Filed under: Classics, Auctions, Government/Legal
The legendary Kruse auction house has hit yet another rough patch. The company that once broke $1 million bid barrier for a classic car has had its licenses revoked State of Indiana. It appears that revocation result of a number of complaints lodged against house over past year. Buyers have reported lengthy delays obtaining vehicles they had purchased, and some consigners had lodged complaints after not receiving payment after their vehicles were sold. According Automotive News, Dean Kruse (pictured), the company’s president, has said that the poor economy has lead to cash flow woes.
Indiana has indefinitely suspended Dean Kruse’s license, though he can petition to get it back in two years. Meanwhile, his company won’t eligible for new licenses for a total of seven years. Kruse International is facing a total of $70,000 in fines, and must now submit quarterly reports from a certified accountant detailing all payments to consigners.
None this necessarily means that Indiana-based Kruse is getting out the auction business good, though. At present, no other state has pulled the company’s license… so far.
[Source: Automotive News - Sub. Req'd]
Kruse gets Indiana auction licenses revoked originally appeared on Autoblog on Tue, 01 Jun 2010 08:59:00 EST. Please see our terms use feeds.
Read | Permalink | Email this | Comments
0 komentar:
Posting Komentar