OpenTech Secures Ownership of StorageTreasures

Posted by Modern Storage Media on Sep 5, 2024 11:01:40 AM

OpenTech Alliance, the PropTech leader in self storage, has announced it now holds 100% ownership of StorageTreasures, which hosted nearly 500,000 storage auctions in 2023 alone. OpenTech acquired 51% of the online storage auction platform and assumed management responsibility for operations of the StorageTreasures website in 2016. Now, OpenTech has purchased the remaining 49% and is positioned to invest in improving the entire life cycle of the lien process.

“We have enjoyed a great partnership with the minority members of StorageTreasures and deeply appreciate their support over the years,“ stated Robert A. Chiti, Chief Executive Officer at OpenTech Alliance. “As we enter a new phase of growth, we collectively decided that consolidating the companies under OpenTech would allow us to unify our strategy, enhance our platform, and ultimately deliver an even better experience for our customers.”

StorageTreasures, LLC was a consolidation of StorageTreasures, Inc., founded by Lance and Leslie Watkins, and Storage Battles, founded by Jim Grant. “We are grateful to the founders for their vision and courage to innovate and significantly improve the traditional process,” added Chiti. “We are committed to building on that legacy for years to come.”

In a press release, OpenTech states that it is committed to continuing to simplify and reduce risks and costs related to the lien sale process for the benefit of self storage owners, including working with the Self Storage Association to support lien law updates and improving available auction technology. It further states that the platform will continue to remain open and integrate to all property management systems equally. OpenTech does not charge an API fee.

“Our dedication to enhancing the auction process through technology, remains unwavering,” stated Amanda Holt, SVP at StorageTreasures. “With unified leadership, we are now fully positioned to execute our strategic plans with increased agility and focus.”

Users of the auction website are already familiar with OpenTech’s management, which has introduced services such as:

Backup Bidder and Unit Liquidation to resolve unsold cases
Auction Review Services for lien law compliance
Advanced data analytics and auction reporting
Improved lien loss recovery rates through marketing automation and an Auction Bidder App.

OpenTech states that it has plans for future enhancements that will continue to automate the auction process, drive more sales, improve efficiency, and reduce operator risk.

Operators interested in learning more about StorageTreasures can meet representatives of the company this week at the Self Storage Association (SSA) 2024 Fall Conference and Trade Show at booth #128. Attendees can also get a sneak peak into future auction roadmaps on Friday, 9/5 at 9 am at SVP Amanda Holt’s conference session on Automated Facilities & Storage Lien Auctions.

To learn more about how to simplify the storage auction process with StorageTreasures, contact OpenTech Alliance today.