RM announces purchase of Kruse Auction Park

Rob Myers, head of RM Auctions, announced this morning that his auction company has purchased the Kruse Auction Park in Auburn, Ind. The announcement came in a morning press conference held at the Auburn-Cord-Duesenberg Museum, also located in Auburn.

Myers said the facility and auctions held there will be branded as Auctions America by RM. He confirmed that there will be a sale this coming Labor Day Weekend and an auction in spring 2011. He added that 1,000 to 1,500 collector vehicles are expected to be consigned to the upcoming fall sale.

Myers also stated that the auction park facility will receive major upgrades, including the buildings on the grounds and its asphalt. Other confirmed plans include renting the facility for non-automotive events such as farm shows, according to Myers.

Also speaking at the press conference was Dean Kruse, head of Kruse International and former owner of the Kruse Auction Park, and Ed Cepuran, Donnie Gould and Ken Wallace, who were introduced as Auctions America by RM CFO, president and general manager, respectively.

In taking questions after the main part of the conference, Myers clarified that RM is not purchasing the Kruse International auction company, just the auction park facility. In response to a question about outstanding financial liabilities from previous Kruse International auctions, Dean Kruse answered that he would pay back his debt and added, “My bills are mine.”

Cepuran stated that the sale of the auction park was “not a hostile takeover.” Kruse added that the sale “was the best possible deal I could bring to Indiana,” adding that “it was crucial to the sale to find a buyer that understands the [collector vehicle auction] business.” It was further announced by Cepuran that Kruse would not have any financial association with Auctions America by RM.

[Editor's Note: Soon after the posting of our intial news report, the following press release was issued by RM Auctions]

RM PURCHASES FORMER KRUSE AUCTION PARK
 
- RM expands with acquisition of well-known Auburn, Indiana auction park
– New RM subsidiary launched – Auctions America by RM
– Collector car expert, Donnie Gould appointed President of new venture
– Famous Labor Day weekend collector car auction continues this year

Auburn, Ind. (July 01, 2010) – Rob Myers, Chairman and Founder of Canadian-based RM Auctions, the world’s largest collector car auction house, today announced the purchase of the 235-acre auction park located in Auburn, Indiana by a subsidiary of RM from long-time automobile auctioneer, Dean V. Kruse**.

As part of the company’s overall expansion plans, Myers also announced the formation of Auctions America by RM – a new RM subsidiary created to operate the recently-acquired auction facility, specializing in the presentation of the hugely popular 1950s and ‘60s classics, customs and muscle car segment of the collector car market.

RM Auctions continues its annual calendar of events, and the two separate RM auction entities, each with its own focused brand identity, will seamlessly serve the entire spectrum of the collector car market with the superior level of client service for which RM has become known.

Under the Auctions America by RM banner, the tradition of staging what was once the world’s largest automobile auction held in conjunction with the Auburn, Cord, Duesenberg Festival each Labor Day weekend, will mark its 40th year, September 2 to 6, 2010 in Auburn.

The very first collector car auction I attended was the one held on Labor Day weekend in Auburn back in 1974. The ACD Festival and auction weekend has been a tradition for me ever since,” stated Myers. “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 and friends with a venue like Auburn.”

Donnie Gould, RM Auctions partner and collector car expert, has been appointed President of Auctions America by RM. Gould will work closely with Ed Cepuran in his new role as Chief Financial Officer of RM’s new subsidiary. Serving as General Manager, the day-to-day aspects of the business will be overseen by RM car specialist, Ken Wallace.

RM Auctions has so many customers active in the buying and selling of muscle cars, customs, street rods and just plain great old cars that we simply cannot service them all with our existing venues,” said Gould. “We believe the Auburn location is ideal for this biggest segment of the market with its freeway access, huge parking lots, and motorcoach and swap meet facilities. We are all very excited to get started.

The Auburn Auction Park is located at 5540 County Road 11-A, Auburn, IN 46706. Originally opened in 1989, it is considered one of the best facilities of its kind by car enthusiasts from across the country. For more information or to consign a car to this year’s Labor Day weekend auction, please call 1-877-906-2437 or visit www.auctionsamerica.com.

Footnote: **Dean Kruse and/or any of the Kruse Companies do not have any vested or legal interest in the Auctions America by RM company, its auctions and/or in the Auburn auction park real estate.

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