Wickman Group, Liquidity Services Inc. and Grant Thornton are providing a solution to support Australia’s automotive sector
Left to right – Greg Ceniti, Owen Coyne, Mark Phillips, Silas Berry, Ian Baxter, Wes Cordingley
Wickman Group, Liquidity Services, Inc., and Grant Thornton Australia, have jointly announced the formation of a strategic partnership to address surplus asset disposition needs relating to the impending structural changes in the Australian automotive industry. Through this partnership, the organizations have collectively developed proprietary solutions for the surplus plant and automotive equipment expected following the exit of Ford in 2016 and Toyota and General Motors in 2017.
“The changes within Australia’s automotive sector will have an impact on first, second, and third-tier component manufacturing companies; therefore the purpose of the partnership is to work as a support system and provide value added outcomes for plant and equipment disposal,” said Owen Coyne, Commercial Director at Wickman Group.
Nick Taylor, Vice President of Global Valuations and Sales for Liquidity Services, added: “Our combined marketing and sales expertise will help Australia’s manufacturing companies maximize their recovery goals. Additionally, this strategic partnership presents an excellent opportunity for buyers to leverage the secondary market to acquire plant and automobile assets from leading automotive companies via a trusted global platform and convenient auction process.”
Mark Phillips, National Manufacturing Leader, Grant Thornton Australia further revealed that the partnership provides a solid opportunity to Australian component producers.
“Although we don’t encourage the demise of the local automotive manufacturing industry, this partnership provides Australian component producers greater opportunity to consider diversification by maximising the value of their current equipment, providing liquidity to purchase the right equipment for future manufacturing requirements,” said Mr Phillips
Wickman Group and Liquidity Services, Inc. are industry leaders in the reverse supply chain, providing unmatched surplus asset management solutions to organizations worldwide. Wickman is not only a leading manufacturer of machine tools, but also has a global presence in the machinery trade market and manages a number of accounts that require asset disposal support. Liquidity Services is a global solutions provider in the reverse supply chain with the leading online marketplace for business surplus. Grant Thornton Australia is a member of one of the world’s leading organizations providing independent advisory, assurance, and tax services, with a clear focus on supporting the automotive and manufacturing sectors in Australia.
The strategic partnership of these three companies combines decades of experience in the automotive and manufacturing sectors and enables Australian manufacturing companies to maximize the value of their surplus plant and automotive equipment.