OpenTech Alliance, the PropTech leader in self storage, announced it now holds 100% ownership of StorageTreasures. OpenTech acquired 51% of the online storage auction platform and assumed management responsibility for operations of its website in 2016. OpenTech purchased the remaining 49% in August and is now positioned to invest in improving the entire life cycle of the lien process.
“We have enjoyed a great partnership with the minority members of StorageTreasures and deeply appreciate their support over the years,” stated Robert A. Chiti, Chief Executive Officer at OpenTech Alliance. “As we enter a new phase of growth, we collectively decided that consolidating the companies under OpenTech would allow us to unify our strategy, enhance our platform, and ultimately deliver an even better experience for our customers.”
StorageTreasures, LLC was a consolidation of StorageTreasures, Inc., founded by Lance and Leslie Watkins, and Storage Battles, founded by Jim Grant. “We are grateful to the founders for their vision and courage to innovate and significantly improve the traditional process,” added Chiti. “We are committed to building on that legacy for years to come.”
StorageTreasures.com is now the industry standard for online auctions, hosting nearly 500,000 in 2023. OpenTech is committed to continuing to simplify and reduce risks and costs related to the lien sale process for the benefit of self storage owners, including working with the Self Storage Association to support lien law updates and improving available auction technology. The platform will continue to remain open and integrate to all property management systems equally. OpenTech does not charge an API fee.
The buyout underscores OpenTech’s ongoing commitment to delivering exceptional value to its customers, partners, and employees. “Our dedication to enhancing the auction process through technology, remains unwavering,” stated Amanda Holt, SVP at StorageTreasures. “With unified leadership, we are now fully positioned to execute our strategic plans with increased agility and focus.”
Users of the auction website have already benefited from OpenTech’s management, which has introduced services like Backup Bidder and Unit Liquidation to resolve unsold cases, Auction Review Services for lien law compliance, advanced data analytics, auction reporting, and improved lien loss recovery rates through marketing automation and an Auction Bidder App. Future enhancements will continue to automate the auction process, driving more sales, greater efficiency, and reduced operator risk.
To learn more about how to simplify the storage auction process with StorageTreasures, contact OpenTech Alliance today.
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This move will bring expanded services and solutions to operators on both platforms to enhance their auction experience and gain a higher return on their auctions, as well as simplify the experience for buyers. The acquisition also includes licensed versions of iBidOnStorage.com, a popular online auction platform in the UK, Europe, South Africa, and Australia. Explore how this strategic move provides buyers and sellers on the platforms with new valuable tools and services.
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