SOURCE: StorageTreasures

StorageTreasures

August 13, 2015 13:39 ET

StorageTreasures to Handle Online Auctions for ExtraSpace Storage

Nation's Second-Largest Storage Operator to Conduct All Auctions Online

SCOTTSDALE, AZ--(Marketwired - Aug 13, 2015) - StorageTreasures, the largest online self storage auction company in the United States, Canada, and Puerto Rico with the industry's most active and comprehensive database of online buyers, announced that it has signed an exclusive agreement with Salt Lake City-based ExtraSpace Storage Inc. -- the second-largest storage operator in the United States with 1,146 facilities -- to conduct all future auctions online using StorageTreasures' auction platform and services.

"We're honored to be affiliated with a prestigious company such as ExtraSpace and have the opportunity to help facilitate all of their auction needs throughout the country," said StorageTreasures CEO James Grant. "ExtraSpace is the second largest REIT in the industry, and they chose to switch from live auctions to online auctions because our platform makes it easier for storage facility to conduct their required debt collection lien sales, and in the same time, recover more loss recovery."

ExtraSpace tested online storage auctions six years ago when the online auction industry was in its infancy. Huge numbers of bidders -- seduced by the new reality TV shows about storage auctions, like Storage Wars and Auction Hunters -- had begun to overwhelm facility managers during auctions. Concerned about legal ramifications, the company stepped away from online auctions for a couple years until the Self Storage Association stated its support for them.

"We were waiting for that endorsement," said David Decker, Director of Operations for ExtraSpace. "And we decided that this was where the market was going, and we already knew it worked. We looked at several online auction companies and found that no one has a foothold like StorageTreasures does. The company makes it very simple to administer, load and post auctions, allowing our facility managers to save costs and be more efficient."

Earlier this year, StorageTreasures launched their Application Programming Interface (API) to streamline and automate its auction process by facilitating managers' ability to automatically import crucial lien information into the StorageTreasures auction software to create online auctions.

StorageTreasures is the only storage auction company with the capability to offer clients this free service, which eliminates the need for storage facility managers to manually input information about delinquent clients in preparation for auctioning the contents of their storage units. The system greatly reduces both the time required and the possibility of mistakes and unlawful lien sales, which are one of the industry's biggest liabilities.

StorageTreasures' API is just one of several added values planned for 2015 -- including a mobile app for both buyers and sellers, Grant said.

"We love working with StorageTreasures because they're open to new ideas," Decker said. "We have influence in new development and technology tie-ins."

StorageTreasures, servicing more than 6,500 storage facilities in the United States and Canada, currently has more than 900,000 active bidders and holds more than 10,000 auctions each month. StorageTreasures provides clients with opportunities to advertise on-site auctions, hold online auctions, create and list public notices, sync auction schedules with their websites, and advertise to its extensive auction bidder base.

"Conducting auctions either online or live will always fail unless you've got buyers," Decker said. "And buyers go to StorageTreasures. They've really nailed it. They have our undying devotion at this point, and we expect a long-term relationship."

Eight of the top 10 storage companies are now using StorageTreasures for their online auctions. Last month StorageTreasures conducted 10,000 auctions, while all of its competitors combined conducted less than 100 auctions.

"Honestly, we would rather not do any auctions," Decker said. "They're not good for us as far as recoverables, and they're not good for our clients, who lose their goods. This is the least painful way to do it and is best for all parties. The technology is there, and the laws are changing. This is the future of storage auctions, and people will eventually realize this is the only way to handle a lien sale."

About StorageTreasures

StorageTreasures is a free, social site to find live onsite storage auctions or post online auctions at any self-storage facility across the United States and Canada. Members also can bid on storage units online from participating facilities. StorageTreasures has revolutionized the way in which the contents of self-storage units are marketed and publicly auctioned after the lessee has failed to pay rent. The site fills the gap between the operational systems that the industry currently utilizes and the public buyer who may be interested in the contents of a unit that is going to auction. The tools StorageTreasures provides allows the storage industry not only to comply with, but also to exceed the intent of state laws governing the self-storage industry, protecting tenants and bidders alike. For more information please visit http://www.storagetreasures.com.

About ExtraSpace Storage Inc.

ExtraSpace Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust. As of June 30, 2015, the Company owned and/or operated 1,146 self-storage properties in 35 states, Washington, D.C., and Puerto Rico. The Company's properties comprise approximately 775,000 units and approximately 85 million square feet of rentable storage space, offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second-largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.