NextGear Capital presented its first-ever Auction Partners Awards at this year's National Auto Auction Association (NAAA) Convention in Indianapolis on September 4. The newly created award recognizes independently-owned auto auctions for their dedication to and support of the industry.
NextGear Capital President Brian Geitner presided over the awards presentation at an evening reception during the National Auto Auction Association's annual convention. The NAAA Convention proved to be an ideal venue for presenting these awards, as it is the auction industry's premier event each year.
"The auctions have always been the foundation of not only NextGear Capital, but our industry as well," stated Brian Geitner, president of NextGear Capital. "We sincerely appreciate all they do, and it is their commitment that compelled us to create these awards."
An award for both small and large market auctions was presented for each of two categories: The Operational Excellence Award and the Remarketing Excellence Award. The Operational Excellence Award recognizes the auction that demonstrates excellent efficiency, top sales retention, overall operational performance and the most effective response to the needs of NextGear Capital. The Remarketing Excellence Award recognizes the auction that demonstrates the highest percentage of sales recovered based on percentage of valuation of each vehicle, the best throughput performance (number of days from when a vehicle is at the auction to days sold), and the best sales follow-up (efficient timing on getting proceeds of sales to NextGear Capital).
The winners were:
- Operational Excellence Award - Small Market Auction: Long Beach Auto Auction, Long Beach, MS
- Operational Excellence Award - Large Market Auction: Greater Milwaukee Auto Auction, Milwaukee, WI
- Remarketing Excellence Award - Small Market Auction: Dealers Auto Auction of the South, Horn Lake, MS
- Remarketing Excellence Award - Large Market Auction: Akron Auto Auction, Akron, OH
"We would be proud to receive such an award from any of our business partners," stated Bryan Morris, General Manager of Long Beach Auto Auction. "But it's an exceptional honor to receive it from a company as operationally sound as NextGear Capital."
"We have a very strong partnership with NextGear Capital," Kristie Griffin, President of Greater Milwaukee Auto Auction said. "The depth of their relationship with our dealer base is of great benefit and value to us."
NextGear Capital states these will continue to be annual awards.