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Inspector Nasset
IMPLEMENTATION ● IDENTIFICATION ● INSPECTION
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Asset Inspections and Valuations on 65 Assets
Asset Inspections and Valuations on 65 Assets
We recently carried out our largest asset inspection and valuation to date, requested by a finance company.
We were asked to asset inspect and provide valuations on a combination of 65 tractor units and trailers for two connected companies as part of the underwriting for a large finance transaction.
Working closely with the two companies, we arranged for as many of the units as possible to be available on a Saturday in three yards. This made the inspections easier as the tractor units and trailers were on the road most of the time, Monday to Friday.
Louis and one of our other Inspectors managed to carry out inspections on 55 of the assets on the Saturday across the 3 yards, the other 10 assets were out working. We arranged with the companies for Louis to inspect the remaining assets ‘after hours’ the following Tuesday. These were carried out between 17.00 and 21.00 so that the companies didn’t have to stop using the assets during the day.
During the inspections, we were able to highlight to the finance company that some of the mileages on the tractor units were vastly different to those they had been given, plus several of the cranes attached to the tractor units had different specification and years of manufacture to those provided.
On completion, the asset inspection reports were sent to our valuer to provide retail and forced sale values to the finance company. These were completed within 48 hours and took into account the variations in mileages and cranes.
We managed to complete the inspections and valuations within 6 working days of being given the request which enabled the finance company to make a timely finance offer to the companies involved.