Nashville-based Remarketing Solutions and OSC Omega Service Corp., of Palisades Park, N.J., have teamed up to offer an Auction Vehicle Repurchase Guarantee. This program allows sellers to offer a 95 percent buy-back guarantee within 60 days of purchase to any dealer who purchases their car at the auction.

Remarketing Solutions says it selected OSC Omega Service Corp. after completing several successful test implementations where positive results exceeded the auction’s and the seller’s expectations. “In today’s competitive marketplace, we want to provide our clients with the tools they need to have a competitive advantage,” said Mark Brunn, vice president of Remarketing Solutions. “Through our partnership, we will be responsible for administering and tracking vehicles selected for the program.”

OSC Omega Service Corp. specializes in risk insurance policies for automobile dealers, banks and auctions.

“This guarantee is a win for sellers, dealers and auctions,” said Steve Brown, Omega’s director of sales and former new car dealership manager. “A buy-back guarantee allows dealers to hedge their bets, particularly in a down market. For the seller, the guarantee has been proven to dramatically increase the percentage of vehicles sold. And auctions can anticipate an increase in dealer attendance.”

According to the companies, for a minimal per-car fee, fleet lease consigners, credit unions and dealer consignors will experience faster sales, which will reduce inventory expenses and lead to higher sale prices. Several large consignors have been offering this buy-back guarantee for years. According to Brown, current customers have increased sale percentages from 50 percent to 75 percent and increased sale prices up to 10 percent through such offers.

“This is a tremendous value to dealers,” said Brown. “Returning a car is simple, and reimbursement is quick. If the car has fewer than 500 miles within 60 days of purchase, the dealer can return the car to the auction where it was purchased. The car is inspected, a condition report is issued and the auction fills out a claim form for OSC. Within 24 hours, we send back an authorization of purchase for the car and the dealer is issued a check for 95 percent of the original purchase price.”

Remarketing Solutions, based in Nashville, Tenn., is a subsidiary of Manheim Auctions. Remarketing Solutions provides a suite of vehicle remarketing resources for national auction consignors such as banks, lending institutions, manufacturers, leasing companies, company-owned fleets and dealers. Services include vehicle inspections, title processing, repossession and skip tracing, vehicle remarketing and transportation.