Flex Fund Partners with Verastar to Provide Salvage Auction Financing

YORBA LINDA, Calif.--Flex Fund, a leading provider of used-car inventory financing for new- and used-car dealers, and salvage buyers, today announced that it has entered into a multi-auction 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, 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. “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, provides used-car inventory financing (floor planning) 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.