TROY, MI – SmartAuction and Stream have agreed to enter into an alliance to extend the benefits of upstream remarketing to a greater number of wholesale consignors of repossessed vehicles.
Stream is a new affiliate of United Auto Recovery, a leading repossession company with 35 years of experience and more than two dozen facilities operating in the Central United States.
SmartAuction technology has been effective in reducing remarketing costs and improving residual values for several captive, fleet and rental consignors through its upstream approach. The new alliance with Stream takes these benefits to the repossession industry by combining SmartAuction’s online leadership position with Stream’s repossession network and physical-storing locations.
The benefits of the SmartAuction model are optimal when a vehicle can be sold upstream from its grounding location. Given the growing percentage of repossessed vehicles within the overall remarketing industry, SmartAuction Managing Director Mark Newman said he believes this new agreement will provide an opportunity for more consignors to reap the benefits of online upstream remarketing.
“By working with Stream, we will collectively extend the significant economic and turn-cycle benefits associated with the SmartAuction platform via a trusted industry leader in repossession solutions,” Newman said. “This agreement allows both parties to do what they do best while our customers can benefit from reduced transportation and handling costs and quicker turn cycles on these depreciating assets.”
“Repossessions are our core business. We have always felt there is value in touching the vehicles first,” said Kevin Wilson, CEO of Stream. “Given the quality of third-party inspections and the tremendous success of SmartAuction, Stream can realize our vision to offer a turnkey solution to remarketing repossessions upstream for lending institutions.”
Stream’s Paul Rettenmaier, director of Business Development adds, “The alliance with SmartAuction strengthens our efforts to offer complete repossession and remarketing services to our clients.”