Kruse Auction not paying sellers AZ Daily Star

[lbnaz]

The Kruse auction was in Tucson, AZ. on Feb. 27-28. Its been 70 days and they haven't paid for some cars that were sold. Article in yesterdays AZ Daily Star. FYI if your consigning cars.

[BJCHEV396]

Wow!Must be having cash flow issues.

[njsteve]

Here's the link:

http://www.azstarnet.com/allheadlines/292176.php

[quick-bowtie]

"Moga said Kruse officials he spoke with earlier this week indicated the company will have completed all of the Tucson-based sales by the end of May, when a four-day auction in Auburn, Ind., is completed."

Sounds like to me they are robbing from Peter to pay Paul. Musical Chairs at its best.

[Stefano]

Let me think? Is there an auction which pays you the same day they get paid?? I believe that would be our new sponsor Mecum!

[Bill Pritchard]

Same subject was discussed here recently....

http://www.yenko.net/ubbthreads/showflat.php/Cat/0/Number/399656/an/0/page/5#Post399656

[MosportGreen66]

This is does not sound like a cash flow problem... Kruse wants to make income from the interest payments on the lump sum deposited after the auction. Barrett takes two months to cut checks. I'm not saying I agree or disagree with this point, but with today's economy, what bank is going to deny the short term use of millions of dollars?

[Charley Lillard]

Sounds to me more like a Company that is about to have a bunch of legal troubles. I'm guessing they don't have the money to pay. I'm guessing they are depending on their next auction profits to pay the people from this auction. How many from the next auction will be screaming for their money ? It could all come to a screeching halt if some D.A. decides what they are doing isn't legal.

[Mr70]

More so if that D.A.lists his vehicle for sale with them soon.-Judge David Clabuesch http://www.yenko.net/ubbthreads/images/graemlins/scholar.gif

[1969z280]

Kruse has been doing this since they bought the company back from ebay. For those of us in Indiana this is not new news and the reason why I always by something more expensive than what I sell there. Then...I owe him money at the end of the day.