Kruse International
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Kruse International is one of the world's leading collector car Auction firms. It was founded in Auburn, Indiana in 1952 by Russell Kruse after his graduation from the Reppert School of Auctioneering. The company began as a local auction company selling real estate, farms and personal property. Russell Kruse, along with his son's Dean Kruse, Dennis Kruse and Daniel Kruse held their first collector car auction in Auburn, Indiana on Labor Day in 1971. After the success of this auction, they were asked by Tom Barrett to have a sale in Scottsdale, Arizona the next January, which was the first of the annual sales held there through the present. In addition to collector cars, the company has auctioned distinctive real estate, vintage aircraft, collectible tractors, mobile homes, collectibles, rare oil paintings, factories, islands, zoos, railroads and three entire towns. The Kruses were the first to sell a car for a documented $1 million in cash -- a 1934 Duesenberg SJ La Grande long wheelbase dual-cowl phaeton. The Duesenberg was sold to Tom Monaghan, founder of Domino's Pizza and then owner of the Detroit Tigers. The Kruse family is also noted for conducting the $41 million sellout of the famous William F. Harrah automotive collection. The sale of this 1,000-car collection was dispersed over three auction sessions in 1985, 1986 and 1987. Because of the lucrative divisions that auctioned real estate and oil field equipment, ITT bought Kruse International in 1981, but the family bought it back in 1986. It was purchased in 1999 by online auctioneer eBay with Billpoint for $275 million.[1] The company was purchased back from eBay by Dean Kruse in 2002.[2]
[edit] References
- ^ "eBay acquires two firms". CNET News, May 18, 1999.
- ^ "Its back to the basics for eBay". internetnew.com, October 3, 2002.
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