DALLAS, June 14, 2017 /PRNewswire/ -- TAGeX Brands (www.tagexbrands.com) has announced its acquisition of the assets of longtime, Dallas-based Advanced Auction Company (www.aacbid.com). With the addition of this new auction platform, TAGeX Brands solidifies its position as the industry leader of used restaurant equipment sales using its online auction site, RestaurantEquipment.bid (www.restaurantequipment.bid). The addition of AAC into the TAGeX Brands portfolio gives the restaurant industry increased access to discount restaurant equipment from locations across the country.
Access to a central, national and dynamic marketplace of used equipment gives restaurant operators a viable option when it comes to reducing the cost of doing business. Restaurant closures are on the rise and there is an abundance of used equipment in the marketplace. In the past year alone, TAGeX Brands has played a role in the closure and liquidation of over 400 restaurant locations. With the acquisition of AAC, TAGeX Brands will be able to further assist struggling restaurants in liquidating their assets and selling them to new or existing restaurants that need the equipment.
Neal Sherman, the president of TAGeX Brands said, "We are seeing more restaurant closures now than at any other time in our three decades of business. Companies of all types and size are closing locations, but their closures are creating opportunities for others in the form of inexpensive restaurant equipment that reduces capital expenditures. Our goal is to make restaurants more efficient at managing assets for the betterment of the industry as a whole."
When discussing the decision to combine assets with TAGeX Brands, Jennifer Faucon, the founder of Advanced Auction Company explained, "For over a decade, AAC has played a crucial role in helping both prospering and struggling restaurants in Texas and nationally. Partnering with TAGeX Brands will provide further resources to improve upon that agenda."
Advanced Auction Company has served the Texas restaurant industry for over a decade and has worked with countless local and regional companies, assisting with facility closures, equipment liquidation and used restaurant equipment sales.
TAGeX Brands specializes in facility closures, equipment liquidation and redeployment for the last thirty years. Using the online auction platform, www.RestaurantEquipment.bid, restaurants are able to sell their surplus or unused equipment back into the marketplace, reducing waste and producing a more efficient marketplace for restaurant and foodservice equipment and supplies.
President | TAGeX Brands
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SOURCE TAGeX Brands