TPC Management Co. announced that it has added FastLane Auto Exchange to its slate of auto auction clients.
FastLane Auto Exchange is located in Mount Morris, Mich. and has been in operation for more than 40 years.
TPC said it provides strategic consulting programs to more than 50 independent auto auctions and technology and transportation companies and regularly consults with private equity and investment firms.
“With so many auto auctions being acquired by corporate chains, we are excited to be part of introducing to the industry a strong independent competitor in the Michigan marketplace,” TPC vice president of client services Jiles Wanna said in a news release. “With a facility of over 60 acres and capital investments that include expanded land development, FastLane Auto Exchange is well positioned to offer all auction services including marshalling and auction sales.”
Additionally, the FastLane facility was recently purchased by a team led by Greg Price, a former member of the executive team at Flint Auto Auction.
Price has started to expand FastLane’s operations at the 60 acre site, according to TPC.
The company said a new reconditioning and mechanical facility is currently under construction, along with two additional auction lanes and administrative offices that are scheduled to open in March.
“When we acquired FastLane Auto Exchange in early 2017, we felt we were in a great position to expand on the facility’s existing dealer base while building on consignments from commercial accounts in the Detroit area,” Price said. “Working with TPC Management is an important element in our plan to strengthen our position in the market and expand our opportunities with both buyers and sellers. We recognize that TPC engages exclusively with a select group of auctions around the country, and are pleased in the confidence they found with our team, facility, service and remarketing programs.”
FastLane Auto Exchange holds an auction sale in the lanes and via simulcast every Wednesday at 1:30 p.m. (ET), according to TPC.
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