With general insurance companies now outsourcing the sale of salvage, the business is set to boom in the coming years
When fire gutted a paint manufacturing factory in Ghaziabad in October 2007, all that remained of the facility was 200 metric tonnes of iron and steel scrap fit to be sold at a dirt cheap rate.
The insurer of the factory – IFFCO-TOKIO General Insurance – decided to put the scrap on sale. As normal practice, the company-appointed surveyor would double up as a salvage manager to rope in suitable buyers for the scrap and sell the commodity at whatever price he would get within a short span.
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However, this time around, the insurer decided to approach Salvage Settlers, a salvage management firm to do the job. It took 20 days for Salvage Settlers to sell the scrap at a price 28 percent higher than the reserve price (Rs. 26 lakh) put by the insurer, making the latter richer by Rs. 7.25 lakh. The deal, although small in size, proved to be a stepping stone for Anshul Gupta, founder of the salvage management firm, in a business that is yet to have a market worth its size. Gupta’s share in the deal: Around 2.5 percent of the selling price.
Having worked closely with several general insurance companies as a surveyor himself, Gupta always wondered as to why he could not broker a lucrative deal between the insurance company selling salvage (whatever remains of the goods after damage) and the buyers. One reason was the lack of time because in his role as a surveyor; he had to inspect the site of the accident, assess the extent of the damage, coordinate with the cops, and report back to the insurer on the amount of reasonable claim. This left him with little time and energy to look around for suitable buyers for salvage. Although selling the salvage is not the job of a surveyor, yet general insurance firms have long relied on them to do it. Sometimes, the surveyor gets nothing in return on the sale of salvage.
| JARGON |
| Salvage: A recovery of all or part of the value of an insured item on which a claim has been paid. The insurer will normally dispose of the item and apply the proceeds to reduce the cost of the claim. Surveyor and Adjuster: A person who investigates and assesses claims on behalf of insurers. Claims: Injury or loss to the insured arising so as to cause liability to the insurer under the policy it has issued. |
Realizing that he could make a business out of brokering the sale-purchase of salvage, Gupta started his company in October last year. One year down the line, he has brokered 31 deals, having helped insurers save approximately Rs. 2 crore.
The business
Salvage management as a dedicated stream of business is a fairly new concept in India, although the business has been around for a long time in developed countries. US-based Salvage Sale has been doing brisk business, though there are many other smaller players in the country. The business emanates from the need of general insurance companies to minimize their losses in case of damage of the goods insured by them. It could be industrial goods, household material, or motor vehicles. After settling the claim by the insured, these companies sell off whatever remains of the damaged material to recover some cost.
The business involves roping in buyers of a particular commodity and getting them to make competitive bids. “The surveyor can sell but cannot generate competition. Unless the competition is generated and you are not able to use the market dynamics, you can never expect a good price for salvage,” says Gupta. For salvage management firms, it involves preparing a good database of customers and bringing them together to make bids for the commodity to be sold. In the US, salvage management companies post advertisements in various newspapers to generate buyer interest. Putting the inventory online for prospective buyers to see and bid is an easy way to get customers as well. The commodity is not tampered with by the salvage management firms; instead, it is sold in whatever state it is. So there is no headache of making it look attractive for the buyer. The transportation cost is borne by the buyer.
The market is still in a nascent stage. With very few players dotting the country, there is plenty of scope for new entrants to make a mark. Gupta wants to see competition in the sector: “New players will increase the market. As the market size increases, we will only gain. It is the marketing of concept that is important. We want more people to enter this business.”

written by sameer shaikh, August 22, 2011
written by Ramvir sharma, August 21, 2011
plz contact as soon as possible..
written by D.K.MONGA, June 20, 2011
written by santosh singh, June 16, 2011
written by shailesh, June 02, 2011
PASSING FROM MODEL 2007 TO 2011 SO I REQUEST U TO SEND ME MAIL AND PHOTOS
THANK YOU
written by WASIM ahmed, May 28, 2011
written by Girdhar mishra, May 26, 2011
i want all type of damage car, truk, bike. if you have please send on my email "girdhar1578@gmail.com" or my contact no 9377013905..........
Thanks.....
written by Sunil Kumar, April 12, 2011
written by virender chaudhary, April 08, 2011
mail i.d.:- varun_chaudhary50@yahoo.com
cont.no :- 099914-34908, 094681-76416
written by virender chaudhary, April 08, 2011
mail i.d. :- varun_chaudhary50@yahoo.com
cont.no. :- 099914-34908, 094681-76416
written by Abhishek Vijayvargiya, April 07, 2011
09460008050, 09314874005
Jaipur
written by Abhishek Vijayvargiya, April 07, 2011
09460008050, 09314874005
Jaipur
written by v.venkatakrishnan, April 05, 2011
written by HARPAL SINGH DHINGRA, March 31, 2011
hsdhingra29@gmail.com hsdhingra29@rediffmail.com
9999008302 9312154583
written by karim shaikh, March 27, 2011
written by sanjay ji, March 22, 2011
so we look for salvage vehicles which we will repair as to make them look like new & will sold to interested buyers.
kindly send us enquiry of vehicles in the state of jharkhand & bihar at our
ph no : 09835171715
mail : junction.paint@gmail.com
written by RAJ RISHI SHARMA, March 19, 2011
written by RAJ RISHI SHARMA, March 19, 2011
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written by nooruddin .k, February 13, 2011
contact no
09980809701
09845025432
09341220746
08042032176
written by vishal jaiswal, February 01, 2011
written by autolink, January 30, 2011
jitendra meena
24919, surajpole
jaipur
rajasthan
MO.
+ 919983542111
+91 9782151600
autolink101@gmail.com
written by autolink, January 30, 2011
buyer and seelr of all kind of salvage and accident job vehicles
we deal in construction equipment on comission basis
jitendra meena
24919, surajpole
jaipur
rajasthan
MO.
+ 919983542111
+91 9782151600
autolink101@gmail.com
written by sikandar bandi, January 23, 2011
written by Neel, January 06, 2011
For further inquiry Call us on
8108877088
Neel
written by bandi sikander ismailbhai, December 28, 2010
written by jaspreet, December 09, 2010
written by jaspreet
i will like to purchase seized vehicles either by auction or quotation process,so u can send me details(photo,add yard,best price,papers).even interested in fire loss vehicles specially Tata Hywa, SK 1613.
written by Vijeta, December 01, 2010
written by Ajay Darbar, November 22, 2010
Please informe me for further action.
Ajay Darbar,
09825029515.
written by nfl football jerseys, October 11, 2010
Hope visiting this page will grab your trust, all anyone really wants is a trustworthy supplier who they can count on to deliver on quickly, correctly, and top quality every time!
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09814703253;09914014021
written by AMIT GUPTA, October 05, 2010
written by lalitbhai bagdai, October 04, 2010
Geeta Cattle Feed,
"shrinathji",
1/Akshar Wadi,
Nirmala Road,
Rajkot-360005
Mob:-98253 66768
93775 66768
90167 11106
+91 281 2574534
E-mail:-geeta_cattle_feed@yahoo.in
written by syed imran uddin, September 28, 2010
written by hitesh joshi, September 14, 2010
for more details visit www.marutimachinery.com
written by sarfaraz, August 31, 2010
written by Rumana Akter, August 20, 2010
Insurance
http://cheapsingletriptravelinsurance.com/
written by Girish Tiwari, August 19, 2010
Girish Tiwari
B/3 Awanti Nagar,
Solapur
Cell: 99222112648
written by Lalitbhai bagdai, August 15, 2010
we are purchaser of damage,surplus and rejected goods so please contact us for any deal occur in your insurance company. so please contact us on this address which is given below. I assure you that you well make a good deal with us. Thank you for reading this message.
Lalitbhai Bagdai
Geeta cattle feed
"Shreenathji",
1 Aksar wadi,
Nirmala road,
Rajkot-360007
MOB:-98253 66768
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written by arvinder jit singh sethi, August 11, 2010
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written by mdfarooquewarsi, August 10, 2010
THANKYOU
FWARSI
written by firoz patni, August 10, 2010
Im frm mumbai i have 2006 mitsubishi cedia sports yellow model , damaged only front left side for immediate sale rest in perfect condition. please contact me on 09819850106.
regards'
firoz patni
written by Misiyuse, August 04, 2010
this way you know what was wrong with the car, and it's been fixed professionaly.
More info http://www.autoauctionhelp.com/
written by p.kaurnanidhi, July 02, 2010
written by upkar singh (raja), July 02, 2010
we need upto 2000 maruti suzuki vans
to contact us(9780089762)(7696279576)
written by bernard selva, June 27, 2010
I am bernard selva (p.s automobils) i deal in accident cars. PCB,MOTHERBOARD SCRAP},COMPUTER SCRAP,MOBILE BATTERY SCRAP,
LITHIUM BATTERY SCRAP,NICD AND NIMH BATTERY SCRAP,CELLS SCRAP,SMF AND ALL OTHER TYPE OF LEAD ACID BATTERY SCRAP.
ALL OTHER TYPE OF SCRAP AND SALVAGE I buy the salvage cars.If you have any accident car in all india please contect with me.So i can deal with you
Thank`s
bernard selva
voice:09940097097 DEALS IN {ANY time )
written by mohd Asif, June 12, 2010
mohd asif
mi road jaipur
mob no 09828020660
written by handa, June 11, 2010
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written by Gian Singh, April 25, 2010
written by ABDUL VASHID QURESHI, April 23, 2010
buyer and seelr of all kind of salvage and accident job vehicles
we deal in construction equipment on comission basis
ABDUL VASHID QURESHI
169 THE JAI BHARAT KABADI
MARKET NO. 3 BEHRAMPURA
AHMEDABAD
MO.
+ 919824859841
+91 9825034814
avmshabbir@gmail.com
written by shanawaz khan, April 10, 2010
written by shanawaz khan, April 10, 2010
shanawaz khan all 2 wheeler accidental vehicle purchase all rajsthan contact us
shanawaz khan
Email, anasautoworld@yahoo.in
mo.9887207121
9667926391
written by raaheel pasha, April 04, 2010
written by KAIF ASLAM THANWAL, March 23, 2010
thanks
9960447750
written by KAIF ASLAM THANWAL, March 23, 2010
thanks
9960447750(Thane)
written by Atul vats, March 01, 2010
{ PCB,MOTHERBOARD SCRAP},COMPUTER SCRAP,MOBILE BATTERY SCRAP,
LITHIUM BATTERY SCRAP,NICD AND NIMH BATTERY SCRAP,CELLS SCRAP,SMF AND ALL OTHER TYPE OF LEAD ACID BATTERY SCRAP.
ALL OTHER TYPE OF SCRAP AND SALVAGE
CONTACT:-
ATUL VATS
+91-9810050286
written by daman, February 23, 2010
written by moti lal jaiswal, January 27, 2010
written by Vijeta, January 15, 2010
written by Vijeta, January 15, 2010
written by shaikh jalal, January 14, 2010
written by nihal, December 19, 2009
written by abdul vashid qureshi, December 08, 2009
Looking for customers to directly buy second hand accident job cars or C V ?
Get to know all details of customer in ALL OVER OF INDIA who want to sell their cars or bikes, or who want to buy second hand accident job cars or C V from you
We will provide you -
Details of the vehicle such as Make, Model, Variant, Year of Manufacture, Location and
Mobile!!
http://groups.google.co.in/group/buy-and-sale-accident-job-vehicles
email :buy-and-sale-accident-job-vehicles@googlegroups.com
ABDUL VASHID QURESHI
+91 9824859841
avmshabbir09@gmail.com
written by abdul vashid qureshi, December 08, 2009
Looking for customers to directly buy second hand accident job cars or C V ?
Get to know all details of customer in ALL OVER OF INDIA who want to sell their cars or bikes, or who want to buy second hand accident job cars or C V from you
We will provide you -
Details of the vehicle such as Make, Model, Variant, Year of Manufacture, Location and
Mobile!!
http://groups.google.co.in/group/buy-and-sale-accident-job-vehicles
email :buy-and-sale-accident-job-vehicles@googlegroups.com
written by bablu, November 13, 2009
I am bablu i deal in accident cars. I buy the salvage cars.If you have any accident car in all india please contect with me.So i can deal with you
Thank`s
Bablu
voice:09876815422
written by CH.BALAJI, October 22, 2009
written by amit , July 23, 2009
we at panipat is tata authorised service .is there any profit in salvage vehicles.can they boost my business.please reply.
regards
written by amjad, July 10, 2009
written by amjad, July 09, 2009
written by Rajeev, June 09, 2009
Regards,
Rajeev.
written by Surya, March 27, 2009
written by Rohit Madan, March 18, 2009
My name is Rohit Madan. iam working in ICICI LOMBARD GIC LTD in salvage vertical. handling motor & corporate salvage in Delhi/NCR region.
I request you to plz guide me on Relevance of salvage buyers purchasing salvage from insurance companies(like pvt cars, comm. vehicles, corporate salvage like garments, electronics, metal, iron steel, etc...)
Actually i have to give a presentation in coming week to national Managers....from my experience, i have a no. of points in my mind..but still i need some guidance from you. some interesting quotes & points from you regarding relevance of buyers for an insurance company & how we can manage them efficiently, increase the no. of buyers, how we can manage Big Salvage deals. what are the ways thru which we can efficiently close these big deals...
I have to give a presentation of 20 mins & i have to prepARE IT BY MY OWN....
Request your support in this
Thanks & Regards
Rohit
written by sambhav jain, March 04, 2009
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i harpal singh in delhi propriter of dhingra motors i am deals in all kind of used unused car turcks earth moving machines tractors. i also deal in scrap vehicles total loss cash loss tarnsit loss theft recoverd water damge and salvage vehicles. pls send me any detail for my emai id , hsdhingra29@gmail.com , hsdhingra29@yahoo.in or call me this no 9999008302 9312154583 8800342234