The Liquidation Business Model of Salvage = bargains = happy customers has worked successfully for 40 years. The three-step process was simple. For example, if a warehouse experienced a ﬁre:
1. The insurance company evaluated the loss.
2. A salvor was selected to do an inventory and prepare the paperwork for bidding.
3. Manufactures along with others, bid on the merchandise.
The resulting salvage (a product that required a valued-added component to make it into“good” merchandise) was then sold in the retail outlets.There were also other outlets for obtaining goods. For example, major manufacturersoperating overseas had to ﬁnd ways to keep their factory lines operating or risk losing them to another manufacturer.