale process, eliminate dead time by pushing the remarketing upstream into the repossession process
RALEIGH, NC, January 13, 2012 /United States PR News/ -- Consolidated Asset Recovery Systems (CARS), a Raleigh-based leader in repossession and remarketing services, today announced it is partnering with Copart and Asset Nation to launch a new Right to Cure Auction, a virtual "upstream marketing" bidding process that aims to expose repossessed vehicles to potential buyers as they are working their way through the holding process, allowing lenders to use that time as efficiently as possible. The two new partnerships are geared to leverage potential on both the wholesale and retail fronts.
"We created this new offering to cut costs, streamline the online bidding process and get money in the hands of lenders faster as well as getting high-demand quick-turnaround assets in the hands of buyers faster," said Steve Norwood, CEO of CARS. "There's always been pressure from all sides of the equation to get the repossessed vehicle to auction and get it sold as quickly as possible, and this Right to Cure Auction allows us the opportunity to do that."
During a vehicle's holding period, pictures are taken and a condition report is compiled through Copart. Afterwards, buyers can review listings and make their highest sealed bid during an online auction that can last as long as seven days. If the lender approves, the asset is awarded to the highest bidder, and it can be picked up at the nearest Copart location. If, however, an asset doesn't sell, the lender incurs no costs. Although the vehicles cannot be sold until after the clear-to-sell date, lenders can start taking bids early on and speed up the resale process.
For lenders who prefer to interact with the retail-buyer market to recover money lost on repossessed assets, CARS has also broadened its partnership with Asset Nation, a company that traditionally has remarketed construction, farm and industrial equipment. The process works similarly to CARS' deal with Copart on the wholesale side, except that the repossessed vehicle stays at the agent location, and any storage fees that may be incurred while being there are worked into the deal. Unlike the wholesale auction, lenders can opt to extend the bidding process for a longer time. This option is a preference of many credit unions and smaller finance companies that believe they can get a higher value for an asset by going directly to the retail buyer.
"These two partnerships with Copart and Asset Nation have really allowed us to give lenders an alternative to the traditional auction process that wasn't really available before," said Norwood. "At CARS, we are always trying to think of new ways to respond to industry changes and lender requests, and we really see ourselves as a 'one-stop shop' for the entire repossession and remarketing process."
For information about Consolidated Asset Recovery Systems, visit www.ez-recovery.com.
About Consolidated Asset Recovery Systems
Consolidated Asset Recovery Systems, a leader in repossession and remarketing services, assists prime, sub-prime, captive and regional lenders. Through its unique I-BEAM Web portal, asset tracking and real-time updates can be monitored, offering complete transparency throughout the recovery process. Consolidated Asset Recovery Systems' growing community of agents, transporters and auctions all share data within the I-BEAM portal, a hosted solution offered as Software as a Service (SaaS). For more information, visit www.ez-recovery.com.
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Press Release Contact Information:
Lauren Brown
S&A Cherokee
Assistant Account Executive
301 Cascade Pointe Lane
Cary, NC
USA 27513
Voice: 919-674-6020
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