Kruse Auction

[Jerry C.]

Took a friends 57 Corvette to run at Kruse auction over Labor Day. Promised run time was 7:00PM on Saterday night. Car went thru at 11:35PM and it sold but he still has not been paid. I know the buyer paid the next day but they are telling they are in audit and would not be paid before next week. I know they are sitting on his money while they are making interest on his money. What a bunch of gougers. Last time I will visit Kruse Auctions. Anybody having the same problem?

[Kevin M.]

Re: Kruse Auction

I don't think I'd sign a deal where I left without my money and they keep my car ? your friends getting hosed for sure. I bet they tell all consignors there car will go off at 7pm should have gotten both of those promises in writing.

KM

[Gord H.]

Re: Kruse Auction

Most auctions have a hold date up to 10 days they have to make sure all titles and monies are legit.plus they would not be getting rich holding any money at these interest rates.The real problem would be if they declared insolvency when your car was in this time period.

[Harmon C.]

Re: Kruse Auction

I got paid within a few hours at the Bloomington Corvette auction. They have your title in hand before they will run your car through the auction. After it sold I went to the office and signed the title and other paperwork and got my money. With the commission charged at auction you should get your money the day it sells as part of the service they offer.

[Anthony M.]

Re: Kruse Auction

What Kruse is doing is not unusual. They have a certain period (10 days sounds normal) where the deal can be undone if there is a problem with the funds, or the car, or the paperwork. This is to protect them from getting left holding the bag. Unfortunately it leaves you in a position of risk as you have no car and no money until they are ready to pay you. You need to understand these rules when you take a car to auction. The choice is yours they make the rules and if you want to use their services you play by their rules.

I agree with the previous poster that the interest gained on the money won't do much for the bottom line. The buyers and sellers fees will do that with no problem.

[Steven B.]

Re: Kruse Auction

I don't know anything about the auction details of most houses but I have seen at Kruse Auburn this year and other auctions the notice on cars "Title In Transit."

Has anyone purchased under these conditions?

[Harmon C.]

Re: Kruse Auction

That note may be their because a bank holds the title and must be payed in full after the car is sold and before the new owner gets the title.

[Jon S.]

Re: Kruse Auction

I sold a '78 at Kruse a few years ago and had my money within a few hours after the car went across the block. Likewise, I bought a '69 at one of their auctions and the seller got his money just about as soon as I had paid Kruse.

[Dick W.]

Re: Kruse Auction

Two of the basic rules of auctioneering

1.Thou shalt pay thy sellers

2.Thou shalt answer certified mail from thy state auctioneer
licensing board

[Harmon C.]

Re: Kruse Auction

I was told by Meacum that if they did not get the money from the buyer they would own the car and sell it at the next auction.That bider who did not pay would not get a deposit back or any other things the law would allow. On real high dollar cars like a half million and up I could see special rules.

[Chris L.]

Re: Kruse Auction

Barrett-Jackson does the same thing , I believe. It took 30 days for my friend to receive his money from BJ in Scottsdale. He sold 2 cars and actually bought one back himself and still had to wait for the money! I bought one at Carlise a few years ago when it was the Bob Gold auction and had to wait 30 days to get the title as they siad it took 30 days for the checks to clear. I took the car home, but couldn't get tags for a month.

[Mike E.]

Re: Kruse Auction

Dickie--
Don't you know it's "thou shalt" rather than "thy shall"? I'm appalled!!!

[Dick W.]

Re: Kruse Auction

Error corrected Reverend. When you get our age, you have a tendency to forget a few things. . Would you please tell me again what we are talking about??

[Terry M.]

Re: Kruse Auction

Not to feed the fires of religion, but I thought it was "Thou shalt NOT ...." Nothing positive about it.









Just tweaking you Mike.