The Alta Group has completed a comprehensive remarketing program for Key Equipment Finance, resulting in the sale of 3,051 off-lease domestic dry van containers to an undisclosed buyer, Carl C. Chrappa, senior managing director of asset management for Alta, announced today.
Chrappa noted that used domestic containers like those involved in the program are traditionally difficult to sell due to their limited useful life. The 53-foot domestic dry van containers, manufactured in 2004, had been leased by a U.S. Class 1 railroad. Chrappa and his colleagues were able to attract and evaluate competitive bids for Key Equipment Finance by developing a detailed bid package and leveraging their knowledge of the marketplace, targeted advertising, and own database of potential buyers.
Alta worked with senior officers in asset management and remarketing at Key Equipment Finance to facilitate the sale and manage related logistics. Logistics included managing three schedules of the containers coming off-lease in 2014 and 2015 and their return to 19 depots, storing them, and coordinating the buyer’s inspection.
“Remarketing is an important component of the full lifecycle of leased equipment, and having remarketing partners we can rely on is a priority for Key Equipment Finance,” said Adam D. Warner, president of Key Equipment Finance. “Alta’s extensive knowledge of the industry, strategic advertising efforts, and comprehensive project management led to a very successful engagement with our team.”
John C. Deane, CEO of Alta, added, “Equipment remarketing is one of the key strategic services offered by our Asset Management Practice. This is a great example of where Alta’s subject matter expertise in the equipment financing industry really made a difference for our client.”
The Alta Group Asset Management Practice provides hands-on services and consulting expertise throughout the equipment lifecycle: from inspections and appraisals to portfolio management, residual risk analysis, end-of-lease consulting and remarketing, and litigation support. Alta also draws on its extensive database of equipment sales to enhance services for clients and develop industry and vendor research studies.