CARMEL, Ind. –

Two new awards will be given out for the first time at this year’s upcoming National Auto Auction Association annual convention.

NextGear Capital announced the creation of two new industry awards on Tuesday that are designed to recognize independently owned auctions for their dedication to and support of the industry. They are called the NextGear Capital Auction Partners Awards.

The inaugural awards will  presented at the 2013 National Auto Auction Association's Annual Convention, scheduled for Sept. 3-5 in Indianapolis.

"The auctions are where it all happens," said Shane O'Dell, chief operating officer of NextGear Capital. "They drive this industry for dealers large and small, and without their untiring efforts, remarketing would not be the dynamic industry it is today."

First, the Operational Excellence Award will be given to the auction that demonstrates excellent efficiency, top sales retention and overall operational performance, and most effective response to the needs of NextGear Capital, the company explained.

The award will be presented in two categories: small and large market auctions.

Next up, the Remarketing Excellence Award will honor an auction "that demonstrates the highest percentage of sales recovered based on percentage of valuation of each vehicle, the best throughput performance (number of days from when a vehicle is at the auction to days sold), and the best sales follow-up (efficient timing on getting proceeds of sales to NextGear Capital)," the company explained.

Again, there will be a winner selected from both the small and large market auctions.

NextGear Capital plans to make the Auction Partners Awards an annual event.

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