Auto
Salvage Sale's Editorial Posted in 1998 |
| The basic function of
a salvage pool is to bring buyer and seller together. This concept
presented a one-location convenience for the buyer and a competitive
bidding environment resulting in a better recovery value for the Insurance
Industry; an equation of sort.
Competition among salvage pools has presented some interesting
offers for the Insurance Industry. Insurance companies have been
afforded the opportunity to pick and choose the best offer, which
may result in a potential liability.
It is apparent that added
or increased fees to the buyer are financing these offers. This
practice shifts the burden to the buyers as they are bearing more
of the cost in an effort to attract insurance companies. We see
the buyers adjusting their bids accordingly. It remains to be seen
what level this reaction will attain. We believe the equation between
buyer and seller must be respected for the long-term benefit of
all participants in the Salvage Industry.
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