MEDIA RELEASE PR37084
Manheim Asia Pacific Wins "Service Provider of the Year" at the Asia Insurance Industry Awards
DUBAI, Nov. 16/Medianet International-AsiaNet/ --
Bangkok - Manheim Asia Pacific has been awarded "Service Provider of the Year" at the prestigious Asia
Insurance Industry Awards 2009.
The award was accepted by Simon Moran, Vice President of Manheim Asia Pacific.
"The Asia Insurance Review is the regions preeminent publication and trusted journal of the Insurance
community and we are honoured and delighted to win this prestigious award. It is an outstanding recognition
for the company which commenced operations in Thailand in 2001. Since then, we have worked hard to set
new standards for service levels in the industry and the award is fantastic recognition of our success. I would
like to thank all our staff for their professionalism and dedication to customer service excellence that has made
this achievement possible".
Manheim Asia Pacific was selected from a number of high profile companies competing for the honour of
receiving the award. Introducing a new standard for auto insurers' resale of salvage units in Thailand, the firm
has successfully reduced losses for insurers and was recognised for making an outstanding contribution for
insurers across Thailand.
Manheim has responded to the needs of the market it serves by providing a dedicated salvage auction for
the resale of accident- damaged vehicles. Finely-tuned marketing and a thorough understanding of parts,
wrecking and repair markets have led to a significant reduction in losses for the insurer, the judging panel
noted.
Around 70% of insurers in Thailand now use Manheim Thailand for their resale of salvage units. Direct
sales of salvage units to a limited number of buyers via methods such as tender, lucky draw, and private and
contractual agreements are in the process of being dismantled.
By introducing these services, Manheim has reset the industry pricing structure for the resale of salvage in
Thailand. Many buyers were excluded from previous sales methods due to the size and dominating nature of
some wholesalers and parts wreckers. Insurers in Thailand were paying 30% pre-accident value for any
vehicle deemed written off. With its implementation of remarketing systems, Manheim has delivered an
average of 43% in 2008, and 42% year-to-date 2009. The initiative accounts for almost 100% growth in
returns for insurers for the sale of accident-damaged vehicles.
Under the scheme, auction efficiency is upwards of 80% sold per event, with large crowds of buyers in
attendance both at the auctions or online. Manheim offers flexibility for sellers through the availability of online
sales channels for vehicles in remote locations where transportation costs may outweigh asset value.
Funds are collected by Manheim in three business days and paid to insurers in four working days. Coupled
with savings from land and storage costs and decreased theft of parts due to differing standards of security,
Manheim has made an outstanding contribution for all insurers in the country.
About Manheim Asia Pacific
Manheim Asia Pacific is part of the Manheim group of companies and benefits from belonging to an
organisation with over 60 years of remarketing experience. Manheim Asia Pacific can support customers in
Thailand with all their used vehicle remarketing needs and can offer tailor made remarketing and logistical
solutions.
Manheim Asia Pacific offers a breadth of services, including transportation co-ordination, secure storage
with 24/7 security, valuation prior to sale, national remarketing, voice auction and online sales, collection of
proceeds, reconciliation of tax commitments to local authorities, remittance of funds for auto salvage in
Thailand, results analysis and consulting, and disaster recovery services.
Globally Manheim has 135 operating locations in 19 countries and in 2009 will handle some twelve million
vehicles facilitating transactions worth an estimated 60 billion dollars.
For further information please contact:
Simon Moran
Vice President Manheim Asia Pacific
Telephone:
+66 2 329 1155
Mobile: +66 898 131 606
SOURCE: Manheim Arabia
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