HOUSTON - SalvageSale, Inc., the leading online auction marketplace and services provider for the insurance industry and corporate end-of-life assets announced today the promotion of two significant employees.

Jim Reilly, Executive Vice President and COO, has been promoted to President and COO of SalvageSale. Having held many key operational and sales positions since joining the company in early 2000, Reilly will be responsible for guiding the company’s continued expansion of all lines of global property and casualty insurance markets. With this promotion, Reilly will be responsible for the U.S. insurance business and salvor services operations and the recently established UK subsidiary, SalvageSale Limited, which services the company’s UK, European and Asian-based insurance business.

Chad Farrell, currently Vice President of Sales Operations, has been promoted to the newly created position of Senior Vice President of Strategy and Operations. Farrell will continue to oversee all global sales operations, and will assume the additional responsibilities of managing strategic alliance partnerships and evaluating acquisition opportunities. Farrell will continue to leverage his background in oil and gas to grow CapitalAssetSale, the division of the company dedicated to end-of-life and surplus corporate assets.

“Jim’s commitment to customer service and broad expertise in servicing complex losses and providing solutions for our insurance clients makes him the ideal candidate to manage our global insurance practice,” said Daniel S. Parsley, Chief Executive Officer of SalvageSale, Inc. “Chad’s impact on our operations has positioned the company to expand our business more aggressively through both organic and acquisition-driven growth initiatives.” Parsley will continue to serve as CEO at SalvageSale, Inc. and will lead the CapitalAssetSale division of the company.

“We invested in SalvageSale based on the unique diversity of the management team and the company’s unparalleled position in this growing market space. We congratulate both Jim and Chad on their promotions and look forward to continued success,” said Sean White, Partner at Spire Capital Partners.

Jim Reilly has over 20 years of operations and sales management experience. Prior to joining SalvageSale in 2000, he held senior technical, operations, and sales management positions for an energy-focused industrial services firm, overseeing nine business groups with over $500 million in annual revenue. Jim has extensive experience integrating operations, building large sales teams as well as managing business operations. Jim was one of the leading architects of SalvageSale’s unique online auction process and integrated salvor services offering which is custom designed to meet the growing needs of global commercial property and casualty companies. He has managed numerous client losses in all parts of the world, including well known catastrophic events such as Hurricanes Katrina, Rita and the four devastating Florida hurricanes in 2004.

Chad Farrell has nearly 20 years experience in operations, technology and the management of growth companies. Prior to joining SalvageSale, he was the chief operating officer of a Houston-based, US-focused online energy equipment auction company, where he was involved in the turnaround of the company and a key architect of their current business model. Since joining SalvageSale, Chad has reengineered SalvageSale’s sales operations process and has managed online auctions of all lines of commercial and industrial assets, including numerous complex international projects in every major region of the world.

About SalvageSale, Inc.

SalvageSale, Inc. is the leading online marketplace and services provider for the insurance industry and corporate end-of-life assets. By combining comprehensive services and leveraging the Internet to increase transaction transparency and efficiently access a global universe of buyers, SalvageSale and CapitalAssetSale have dramatically improved recovery results for sellers of commercial salvage goods, as well as corporate surplus and end-of-life assets. SalvageSale, Inc. is headquartered in Houston, TX, and has offices in London, New York, Chicago, and Ft. Myers, FL. The company also has global representatives in Singapore, Antwerp and Rotterdam. Visit www.SalvageSale.com or www.CapitalAssetSale.com for more information.

Posted: 07|22|08 at 9:41 am. Filed under: Auction News.