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Barrett-Jackson undergoes independent audit of 2008-09 auction results

Thu, 01 Oct 2009

Barrett-Jackson Auction Co. is opening the books on its 2008-09 auction season for an independent review by auditors from Deloitte & Touche. The auditors will examine Barrett-Jackson's auction practices, including its consignment process, bidder qualification procedures, adherence to contract sale terms and proper, timely and accurate payment to sellers.

“Barrett-Jackson is the only auction company that has the policies and practices in place that allow us to undergo this kind of scrutiny,” said Steve Davis, president of the Arizona-based auction house. “What they find is what they find.”

Davis said the impetus for the review--actually, what's called an auditor's “attestation” that Barrett-Jackson conforms to proper practices--was a legal action dating to 2007, in which a seller alleged improper auction activities. The company sued that seller and eventually reached a settlement in which the auction company was exonerated of all allegations of wrongdoing.

For results of the probe, which were expected to be released Thursday.

By Bob Gritzinger