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RM prepares for first auction at former Kruse site

Fri, 30 Jul 2010 00:00:00 -0700

It's been a little less than a month since RM Auctions purchased Kruse's Auburn park and formed Auctions America by RM.

Since then, the new RM subsidiary has been busy preparing for its first Auburn Fall Collector Car Auction, Sept. 1-5, a successor to Kruse's long-running Labor Day sale.

A top priority is restoring confidence after reports surfaced of sellers not being paid and buyers not receiving their cars at Kruse's auctions.

“Given the history of our new location, we appreciate the fact that we need to boost the confidence of both buyers and sellers in the auction process at Auctions America's inaugural event,” said Ed Cepuran, chief financial officer.

As such, client accounts are being set up with Comerica Bank. Sellers will receive payment within five business days of the buyer's payment clearing the auction company's bank account.

Renovations being made to the Auburn facility are expected to be finished by Sept. 1. Totaling $1.5 million, the upgrades include building repairs and new asphalt for the parking lot.

And, most importantly, the company has spent the last few weeks lining up consignments. A 1953 Oldsmobile Fiesta Convertible and a 2008 Ferrari 430 are among the 475 cars that have already been consigned.

By Izzi Bendall