Great American Group (OTCBB: GAMR), a leading provider of asset disposition, valuation and appraisal services, announced the successful disposition at public auction of all construction, transportation, and related equipment assets formerly of U-Brothers Equipment Rentals.
Great American Group had been contracted by a secured party to perform a total dispersal of this significant rental equipment fleet. The large amount of inventory resulted in a multi-million dollar auction of machinery and equipment, with a substantial number of late-model, low-hour, and low-mileage items as new as the 2009 model year. The sale attracted bidders from across the country, with buyers participating remotely from Argentina, Australia, Bolivia, Canada, Chile, Egypt, Mexico, and Trinidad.
The auction, which employed a proprietary state-of-the-art webcast platform, took place on Thursday, November 12, 2009. The sale was called at Great American Group’s Auction Network Operation Center in Los Angeles. Temporary sale sites were set up at facilities in Florida, Texas, and New Mexico, near the U-Brothers equipment yards, with large projection screens that allowed the participants to see and hear the auctioneers in Los Angeles. Buyers at the three sale sites bid live, in real time, as did global buyers bidding online. Auctioneers in Los Angeles drew competing bids concurrently from the three remote sites as well as the online buyers, allowing for a robust and exciting sale event.
In addition to the unique webcast technology, other factors contributing to the successful sale included a comprehensive strategic marketing campaign that reached a broad base of contractors and other end users, equipment distributors and dealers, rental firms, and original equipment manufacturers. Pre-sale due diligence performed by Great American Group’s team of specialists bolstered interest to assure a well-publicized event.
“Great American Group is proud and honored to have been selected to conduct this important disposition,” commented Great American Group Wholesale & Industrial Services President Mark J. Weitz. “We are extremely excited about our Auction Network Operation Center because we can utilize this dynamic technology to conduct major auction sales from a much lower cost platform, allowing our clients to maximize their net recovery,” Weitz continued.
About Great American Group
Great American Group is a leading provider of asset disposition solutions and valuation and appraisal services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional service firms. Great American Group has offices in Atlanta, Boston, Charlotte, Chicago, London, Los Angeles, New York and San Francisco.
