Parm Sachdej, a native of Guam and a former banker, started Pacific Auto Bid, a company he touts as Guam’s premier online auto auction platform.

Sachdej, with a degree in business administration, began an entry-level position in banking as a cashier in Northern California in the early 2000s. He learned the ropes in the Bay Area, working as a banking agent for Citibank.

Sachdej returned to Guam in 2008 and landed a job with First Hawaiian Bank. He rose to the position of Dealer Center Manager at First Hawaiian, a position that oversees many financial aspects of the automotive sales industry. Sachdej left his banking career, as vice president, earlier in 2021.

However, it was the experience of working in the bank’s dealership center that provided information on the business model he would use for Pacific Auto Bid.

“Unfortunately, a number of people will fall too behind on their loans and vehicles will be taken back,” Sachdej said. “Defaults and repossessions are not in the best interest of the bank because banks don’t sell cars. ”

Sachdej leveraged the network he developed over his nearly two decades in the banking industry, in the auto finance industry in particular, to act as a middleman in the repossessed vehicle market. But then he discovered that his business model had a consumer angle as well. “When I started Pacific Auto Bid, my main intention was to align myself with banks and credit unions to liquidate their collateral, but I felt there was a way to deliver value. to anyone who sold a car. “

“Pacific Auto Bid can store the vehicle, clean the vehicle, auction the vehicle and deliver the vehicle for final sale,” Sachdej said.

“There is a way for people to get more money from their car, rather than just trading it in,” he said. “There is also a safety issue in meeting strangers, people you don’t know.”

“The whole point of Pacific Auto Bid is to make things hassle-free for people who sell their vehicles on consignment; the owner provides the vehicle and hopefully a week later I hand over a check,” Sachdej said. .

Those interested in buying or selling vehicles register on the website, www.pacificautobid.com, then browse the vehicle inventory, or the status of their offers, from their own dashboard on the website.

The sellers have an online portal allowing them to follow the silent auction themselves. “Customers follow offers at their own pace and can accept or reject offers that do not meet a minimum offer,” Sachdej said.

Vehicles for sale are listed with full details, including a detailed vehicle “condition report” which includes dozens of photos detailing the condition of the car, including close-up photos of faults where applicable. .

Cars are available for inspection at the Pacific Auto Bid warehouse in the Harmon Industrial Park. “People can watch the cars online or come to the warehouse to see the cars themselves,” Sachdej said.

For more information, log on to www.pacificautobid.com, or call Pacific Auto Bid at 671-989-0243.