Kruse in bad shape

http://www.autoblog.com/2009/11/28/followup-auctioneer-kruse-ordered-to-pay-bank-1-3m-has-jet-re/

As best I can tell, Kruse's big error was to just let good customers take cars without paying for them right away.

It sounds inane. But it creates a slight competitive disadvantage for those he deems "not-good" when bidding.

Question for those of you who have purchased Kruse Ferraris- Did you know that this practice was going on? Two- did it effect your bidding + or - ?

 

He owed a dealer friend of mine $70K or so from the Labor Day auction in Auburn and couldn't pay him so he was able to wrangle 3 vehicles from D.K. a couple of months ago in lieu of the debt.

 

Those auctions were mostly junk sales anyway.

 

Saw this coming about a year ago with Kruse.....I'm surprised people still bought/sold stuff through their auction in 2009. I warned the people I knew....but most scoffed.

 

I think I have attended only 1 Kruse auction, which was here in Az., and that was enough. They'll sell anything.

 

Sounds like the guy was running a ponzi scheme that's blowing up. OTOH, R&M seem to be doing things right even in this poor economy.

 

R&M seems to be following the dictum of fine English auction houses: "Right crowd, No crowding".

 

These guys have been running scams for nearly 40 years. I hear He owes the city where the Aubrun festival is held, in excess of $100,000 grand for pledges he made and never paid up.

He is the same guy that had $1000,000 in auction proceeds(in a locked briefcase) dissapear on a plane trip from Las Vegas to Indiana, mind you this was a non stop flight, not hijacked, no stops between boarding and touch down. The 100 grand just dissapeared.

Who in their right mind would give a signed title to of all people this auctioneer to sell your prized possesion???? I'm sorry but I have no sympathy for those of you that signed your
rights away and just gave a total stranger the right to act as your agent, and negotiate and dispose of your vehicle, which he did, he just did not get around to pay you!!!!! What were you thinking?????? I would rather trust my ex-wife than these clowns.

So you give your car and title to a total stranger and he sells it to one of his cronies. Then he allows his buddy to take the car and title with a promiss to pay later. Hmmm lets quickly recap you are out your car and title and you got no $$$$$$$$$$$. I'm guessing you are now screwed. I have read there are now over 100 gulible and a bit dense folks in the same boat. Sure they signed an consignment agreement which I'm sure has more holes in it than the Titanic.

Never never let the title out of your hands at any auction. You can have a true and certified copy of the title made and give that to the auctioneer(not negotiable but legal proof of ownership). Then if and only if the car sells and only when the money is paid do you sign and release the title. Come on folks use some common sense!!!!!!!!!!!


Howard Musolf
1981 308gtsi
1982 400i Cabriolet
Maserati Spyder
2 many brass cars.

A fool and his money are soon parted, my question is how did the fool get the money in the first place??????