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]

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