Flex Fund Partners with Verastar to Provide Salvage Auction Financing.Independent Salvage Management Provider Brings 40 Years of Family-Owned Experience to Multi-Auction Agreement with Flex Fund YORBA LINDA Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between , Calif. -- Flex Fund, a leading provider of used-car inventory financing Inventory financing Used in the context of factoring and general finance to refer to loans to consumer product producers that use inventory as collateral. See also: Inventory loan. for new- and used-car dealers, and salvage buyers, today announced that it has entered into a multi-auction operating agreement An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. with Verastar, an independent salvage auto auction provider of salvage management services to insurance companies and financial institutions. Through the deal, Flex Fund will partner with seven Verastar auctions in Georgia, Tennessee and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , including Verastar's regionally prominent Atlanta auctions, to provide turnkey inventory financing for Verastar's salvage buyers. "Verastar is recognized and respected for providing leading-edge auction technologies and superior customer service," said Cliff James, Flex Fund's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Verastar's well-established presence in the salvage auction market, combined with Flex Fund's innovative inventory financing options, creates the perfect solution for today's salvage buyers." About Verastar Verastar, family owned for the last 40 years, offers live onsite and online salvage auto auctions to licensed automobile dealers, automobile dismantlers, auto rebuilders, motorcycle dealers, boat dealers, and dealers in construction and farm equipment. The company provides innovative customer service initiatives, including simulcast live Internet auctions with interactive, real-time bidding capabilities--allowing buyers to submit virtual bids online on any vehicle at any Verastar salvage auto auction. Visit Verastar online at: www.verastar.com. About Flex Fund Flex Fund Financial Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , provides used-car inventory financing (floor planning Floor planning Arrangement used to finance inventory. A finance company buys the inventory, which is then held in trust for the user. ) to new- and used-car dealers, and salvage buyers. The company has established relationships with key industry leaders, offering customers access to a broad selection of inventory with innovative financing options to meet their needs. Headquartered in Orange County, Calif., with operations in Minneapolis, Flex Fund is led by a senior management team with more than 150 years of automotive industry experience. To learn more, visit Flex Fund online at: www.flexfund.net. |
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