A bidding tool for salvage buyers BidCentral™ has been released by Vemark, a Boca Raton, Fla. firm specializing in end-to-end vehicle total economic loss recovery management solutions.
BidCentral™ integrates with Vemark’s SNaps® Auction Management solution for bid processing at physically managed salvage auctions. Users of this program have a true virtual marketplace in which physical vehicle salvage auctions seamlessly integrate and manage real-time bidding from anywhere in the world.
Without any additional equipment or software, independent salvage auctions running SNaps® 3.5 sell simultaneously to salvage buyers physically present and those virtually present using the BidCentral Java-based virtual bidding console tool.
“Typically, insurance carriers look to the salvage auctions for expertise in providing the optimum sales method for a given vehicle; virtual bidding capabilities round out the auctions’ ability to meet those requirements,” Doug Mellette, Vemark CEO explains.
“In today’s time-squeezed climate salvage buyers are always looking for methods to make acquisitions easier and cost effective,” Steve Hammond, Vemark executive vice president and COO said. “BidCentral™ lets buyers attend auctions without leaving their desk and extend their license to procure for other licensed buyers.”
Working in concert with SNaps®, BidCentral™ enables salvage auctions to manage physical auctions that seamlessly present interactive bidding between virtual and physical buyers. Bids received from registered and approved buyers using BidCentral™ are posted directly into the SNaps® system console in real-time allowing the auctioneer to monitor and control increments and effectively sell vehicles. Live, incoming virtual bids can be projected onscreen at the physical auction to increase participation and quicken the bidding process.
Buyers and auctions both benefit from BidCentral’s ‘Bid Watch’ proxy capabilities which automatically rebid for a buyer – up to their preset maximum – with no interaction required by either the auctioneer or anyone else at the auction. Awarding vehicles works as usual, with full control over the award granted by the salvage auction during or at the close of the physical auction.