AUBURN, IN (Indiana's NewsCenter) --- The renowned Kruse Classic Car Auction will happen in Auburn Labor Day Week-end 2010, but the event will take place under a new name.
It was confirmed Thursday that the Kruse Auction grounds have been sold to a Canadian company.
A subsidiary of the world's largest collector car auction house will be in charge of the Labor Day auction.
Representatives with RM Auctions say this year's version may be a little smaller than normal, but that lots of energy will be invested to restore integrity to the tarnished event.
RM Auctions has acquired the 235-acre auction park, promising to pump life into the facility with new paint, asphalt and better computer services.
Plans call for having up to 1,500 vehicles offered for sale, focusing mostly on muscle cars and hot rods from the 1950's and 60's era.
Dean Kruse is battling huge financial problems; trying to pay more than 60 consignors that he still owes money.
The new company says those mistakes won't happen again.
Ed Cepuran/Chief Financial Officer- Auctions America by RM: " We will add client trust accounts, so that payments are ensured to our consignors. We realize we're going to have to restore some integrity and confidence back into this company."
Dean Kruse/Sold Kruse Auction Park: " I've had five or six lawyers call me on the phone, can I please handle your bankruptcy. I said, no. I'm going to pay these people."
Kruse maintains he is trying to collect several million dollars in debts owed him.
Neither side in this property sale transaction would disclose the purchase price, citing a confidentiality agreement.
Officials with RM Auctions made it very clear that Dean Kruse has no vested or legal interest in the new operation and that RM is assuming no responsibility for any of Kruse’s outstanding debt.
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