SalvageSale Launches Newly Enhanced Web Site

April 7, 2003

SalvageSale Inc., the global online salvage marketplace and salvor services provider for the claims recovery and commercial salvage markets, announced the launch of its newly enhanced Web site. This enhancement will streamline procedures, allow greater buyer accountability, and offer more flexibility to both buyers and sellers.

Designed in direct response to users’ feedback, the site has a new look that combines the services and marketplace sections, introduces new tools to reduce cycle time, such as the powerful new Listing Wizard(TM), establishes a new standard fee schedule, and merges the old auction formats into one efficient process called bidXchange(TM).

“The feedback we derived from our customers has been a valuable tool in creating this new Web site,” said Dan Parsley, chairman and CEO of Salvage Sale. “All design changes have been shaped entirely around our clients requests.”

With the new site, users can organize services files and salvage listings, view history, and sort and report by claim, all in one location. To simplify and accelerate the listing process, the newly designed Listing Wizard provides users with intuitive steps for creating pre-formatted product listings.

In addition, the bidXchange(TM) auction offers sellers a new option, Automatic Bid Selection. This innovative feature reduces time spent monitoring auctions by having the high bid automatically selected on their behalf. The seller may still accept any bid, regardless if it is the highest, or decline all bids.

“SalvageSale has taken into account the needs of their clients in the design of the new Web site,” said Essie Christensen, Claims Representative, St. Paul Fire & Marine Insurance. “By making the site more efficient and reducing the number of questions required in order for me to list our salvage, SalvageSale has simplified the auction process and sped up the claims recovery procedure.”

Adding to the convenience of the site, a new standard fee schedule has been introduced. The fee schedule not only creates flexibility and significant benefit for larger transactions, but also aligns the overall pricing model with those activities that generate the most value for the user. Changes have also been made to the Escrow process that will accelerate settlements and shorten overall cycle time.

“Over the past three years, SalvageSale has revolutionized the salvage process and with innovative recovery processing and incomparable results, we feel our new generation Web site further exemplifies our company’s goal of offering value-add products and services that positively affect our client’s bottom line,” Parsley said.

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