RM Autcions Buys Kruse International Auction Park and Renames to Auctons America

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LATEST INFORMATION: RM Auctions buys Kruse Auction Park - Labor Day Auction will take place Updated: Thursday, 01 Jul 2010, 11:37 AM EDT Published : Thursday, 01 Jul 2010, 10:40 AM EDT AUBURN, Ind. (WANE) - RM Auctions, a Canadian company, has bought the Kruse Auction Park and it will hold a collector car auction over the Labor Day weekend in Auburn. Dean Kruse made the announcement just after 10:30 a.m. at a news conference at the Auburn Cord Duesenberg Museum. In May, the Indiana Auctioneer Commission permanently revoked the auction license of Kruse Incorporated, putting the annual Labor Day auction in jeopardy. In addition, owner Dean Kruse' personal auctioneer license was suspended. RM Auctions calls itself the “world's largest collector car auction house.” Owner Rob Myers has been coming to the Kruse Labor Day Auction since 1975 and has sold cars at the auction. At the news conference, Myers said his company typically is involved in smaller auctions and the purchase of Kruse gives RM Auctions the ability to expand. He referred to Auburn as the Classic Car Capital of the World. Myers said initially there will be a spring auction and the Labor Day auction held in Auburn. Eventually there may be more auctions held in Auburn. He hopes to have between 1,000 and 1,500 vehicles at the Labor Day auction. Myers said a newly formed subsidiary of RM Auctions called Auctions America will run the auctions in Auburn. There are plans to upgrade the auction park both cosmetically and technologically. He predicted the Labor Day auction will become the largest auction of its kind in the world over the next couple of years. The newly announced CFO of Auctions America said many Kruse employees will be retained and the company has a plan in place to restore the integrity and confidence of collector car buyers. Auburn Mayor Norm Yoder welcomed RM Auctions into the community and said that recent events regarding the uncertainty of Kruse has caused him "...great anxiety lately". Dean Kruse said at the news conference that he has no plans to retire and he will continue to work. ____________________________________________ TIMELINE OF THE KRUSE AUCTIONS IN AUBURN INDIANA, USA (NOW CALLED AUCTIONS AMERICA BY RM AUCTIONS) FORT WAYNE, Ind. (WANE) - 1971 - The first Labor Day auction took place as part of the Auburn-Cord-Duesenberg Festival in an empty field near I-69. The one day event. The ACD Festival first took place in 1956. 1972 - Kruse Labor Day auction takes place at DeKalb High School with 150 cars up for sale. A 1933 Duesenberg Victoria sold for a world record $90,000. 1976 - The Labor Day auction expands to three days. 1981 - Attendance at the Labor Day auction tops 100,000. A 1956 Bentley once owned by John Lennon sells for $325,000. 1989 - Kruse Auction Park opens off I-69 with nearly 1,500 vehicles up for sale. 1990 - The 20th anniversary Labor Day auction adds collectibles for sale. 1992 - The Shop at Home Network airs some of the Labor Day auction live. 1996 - Indiana State Police estimate attendance at nearly 300,000. 1999 - eBay acquires Kruse International. 2003 - Dean Kruse buys Kruse International back from eBay. 2009 - In August, Dean Kruse admits he owes owes payments to 66 consignors. He blames the late payments on cash-flow issues caused by buyers who haven't paid him. January, 2010 - Kruse International files lawsuits in DeKalb County seeking more than $2 million. The auction house said it is owed $6.7 million by customers. February, 2010 - FCOF Midwest Credit LLC drops a $7.9 million lawsuit against Kruse after Dean Kruse agrees to drop a countersuit. May 25, 2010 - The Indiana Auctioneer Commission permanently revokes the license of Dean Kruse's auction house and suspends Kruse's personal auctioneer license for at least two years. July 1, 2010 - RM Auctions of Canada announces it has purchased the Kruse Auction Park and renames it to Auctions America. ____________________________________________ ORIGINAL AD POSTING: The Kruse International Collector Car Auction company name has been put up for sale, the latest chapter in the collapse of the once-great car-auction empire. Dean Kruse, the founder and owner of the Auburn, Ind., auction house, said this week that he was considering several offers to buy the Kruse International name and assets, according to a report in the DeKalb Star, the auction’s hometown newspaper. Since the company has lost it's auction licenses in the state of Indiana and due to other legal issues the company faces, the name Kruse International is being offered to a new owner. The brand name is known by car collectors and enthusiasts the world over. Here is your chance to create a new classic car auction company with your own management, but with a brand name that is already well known. You should contact Dean Kruse before it is too late and the name is sold.
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Advertised by:	Dean Kruse (click here to see full profile)
	Grade Dean Kruse
Email:	Email Advertiser
Ad Details
Property is	For Sale
Garage Spaces (put 0 if this does not apply)	1000.00
Price Information:	Not Disclosed in the AD. You must contact the sellers to discuss price and terms
Price	$0 USD
Which Celebrity?	Dean Kruse
Celebrity Owned:	Yes
About this Business
Business Category	Automotive Business
Franchise Operation	No
Type of Auto Business	Collector Car Dealership, Classic Car Promoter, Classic Car Shows
Business Name	Kruse International
Financial Information
Price Includes	Building, Land, Fictitious Name or DBA, Corporation, Equipment, Real Estate, Goodwill
Unique Sale Issues
Type of Sale	For Sale By Owner
In front of website you must input http://
Website	http://www.rmauctions.com
Virtual Tour or Movie Site	http://www.rmauctions.com/AuburnVideo.cfm
Website	http://www.kruseinternational.com
Location
Address	5540 County Rd 11A
City	Auburn
State	IN
Postal Code	46706
Country	USA
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Phone	(800) 968-4444
Ad id:	44751035
Ad views:	3528
Current rating	Grade
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