This past week, Cat Auction Services sold more than $3.4 million of heavy equipment during an unreserved public auction held at the Ziegler Cat dealership in Columbus, Minnesota. Despite a cold wintry day, there were over 165 bidders registered onsite and 340 bidders registered online for the auction. These bidders were from 36 states and 8 countries and competed for 133 lots. The successful Columbus-Twin Cities auction concluded an impressive auction season for 2010.
Cat Auction Services President Rick Albin said, â€śWe were very pleased with the results of the Twin Cities Auction. The Ziegler Cat site was the perfect venue to showcase customer inventory and the indoor facility was perfect for a very large crowd. The technology worked perfectly and although this auction wasnâ€™t our biggest in terms of number of lots or dollar amount sold, we continued our trend of attracting active, serious buyers. As with our other auctions, buyer confidence was extremely high, which led to exceptionally solid prices.â€ť
Albin attributes this high level of buyer confidence to the TA1-level inspection reports on the equipment, as well as the exclusive Caterpillar products and services available to buyers. â€śThe fact of the matter is that our buyers have access to an impressive number of tools — from the most detailed inspection reports in the industry, to extended Equipment Protection Plans, part options, financing and insurance — the combination of which make them very comfortable with the value theyâ€™re receiving. Quite simply, weâ€™ve given them the tools to make highly informed decisions.â€ť
Once again, the unique auction-theater setup and innovative LeaderboardÂ® display drew rave reviews from on-site participants, while nearly two-thirds of the total bidders participated remotely via the companyâ€™s improved online bidding tool. Albin noted the importance of continuing to achieve this balance of on-site and online participation as the company prepares for upcoming 2011 auctions. Nearly 50% of the winning bids came from online bidders, thus we see our auction business model of combining a large onsite crowd with a very large and interactive online participation creates a very positive experience for those registered for our auctions. For the year, 31.5% of business revenue is generated online.
Albin continued, â€śWeâ€™ve built strong momentum, and are committed to continuing that growth with high-caliber auctions that provide great value to our buyers and sellers, giving them an auction experience unlike any other. Our inspection reports and warranty options quite simply have no equal. And the wide range of exclusive Caterpillar services we provide give our buyers more options, more flexibility and more confidence than anyone else can provide.â€ť Albin noted that more than 30 pieces of Caterpillar equipment qualified for an extended Equipment Protection Plan.
Albin went on to describe the options available to online bidders. â€śOur simplified online bidding system streamlines the registration and bidding processes, and allows those who cannot make it to the sites the chance to interact in a way that is more consistent with what our on-site participants experience. With so many bidders participating via the web, this improvement will significantly enhance the bidding process for a large number of our customers.â€ť
Cat Auction Services entered the heavy equipment auction arena in late 2008 and has been active across the country. Reaction from all corners has been positive, and the auctions have drawn buyers from 49 states and nearly forty countries. By conducting auctions that provide value to both the buyers and sellers, Cat Auction Services complements and enhances the relationship between Cat dealers and their customers.
Auction results are available to all registered bidders on www.catauctions.com.
Cat Auctions will begin the 2011 year with inaugural in Los Angeles on February 8th at the Pomona Fairplex and Las Vegas on February 11th. Thirteen auctions are tentatively scheduled in 2011 with more to follow as our dealer partners, consignors, brokers and customers expand nationwide and globally.
Cat Auction Services was formed through a unique partnership of five Cat dealers with the endorsement of Caterpillar, Inc. In 2009 the dealer partners grew to nine and as we conclude 2010, we have 17 dealers as partners with quite a few more interested in becoming a partner in 2011.