Sandhills Global has announced a strategic partnership with Tamarack Technology, Inc., a software company that employs artificial intelligence (AI) technologies to deliver products and services designed to protect investments and improve portfolio performance for banks, lending institutions, and other entities within the equipment finance industry. Through the partnership, Tamarack will have access to real-time market value and asset valuation data from Sandhills’ Value Insight Portal (VIP), which tracks values in the construction equipment, farm machinery, and transportation markets.
“Economic uncertainty and fluctuations in the equipment markets make it challenging for financial institutions to calculate residual values and make equipment financing decisions,” said Mitch Helman, AuctionTime Sales Manager at Sandhills. “Financial institutions need to know equipment market values in real time, and Sandhills has that data. Our data is a perfect match for Tamarack and its customers.”
Also Read: Achieving US Digital Divide Goals with 100% Fiber Would Require ~5x the Available Funds
Tamarack’s suite of AI products was developed to enhance the productivity and revenue capabilities of equipment finance companies by leveraging both operational and market-level data. Using data from both inside and outside an equipment finance organization, the AI products automate decisions within underwriting, syndication, and funding.
“Rising interest rates and the threat of a recession have turned industry focus to asset quality and portfolio performance,” said Scott Nelson, president and CDO at Tamarack Technology. “Sandhills Global‘s asset valuation products are the industry standard for assessing the economic status of asset values. The data we get from their Equipment Value Index gives us the ability to provide customers with real-time insights into how asset values are impacting their portfolios and the recommended actions to improve their performance.”
The partnership will also give Tamarack’s customers the ability to remarket equipment, trucks, and trailers, through Sandhills’ auction platforms and marketplaces. These include AuctionTime, Machinery Trader, TractorHouse, and Truck Paper, which serve as advertising solutions for sellers and easily accessible marketplaces for municipalities, construction firms, contractors, farming operations, transportation companies, owner-operators, and other buyers.
SOURCE: PR Newswire