OVE.com Acquires Network Remarketing & Technologies

By Richard Greene, AR NewsMagazine Editor
March 01, 2007

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ATLANTA and LAS VEGAS — In an agreement announced Thursday, OVE.com has acquired Network Remarketing & Technologies in a deal both companies said would provide a seamless, end-to-end solution to upstream auto remarketers, including fleet/lease, manufacturers and rental companies.

Under the terms of the agreement, OVE.com has purchased the assets and operations of NRT, an online vehicle remarketing solution provider based in Shakopee, Minn., near Minneapolis, officials told Auto Remarketing.

Executives added that NRT staff and management will continue in their current roles and that the business acquired from NRT will continue to operate independently, but in cooperation with OVE.com, which is a business unit of Manheim focused on the virtual wholesale marketplace. Manheim now owns both companies.

The financial arrangements were not disclosed, but OVE.com president Jim McKnight told Auto Remarketing the terms were mutually agreeable to both companies and each was pleased with the final terms.

According to executives, OVE.com and NRT have partnered with mutual clients since last fall, which was the genesis for seeking a possible permanent relationship. As the two companies continued working together, that concept only grew stronger, leading to the details of the deal being hammered out during the past three weeks, officials said.

The announcement was formally made in Las Vegas during the Conference of Automotive Remarketing.

"NRT and OVE.com have joined forces as the industry's strongest single source solution for all ground, upstream, mid-stream and physical auction remarketing needs," McKnight noted. "Our working relationship with NRT over the last year created the opportunity for this deal, and we believe that our combined forces will better serve our customers.

"This is a strong signal to the industry that Manheim is deeply committed to the upstream and midstream markets in order to play in all phases and lifecycles of the remarketing process," McKnight added. "Everyone within Manheim's senior management team is very excited that we were able to put this acquisition deal together, creating some new opportunities to present some proposals to customers that we would not have been able to offer before. From an OVE.com and Manheim point of view, this propels our business forward."

NRT executives were equally pleased with the chance to join forces with OVE.com.

"This agreement will give existing OVE.com and NRT customers the option of continuing their current remarketing strategy or leveraging the comprehensive NRT and OVE.com suite of asset management and sales options," noted Kam Talebi, co-chief executive officer of NRT. "What excites us is that we, together, are going to do a fantastic job of meeting the needs of our customers and in my mind providing a world-class solution that the industry really demands.

"We will be able to sit with customers, knowing the dynamics of what's happening in the marketplace, and address every single one of their needs, under one umbrella," Talebi added. "That's powerful and dynamic.

"We will fuel the fire for better conversion rates and additional efficiency," he continued. "Having this in place, we believe we will be able to penetrate the market and acquire customers a lot faster and fulfill their expectations."

NRT founder and co-CEO Richard Marzan agreed. "We see a bright future in working with OVE.com and look forward to rounding out the product offerings for both companies."

Auction/Wholesale