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Hilco Industrial Auction Exceeds Target by 25% In Sale Of Accurate Auto Carriers Inventory

Dépèche transmise le 3 février 2011 par Business Wire

Hilco Industrial Auction Exceeds Target by 25% In Sale Of Accurate Auto Carriers Inventory

FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--Hilco Industrial, LLC, and joint venture partner, Maynards Industries, Ltd., announced the successful auction sale of 148 trucks, trailers and auto carriers on behalf of the bankruptcy estate and creditors of Romulus, Michigan-based Accurate Auto Carriers, LLC. The webcast auction, which attracted an international gathering of more than 400 online and on-site bidders, lasted two hours and generated revenues approximately 25% greater than anticipated.

“This was a superb collection of assets that attracted significant interest, in part due to the strengthening of the marketplace for over the road vehicles in general and auto carriers in particular.”

Vehicles sold included Freightliner, Sterling, Kenworth, Peterbilt, International and Volvo tractors as well as trailers from Cottrell, Boydstun, Wabash, Wade, Kentucky, Westwind, Great Dane and Wally Auto Transport Trailers.

Commenting on the sale results, Robert Levy, a managing partner with Hilco Industrial, said, “This was a superb collection of assets that attracted significant interest, in part due to the strengthening of the marketplace for over the road vehicles in general and auto carriers in particular.” He added, “Production of new vehicles has slowed over the past three to four years and, simultaneously, the available inventory of late model vehicles is shrinking, which has fostered greater demand.”

Stephan Wolf, also a managing partner of Hilco Industrial, said, “We employed our HilCast® webcast auction technology for this sale in order to maximize the number of bidder participants and provide all bidders with full and equal access to the sale process. Our technology enables bidders to see the assets as they are put on the block and verbally communicate on a real-time basis with the auctioneer versus other systems that rely solely on mouse-clicks to enter bids.”

In recent years, Hilco Industrial and Maynards have conducted numerous asset disposition sales in the automotive/transportation sector, principally on behalf of Liquidation Motors Company and Old Carco, LLC, the entities of General Motors and Chrysler, respectively, left to settle past bankruptcy liability claims.

About Hilco Industrial, LLC

Hilco Industrial provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale and distribution companies. Hilco Industrial performs dispositions through on-site, online and combination “webcast” auction sale events as well as negotiated (private treaty) sales. Hilco Industrial has capital to put at risk and often acquires assets or provides guarantees. It also provides asset disposition services on a fee or commission basis. Hilco Industrial began operations in its current form in 2000. It is headquartered in Farmington Hills, Michigan, and maintains offices is key cities in North America and the United Kingdom.

About Maynards Industries, Inc.

After more than a century in business, Maynards Industries, Inc. has become one of North America’s preeminent auction, liquidation and appraisal companies. Annually, Maynards completes approximately 150 asset recovery projects, sending industry professionals to virtually every US State and Canadian Province to recover maximum value for Global 1000 clients. Maynards Industries has unmatched expertise in the automotive, forestry, mining and metal working industries. Maynards has offices throughout North America, Europe, China and Japan; Maynards Industries, is a international leader in offering asset disposition and appraisal services on every industrialized continent.