Spire Capital Partners has sponsored the formation of AssetNation Inc., a Houston-based provider of online industrial auctions. No financial terms were disclosed.
PRESS RELEASE
HOUSTON–(BUSINESS WIRE)–AssetNation, Inc. was formed today to be the world’s leading industrial online auction provider. AssetNation has created a global marketplace that assembles some of the strongest brands in the online auction community, which include SalvageSale, SalvageSale Ltd (UK) and CapitalAssetSale.
The flagship brand, SalvageSale, supports commercial property and casualty insurance companies by dramatically increasing recoveries on damaged commercial and industrial salvage. CapitalAssetSale helps commercial companies efficiently turn surplus, idle and end-of-life industrial assets into new sources of cash.
“AssetNation gives us a platform to build upon the expertise we have garnered over the past nine years in the online auction space through SalvageSale and subsequent brands SalvageSale Ltd (UK) and CapitalAssetSale,” said Dan Parsley, CEO of AssetNation. “Our intent is to continue to add broader and deeper industrial & commercial asset expertise to better serve our customers.”
As part of the formation of AssetNation, the company has launched updated and easier-to-use versions of its Web sites, www.SalvageSale.com, www.CapitalAssetSale.com and www.SalvageSale.co.uk.
Each Web site has improved functionality and a new look and feel that will benefit both buyers and sellers. For example, users will be able to easily search assets by geographic location or category. Each site’s home page will feature listings and tabbed browsing for auctions closing soon, the most active auctions and the newest auctions posted to the site.
Another major improvement to the site is the display of auction listings. Now, all listings have added features of video descriptions and Google Maps for easy location identification. Buyers can now choose among tabs for details of the product, the terms and conditions, and images of the product in an improved thumbnail format. Product listings will also indicate the number of bids placed for each item. Sellers will have a more organized platform to review their listings and the activity on each of their items.
The My Market section of the sites will have easier-to-access tabbed sections. Bidding within the My Market section is streamlined, allowing buyers to place bids easily under their Bid Activity tab. Blogs are another important addition to the site. Each blog will be a forum to discuss trends in the industry and economy, and share opportunities for growth. We will also highlight successful auctions, to demonstrate how clients are successfully handling damaged, end-of-life or idle assets.
“AssetNation is focused on helping our valued sellers and buyers manage the auction of their equipment by constantly evaluating new methods to improve efficiency and performance,” said Scott Richardson, Vice President of Technology of AssetNation. “Our new SalvageSale and CapitalAssetSale Web site architecture makes transactions faster than ever while still providing the comprehensive, transparent and highly accurate reporting that our clients have come to expect from these valuable sites.”
About AssetNation, Inc.
AssetNation, Inc. is the leading online marketplace and services provider for the insurance industry and corporate end-of-life assets. By combining comprehensive services and leveraging the Internet to increase transaction transparency and efficiently access a global universe of buyers, SalvageSale and CapitalAssetSale have dramatically improved recovery results for sellers of commercial salvage goods, as well as corporate surplus, idle and end-of-life assets. AssetNation, Inc. is headquartered in Houston, TX, and has offices in London, New York, Chicago, Jacksonville and Ft. Myers, FL. The company also has global representatives in Singapore, Antwerp and Rotterdam. Visit www.AssetNation.com, www.SalvageSale.com, www.SalvageSale.co.uk or www.CapitalAssetSale.com for more information. AssetNation, Inc. is a Spire Capital Partners company.
About Spire Capital Partners
Spire Capital Partners is an active and experienced private equity firm founded in 2000 with approximately $600 million in assets under management. Spire partners with exceptional management teams to invest in small market companies within the business services, information services, media and communications sectors. Since its founding, Spire has successfully made investments in approximately 30 portfolio companies which include AssetNation, Sky Mall, Professional Bull Riders (PBR), Sonitrol and others. The firm is headquartered in New York City. Visit www.spirecapital.com for more information.
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