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 |  Jun 01 2010, 2:24 PM

Kruse Inc., recognized as one of the pioneers in the field of collector and special interest car auctions, has had its licenses revoked in its home state. The Indiana Auctioneer Commission, recently ruled to take away both Kruse’s auctions that have allowed it to operate in the Hoosier state. To add further insult to injury, the auction house will not be able to re-apply for new licenses for at least another seven years.

Dean Kruse, president of the Auction house, has also  had his own license suspended indefinitely and both he and his company have been fined $70,000.

This comes on the heals of reported financial troubles at Kruse Inc., which were first noticed last year, when a number of consignors (vehicle sellers), reported that they weren’t getting paid and that the buyers weren’t getting the cars they’d purchased. An official statement from Kruse himself last year mentioned that the auction house had been affected by the economic downturn.

Kruse Inc. is perhaps best known for selling the famous William Harrah car collection over the course of three separate auctions which brought over $41 million, including a 1934 Dusenberg which was bought for cool $1 million in cash. However, with the suspension of licenses it’s unclear what the immediate future might bring for the auction house, though it is reported that Dean Kruse is in talks to repay the money owed and apply for re-instatement of licenses, under specific turns and conditions laid out by the Commission.

[Source: Autoweek]