Shriram Automall India Limited (SAMIL), country’s leading service provider for pre-owned vehicles and equipment, has renewed its agreement with State Bank of India for pre-owned agricultural equipment. SAMIL had marked an alliance with the bank in January, 2013 for pre-owned tractors and now the company is extending its tie-up with holistic solutions in the disposal of bank’s all types of preowned agricultural equipment.
Commenting on the tie-up, Mr. Sameer Malhotra, CEO, SAMIL stated, “We have been associated with State Bank of India for more than two years. After our tie-up with the bank for tractor segment in January, 2013, we even extended our services for its auto division while marking another alliance in October, 2013. Within this agreement, we shall serve the bank with our perfect mix of unique bidding platforms and allied services”.
“SAMIL will host regular bidding events at its 50 Automalls, pan India, for the pre-owned agricultural equipment of SBI”, states the agreement, signed at the bank’s regional office in Mumbai. Apart from physical bidding, the company will also dedicate its online bidding, one stop classified kiosk and private treaty bidding platforms to the alliance. At bids.samil.in, the online bidding website of SAMIL, more than 400 bidding events are conducted every month, which will offer a wide reach to SBI’s pre-owned tractors and harvesters.
The one stop classified kiosks are placed at more than 450 Shriram branches and Automall, pan India. They account for a substantial share in the overall transactions recorded at SAMIL and extremely beneficial to reach farmers in the rural areas. Moreover, through negotiated private treaties, the company assures a personalised approach towards deals while ensuring best price realisation on the disposal of agricultural equipment inventory of SBI.
In a thrust to boost up early realisation of charged assets and recovery in hard accounts United Bank of India has adopted another innovative tool. The bank has entered into an agreement with Shriram Automall for the disposal of all types of vehicles seized in NPA accounts. SAMIL will provide parking, refurbishing, auction and transfer facilities for the seized vehicles. The agreement was signed on 22 April, 2015 at the bank’s head office in the presence of GM Recovery, UBI, Mr. Rathin Dey and Ms. Phalguni Hari Pillai, GM Business Development, SAMIL.
SAMIL has marked the onset of an alliance with United Bank of India (UBI) with its impressive solutions in the disposal of various types of transport equipments financed by the bank and subsequently impaired. As a holistic service provider, the company has undertaken responsibility for the disposal of bank’s seized two wheelers, three wheelers, cars, tractors, tippers, machinery and articulated vehicles, light commercial vehicles (LCVs) and medium and heavy commercial vehicles (M&HCVs).
Sharing his views over the tie-up, Mr. Malhotra quoted, “We are gradually heading towards a strong presence within the banking sector. At this initial phase of our tie-up with United Bank of India, we have promised regular physical bidding events across our 50 well-structured Automalls. We aim at serving the bank with our specialised approach in the business of pre-owned vehicles and equipment. We expect a good business from United Bank of India having more than 2000 branches and 35 Regional offices with pan India presence.”
The agreement, which was signed at the bank’s head office in Kolkata, states that the company will strategically incorporate UBI’s varied seized vehicles in its physical bidding events that are hosted at its Automalls. Complete transparency is maintained within these events and the presence of numerous bidders makes way for maximum value on the vehicles put on display.
“We are looking forward to this association with a strong belief in extracting maximum value for seized vehicles in NPA accounts through the services of SAMIL. Our huge variety of vehicles available for seizure and consequent sale include trucks, tractors, tempos and personal cars as it matches extremely well with the company’s organised services in the widest portfolio of pre-owned vehicles and equipment”, states Mr. Rathin Dey, GM, UBI.
SAMIL has also promised its valuation, documentation, parking and refurbishment services to the banks. The service provider will certify the market value of the assets and facilitate of the banks in the decision-making process. Services in relation to title search and insurance documents will be provided. 24 by 7 parking facility will ensure vehicle safety and refurbishment will contribute to enhancing the market value of the assets.