AUBURN, Ind. (Indiana's NewsCenter) - Embattled car auction powerhouse Dean Kruse says he's close to signing a deal to sell his property.
Dean Kruse told Indiana's NewsCenter that a field of 15 bidders has been narrowed down to three, he hopes to have a verbal deal in place possibly as early as Tuesday. Of course the goal is to get the new owner ready for a big Labor Day Weekend.
Kruse is selling the auction after the Indiana Auctioneer Commission suspended Kruse International's auctioneer license. All three of the bidders are from out of state, one of the companies is a major auction company that would invest as much as $2 million in the park and move it's American headquarters to Auburn. Kruse knows how valuable the auction company is to Northeast Indiana's economy and feels all 3 companies have the potential to have an even bigger impact on the local economy
Dean Kruse says, “My concern is that it was somebody that knew the business and would keep the auction strong. It contributes to many charities and the fall auction brings in nearly $50-60 million dollars to the local economy"
Kruse hopes to have an announced deal later this week giving the new owner time to have a successful Labor Day Weekend. It's possible he could work for the new owner as a consultant.
The company still faces a few lawsuits and is still owed several million dollars from car owners that never paid. While Dean Kruse feels the sale could make the auction #1 in the nation again in terms of sales, the process comes with mixed emotions.
"It’s like sending a child off to college and you don't know if they'll come back. You know it has to be done or should be done, but you don't know what the future holds, it's the end of an era possibly," says, Kruse.
If the deal is finalized this week it will be the 3rd time Kruse has sold the company and in each of the previous two deals he eventually bought it back, that appears to be an option in all three deals being negotiated.
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