Foster City, CA August 7, 2001 Industrial auction provider DoveBid has acquired TradeOut, a provider of Internet-based services that enable businesses to buy, sell and manage excess inventory and off-lease assets.
TradeOut, based in Valhalla, N.Y., offers surplus assets in 12 categories and is a preferred asset remarketing distribution partner for several GE Capital businesses, including GE Capital Commercial Equipment Financing, GE Capital Fleet Services and Penske Truck Leasing. TradeOut has sold over $50 million of trucks, buses, containers and trailers.
TradeOut brings domain expertise and an established customer base in commercial transportation to DoveBid, which is using the acquisition to launch its commercial transportation asset category. DoveBid currently operates 19 asset categories for industrial auction and appraisal services.
"I am excited about DoveBid's ability to expand its platform from capital assets into commercial transportation," said Ross Dove, DoveBid's chairman and CEO.
The acquisition expands DoveBid's established capital asset disposition and appraisal business with GE to encompass TradeOut's commercial transportation business. For its part, GE Capital has nominated the head of its Transport International Pool (TIP) business to join DoveBid's board of directors.
"I am very excited to be joining DoveBid's board of directors," said Jim Robo. "GE Capital is committed to the Internet and to working aggressively with world-class companies that have embraced the Internet. GE Capital's experience with TradeOut has proven to us that the global reach of the Internet maximizes asset values."
DoveBid will help TradeOut customers access an array of asset disposition services, including Webcast auctions, featured online auctions, liquidations, private treaty sales, sealed bid auctions and valuations.