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 |  Jul 14 2010, 2:33 PM

Rob Myers, founder of RM auctions, recently announced that a subsidiary of his company, Auctions America by RM had purchased the 235 acre Auburn Auction Park, previously owned by Kruse Inc. Kruse has experienced financial difficulty in recent months and had it’s auction licenses suspended in its home state of Indiana. The purchase of the auction park divests Kruse of any interest in the park, but Auctions America by RM has stated that it will put on an auction alongside the Auburn-Cord-Dusenberg festival, which has been a staple of the park for 40 years.

The purchase is also significant, because the 1974 running of the  A-C-D festival represented the very first time that Myers himself attended a collector car auction. “All of us within the RM group of companies are very excited to take on these new opportunities and we look forward to upgrading the auction park and continuing to serve our clients,” he stated.

For information on the acquisition of the park click on the video link below of watch the video:

[Source: RM Auctions]

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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]