To adjust to the new economic realities in the RV industry, www.RVauctionsonline.com, is being launched to serve both the needs of retail RV buyers and lenders who are trying to more efficiently clear out their inventory of repossessed RVs.
According to a press release, the goal of RV Auctions Online is to create a win-win marketplace where the retail buyer can find a quality RV at wholesale, and where lenders can minimize their losses on non-performing RV loans.
“An RV can be a big ticket item on the lender’s balance sheet,” said Dave Rosemill, principle of Boston-based RV Auctions Online. “Unlike real estate an RV repossession is a depreciating asset with no chance of going up in value, the longer the lender has it on the books the more they are guaranteed to lose.”
Rosemill said that lenders typically run their RVs through an auction lane once a month. The problem with that is most times they do not sell and there is time and money spent with the logistics. His service enables lenders to keep the vehicle at its current location until it is sold.
Rosemill claims that over 90% of their lender owned vehicles sell on the first run which is in the form of a nationwide 15-day sale. Buyers put in offers on vehicles they’re interested in and at the end of the 15 days the buyer with the highest offer wins the sale.
“Our success is due to the fact that the lender receives nationwide advertising in ways that he would not be able to on his own, we open the inventory to a pool of retail buyers that just would not be there at a regionalized or local dealer auction. On the other hand, buyers are exposed to wholesale deals nationwide that they would not be able to find in their backyard. Since we offer free delivery on most purchases across the country, location of buyer and seller do not matter.”
RV auctions online also plans to offer periodic access to live RV auctions in the future. For more information about the service, visit: http://www.rvauctionsonline.com