IronConnect creates equipment liquidation platform for lenders
BB Logistics will handle pickup, transport and refurbishing of repossessed assets
IronConnect, an inventory management platform for equipment dealers and lenders, has partnered with North American logistics solutions provider BB Logistics to streamline repossession and liquidation processes for financial institutions.
The companies have created a turnkey solution aimed at addressing the logistical challenges lenders face when managing returned or repossessed assets, according to an IronConnect release today. These challenges include multiple vendors, multiple invoices, extended time frames and excessive auction fees.
BB Logistics will use its network of more than 700 storage yards across the U.S. and Canada to handle pickup, transport and custody of equipment. Assets will undergo inspection, cleaning and preparation before IronConnect remarkets them through its dealer and buyer network.
Financial institutions can also use IronConnect’s Last Call platform, a fixed-fee auction alternative designed to provide faster sales, higher returns and predictable costs while keeping transactions private. In addition, lenders gain access to IronAdvisor, an AI-driven tool that offers real-time data on market demand, valuations and sale strategies.
“We realize the job of financial institutions is not to know everything about equipment, let alone who the buyer should be. That’s our job,” IronConnect co-founder AJ Neifert stated in the release. “With BB Logistics’ nationwide transport and storage capabilities, we’re giving lenders a faster, more profitable and simpler way to move equipment.”
BB Logistics provides storage, transportation and make-ready services to auction houses, remarketers, lenders and insurance companies serving heavy-equipment and commercial trucking industries.
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