130 Presses and Counting
About a year ago, we made a presentation to Tower Automotive. We were among at least 20 to 30 asset recovery groups that pitched them for their business, and out of all those groups they chose us. What it really comes down to is that they trusted us to not only protect the integrity of their infrastructure, but that we were able to follow through on our commitment to service and results. The fact is that we have a strong online presence which results in less overhead per project. Anytime that we can built an auction in cyberspace, we make it more cost effective and are able to reach a greater buying group.
One of the things that we did for Tower was to build a mirror site for them. This site looks and actually is part of our regular site, but is only accessible for specific Tower employees and buyers. We have basically built them a virtual warehouse where we can internally re-deploy assets from one Tower facility to the other. These assets are presented internally via our website and then they can be purchased from facility to facility. Once those assets have been in the virtual warehouse for a while, without any interest, they are “moved“ to a public auction on our public site. It works very well.
Right now we are in a “pre-sale” phase with over 130 presses that are available for immediate sale in four different Tower Automotive facilities in the united states. The first round of presses available via online auction will be from the Granite City, Il facility. Additional auctions will be hosted through July.
We continue to build on our relationship with Tower Automotive and have specific employees within our company that are assigned to monitor asset activity and provide a helping hand when needed. This is just another example of our company creating long term relationships with clients rather than only servicing companies that are in a liquidation phase. So often established companies that are market strong do not realize the potential of their assets in the auction market. Many times when machines go offline the emphasis is getting the new equipment in place to minimize downtime. But that emphasis on production is also a period of depreciation on the assets removed. We try to minimize that depreciation by exchanging those assets for revenue, that can often provide some financial relief for recently purchase machines. It’s a cycle that we believe works and has always put a smile on our clients face.
