auctions » news

Post by A

Morton Barker retirement in April 29 ag auction

Fri., Apr. 17, 2015 - 1 pm | Aaron Traffas, CAI, ATS, CES

download audio file | play in new tab

Aaron Traffas: Hello and welcome to Purple Wave’s Auction Podcast. My name is Aaron Traffas. We’re conducting a very large ag auction on April 29, and one of the larger packages of farm equipment in that auction is a retirement package for Morton Barker of Pratt, Kansas. I’m going to speak this morning with Morton’s son Jim about that equipment. Good morning, Mr. Barker, and thanks for joining me.

Jim Barker: Good morning.

AT: Tell me about your father’s farming operation. How did he get started?

2009 Versatile 375 4WD tractor

2009 Versatile 375 4WD tractor

MB: Dad has farmed most of his lifetime. He’s 85 years old and got his start basically right out of the military. He and his brother – actually a couple brothers – took over a family farming operation and they grew it for several decades. Dad farmed quite a bit of land. He was into a dairy operation, had beef cattle, and then, of course, farmed as well.

When was it that he retired?

He actually quit farming in the fall of ’13 and has not farmed since then.

It’s certainly a big decision, selling the farm equipment, for anyone in agriculture. Why was it, in the end, that you elected to use Purple Wave to sell your equipment?

2012 Landoll 9650 field cultivator

2012 Landoll 9650 field cultivator

I have had some experience actually in an equipment business and I knew that we needed to have an Internet presence and had researched – myself and family researched several different avenues to sell the equipment. After researching and looking at the possible ways of doing it, we elected Purple Wave just based on history and the Internet presence aspect of it.

I see tractors and pickups and tillage implements, livestock equipment, a grain cart, mower, planter, drill and more. Tell me about a few of the nicer pieces. What would you say are the highlights of this package?

Dad’s got a 2009 Versatile 375 that literally – well, it’s only got 690 hours on it. I don’t know that ever since he’s had the tractor that it’s seen rain – maybe a couple times, but it’s just absolutely very nice. It’s just broke in, as a matter of fact. He’s got that. He’s also got a couple real late-model Landoll tillage tools. He’s got a 50 ft. field cultivator that I actually used the fall of ’13 ahead of wheat, some, and he’s got a 36 ft. Landoll disk. Both of those have been over very few acres. They’re really better than new, because it’s got all the new bugs worked out of them – on all of those. He’s also got an ’08 F-150 that’s just got 36,000 miles on it that, honestly, our family struggled with even selling, but it has been sitting in the barn. I drive it every once in a while, but we decided to go ahead and sell it. He’s got a little 1920 that’s low hours – handy little utility tractor. Dad’s stuff is either like brand new or it’s got some stuff that’s got some age but very usable, you know, that definitely has not been abused. So it’s a very nice set of equipment.

Well there’s obviously the nearly new pieces of equipment here. As far as the equipment that, as you say, is still very usable but has some age on it, has it been well maintained?

1979 Case IH 2390 tractor

1979 Case IH 2390 tractor

It has been very well maintained. Dad was very careful and meticulous with what he did and how he used his stuff, and he saw after it very well. That 2390 is a prime example. It’s a ’79 model; it’s got 6500 hours on it, but it was kept in a barn. He kept his stuff up, because, obviously, it was a big investment for him as it is with anybody.

Sure. Tell me about the auction location. We’ve got it listed as Pratt, Kansas. Where is it from Pratt and is it all located in one place?

It is all in one place. It’s actually at my folks’ home place. We’re eight miles east of Pratt. We’re only about ¾ mile south of Highway 54/400, so it’s very easily accessible. It is all in one location.

If somebody wanted to haul some of this equipment a fair distance, is it easy to get a truck tractor and trailer in to load it on a semi?

Yes, it is very easy to get access in. As a matter of fact, right behind the house, we’ve had semis in back there behind where the circle is and we’ve had semis in there quite a bit. It’s easy to get a semi with a trailer in to load.

We always encourage our bidders to get a chance to take a look at everything before placing a bid. For anyone interested in doing that, what would need to happen in order to take a look at this equipment?

2012 Landoll 6230 disk

2012 Landoll 6230 disk

We will be there the day before the stuff closes, which will be the 28th. We’ll be there all day. Obviously, they can access Purple Wave as well. There’s very good representation of photos – even the tractors have videos as well, which are very well done. As far as physical, on-site inspection, we will be there the day before on the 28th and, of course, on the 29th as well.

I’m looking at the website as well, and under the inspection I’m also seeing an open inspection listed for Friday, April 24, from 9 to 4. I think our territory manager, Keith Leis, is going to be over there at that time to allow anybody to take a look at something in case they want to get financing arranged, if they’re serious in it, and have a few extra days in addition to the day before the auction as well.

Correct. Yes, I believe that’s right.

And on the other side, once a buyer has made payment to Purple Wave, what is he going to need to do in order to come in and pick up and remove the equipment?

1998 New Holland 1920 MFWD compact utility tractor

1998 New Holland 1920 MFWD compact utility tractor

We will be there on Thursday and Friday, as well, to allow people to come in the day, you know, the next couple days after. I believe Keith is also planning on being there the following Friday, which, I think, is May the 8th, I think, as well, he has listed on that. There’s some options there, but we will definitely be there the day after and Friday, which will be the 30th and then May 1st, as well.

It’s because you are located out of state, and Keith certainly isn’t local to the auction location, that we are asking our buyers to make a concerted effort to come in and remove the equipment on schedule on those days that we specified, because it is not going to be too easy to come over on a special day and unlock and facilitate a special load out circumstance.

That’s correct.

Jim, is there anything else you’d like to mention about this auction?

2008 Ford F150 XLT SuperCrew pickup truck

2008 Ford F150 XLT SuperCrew pickup truck

No. It’s obviously very difficult any time anybody has to go through a situation such as this, but it’s all very nice stuff. There is, obviously, a couple tractors that are non-operational, which is state. But, you know, we went through everything ahead of time and checked it over good. Most of it really didn’t need anything other than maybe charging a battery here and there. It’s a good group of equipment. Obviously, it’s a wide range, like we’ve talked about, from just brand new to some age but usable. It’s a nice set of equipment.

I’ve been speaking with Jim Barker about his father’s retirement package of farm equipment in Purple Wave’s April 29 ag equipment auction. Thanks again, Mr. Barker, for joining me today.

Thank you.

Bidding for this ag equipment auction is open now and will close on Wednesday, April 29, beginning at 10 a.m. central. If you have questions about the assets listed for the Morton Barker retirement, or you’re interested in taking a look at the equipment before placing a bid, attend one of the open inspection periods from 9 to 4 on April 24 or April 28. There are many more packages of ag equipment in this auction, so make sure you get a chance to look at the over 400 pieces listed on the website.

Like all Purple Wave auctions, there are no reserves or minimum bids. Items receiving bids in the last few minutes will be automatically extended to give everyone a fair chance to bid. There’s no advantage to waiting, so view the complete inventory listing – and place your bids now – at purplewave.com.

Leave a comment »

Post by A

Ace Blacktop retirement auction

Thu., Mar. 19, 2015 - 3 pm | Aaron Traffas, CAI, ATS, CES

download audio file | play in new tab

Hello, this is Aaron Traffas with Purple Wave. We’re conducting a retirement auction for Ace Blacktop near St. Paul, Minnesota, that will close on April 14. It’s a large package of construction equipment from a paving company and I’m going to visit with John Hengel, Purple Wave’s territory manager who has been working to get everything listed. Good morning, John, and thanks for joining me.

Good morning, Aaron, and thanks for having me.

Tell me about Ace Blacktop. What kind of work have they done in the past and what kind of area did they service?
IMG_9922_cutout

Well, Ace Blacktop, they’ve been in business since 1967. They’re located in south St. Paul, Minnesota, which is in the Twin Cities. They’ve been primarily a paving contractor, paving anything from bike trails and driveways up to parking lots and large highway projects.

What led to their decision to retire now?

Well, as I said, they’ve been in business since 1967 and feel it’s time to move on to other ventures.

I’m sure that, with a package of equipment this size, they examined a bunch of options. Why, in the end, did they elect to use Purple Wave?

They like the way that we bring the equipment to market. They do have a large selection of trucks and rollers and asphalt rollers and pavers and stuff. They just felt trying to sell it locally – they weren’t going to get the crowd and attention they needed. And, along with that, moving it to an on-site auction place would have been a high-dollar cost. They liked the online Internet deal and they decided to choose us over any other of our competition.

As we speak, I see just over 200 items listed at purplewave.com. Tell me about some of the types of equipment we’ll be selling for Ace Blacktop.

Being a paving company, most of their equipment is going to be paving or related. They don’t have any large excavators or anything like that, but I think there’s five paving machines, sixteen or seventeen asphalt, double-drum, smooth-drum rollers, the trailers to haul all that stuff – I think there’s sixteen different trailers. There’s a nice size fleet of trucks, ranging from pickups up to tri-axle dump trucks, tri-axle semi tractors – and there’s five water trucks as well.

Tell me about some of the highlights. If you had to pick out three or four of the marquee assets, what would they be?

2002 Blaw Knox PF-5510 asphalt paver

2002 Blaw Knox PF-5510 asphalt paver

The do have, like I said, a large fleet of trucks, which is kind of unique – they’re all painted red. They’re all the same color. If there’s a company looking to maybe change their fleet around or upgrade a little bit, they could buy right into a whole matching package. They do have a Roadtec RX-68 milling machine that – it’s not a really new unit, but it’s a very nice unit, clean unit, serviceable – it’s one that they were using. If there was a company that was interested in getting into that type of work, it would be a little more inexpensive way to get in to it than to buy a brand new machine because they’re very expensive to buy brand new.

Well, let’s talk about the the auction location for a minute. Where is Inver Grove Heights in relation to St. Paul and how easy is it to access the auction location.

Google Map of 7280 Dickman Trail, Inver Grove Heights, MN 55076

Inver Grove Heights is on the southeast corner of St. Paul. You know, if you look out the office window you can see the Mississippi River. It is located just south of 494 off of Concord Boulevard and Dickman Trail so it has easy access. There’s no road restrictions on the road here for the spring. If you’re coming from the south, you could access it from Highway 52 and Concord Boulevard and then on to Dickman Trail. There’s easy access and plenty of room to get any sized truck in there. And, like I said, there are not any road restrictions to access their site this spring.

We’re making it as easy as possible for interested bidders to come and take a look at the equipment by having a couple of open inspection periods, one on April 8 and one on April 11, both of them from 9 a.m. to 3 p.m. each day. In the event that those dates don’t work for somebody, will there be a way for interested bidders to come and take a look at the inventory outside of those times?

Absolutely, yes. Clint Mikkelson is one of the owners and he is there pretty much every day from, you know, kind of normal business hours – 8 to 5. His phone number is listed on the website – just reach out to him and set up a time to come and take a look. Any time that he’s available he’s willing to meet.

Roadtec RX-68 mill

Roadtec RX-68 mill

Let’s talk about after the auction. Once a buyer has invoice in hand, what does he need to do to come down and pick up the purchases from the auction location?

Just give Clint a call and let him know you’re coming and swing on in and pick it up. There’s kind of a little bit of a loading dock there, so I would plan ahead as far as a trailer for getting something loaded. Otherwise, any time that somebody could come they could come and get it picked up.

There’s quite a bit of stuff here that would be difficult for one person to load himself. Will there be any kind of loading assistance available?

Yes, Clint will be there and he does have two other people that will be helping with the load out.

Auction flyer

Auction flyer

Some of the heavier pieces might require some more advanced logistics – scheduling trucks and haulers. When must everything be removed?

They really would like everything removed within that 14 day timeline. You know, as we talked about, it is a retirement auction. As soon as this equipment is gone they just need to clean up the property and give it back to the owner. They kind of would like to get everything removed as quickly as possible so they can move on.

John, is there anything else you want to say or mention about this event?

It is a nice package of equipment. There’s a lot of different trucks and trailers. If a person was to look through all the listings we have, there is a lot of nice shop supplies as well. There’s tools and welders and engine stands and all kinds of different stuff. There’s parts for the milling machine and a reclaimer that they have – kind of a one-stop shop. Somebody could take a look and buy all kinds of different things from a tri-axle dump truck right down to some gas cans if they’d want to.

John Hengel

John Hengel

John Hengel is Purple Wave’s territory manager for southeastern Minnesota and parts of western Wisconsin. You can find him on the web at purplewave.com/johnhengel. Contact him at john.hengel@purplewave.com or call 952.220.7068. Thanks again, John, for joining me this morning.

Thank you, Aaron.

Bidding for the Ace Blacktop retirement auction is open now and will close Tuesday, April 14, beginning at 10 a.m. If you’re interested in inspecting the equipment before bidding, visit the open inspections on April 8 or April 11 from 9 a.m. to 3 p.m. each day or contact Clint Mikkelson at clint@aceblacktop.com or call 612.290.9388. Like all Purple Wave auctions, there are no reserves or minimum bids. Items receiving bids in the last few minutes will be automatically extended to give everyone a fair chance to bid. There’s no advantage in waiting, so view the complete inventory and place your bids now at purplewave.com.

Leave a comment »

Post by A

Flying L Ranch estate auction

Fri., Feb. 27, 2015 - 5 pm | Aaron Traffas, CAI, ATS, CES

download audio file | play in new tab

Hello, this is Aaron Traffas with Purple Wave. We’re conducting an estate auction for Flying L Ranch near Ponca City, Okla., that will close on March 11. It’s a solid inventory of farm equipment and I’m going to visit briefly with Keith Leis, Purple Wave’s territory manager who has been on the ground there in Ponca City getting everything listed and ready to go. Good morning, Keith, and thanks for joining me.

Good morning, Aaron.

Tell me about this event. What kind of equipment are we selling?

150311B

Flying L Ranch auction flyer

This is an entire liquidation of the Flying L Ranch operation. We’re selling a wide range of ag equipment including cattle equipment, grain hauling and harvesting equipment, hay equipment, application equipment and more.

Tell me about Flying L. Why are we selling everything for them and why did they elect to use Purple Wave?

Flying L is a large farming operation that’s based just west of Ponca City. This is an estate sale for the Flying L Ranch. The decision makers at Flying L did their research and interviewed several companies that are in the equipment sales industry. After that, they felt that Purple Wave was the best fit for them and that we could get the best recoveries in the market.

Tell me about the equipment that they have there. What are some of the marquee items?

They mainly operate late-model John Deere equipment. We’ll be selling approximately 85 pieces, highlighted by a John Deere 8430 with approximately 3400 hours on it. There’s a John Deere 7830 with approximately 3000 hours. It’s got a 746 loader on it. We’ve got two 9770 combines. One’s got 1000 separator hours and one’s got 1300 separator hours – nice, late-model machines. There’s a 4830 sprayer with approximately 1800 hours on it. It’s got 90 ft of booms and comes with a GS2 GPS system. There are several Peterbilts, including an ’05 379 – it’s got a CAT C15 motor and approximately 700,000 miles on it. There’s a John Deere 1790 split-row planter, a 4995 self-propelled John Deere swather – there’s a really nice 2013 Ford King Ranch. It’s got 8900 actual miles on it. It’s a one-owner. It’s loaded up. There’s a 2012 568 John Deere round baler – several other mechanical four-wheel drive front-wheel assist tractors with loaders. There’s some headers, grain trailers, grain carts – the list goes on, Aaron.

Tell me about the auction location. Is it easy to get to from Ponca City?

Yes, it’s approximately five miles west of Ponca City. We will post the address to the site for the viewing date so that people can find us easier.

I understand that we’re making the equipment available for inspection by publishing a couple of open inspection periods on March 6 and March 10 from 9 a.m. to 4 p.m. each day. Will there be a way for somebody to take a look at the inventory outside of those times?

Yes, we’ll also be on site the day of the sale as well. We’ll have some kiosks available to help people bid if need be.

What does a winning bidder need to do in order to come down and pick up his purchases?

All the buyers must bring a copy of a paid invoice that shows what they’ve purchased and we will help them in any way we can get it loaded.

Talk a little more about the pickup process – specifically, when and how purchases must be removed.

We will have a couple of loader tractors there during the three load-out dates that we posted on the website, March 13, 19 and 20. We will be there all day on those dates from 9 a.m. to 4, so as long as they have a copy of a paid invoice, they just show up on one of those three days and we’ll help them get it loaded to the best of our abilities.

In the event that somebody cannot pickup the purchases during those three days that you just mentioned, is there any kind of consideration for somebody to be able to come outside of those days?

All items really need to be removed on one of those three posted dates. We’re going to be there all day set up ready to help on those three days.

Keith, is there anything else you’d like to say or mention about this auction?

This is a very unique opportunity in that it’s not very often you get a chance to bid on an entire package of late-model equipment coming out of a recent farming operation. As you know, all the items are selling to the highest bidders without reserves.

t_110826_Leis_Keith_web

Keith Leis

Keith Leis is Purple Wave’s territory manager parts of south central Kansas and north central Oklahoma. You can find him on the web at purplewave.com/keithleis. Contact him at keith.leis@purplewave.com or call 316.640.7963.

Bidding for the Flying L Ranch estate auction is open now and will close Wednesday, March 11, beginning at 1 p.m. Like all Purple Wave auctions, there are no reserves or minimum bids. Items receiving bids in the last few minutes will be automatically extended to give everyone a fair chance to bid. There’s no advantage in waiting, so view the complete inventory and place your bids now at purplewave.com.

Leave a comment »

Post by A

Pipeline selects Aaron McKee for 2015 entrepreneurial fellowship

Wed., Feb. 4, 2015 - 4 pm | Aaron Traffas, CAI, ATS, CES

Pipeline selects Aaron McKee for 2015 entrepreneurial fellowship

MANHATTAN (January 25, 2015) — The Pipeline Entrepreneurial Fellowship program has announced that Aaron McKee, CEO and founder of Purple Wave, will join the 2015 Class of Entrepreneurial Fellows.

Pipe  36895 (1)Pipeline is an exclusive community of high-potential entrepreneurial leaders building high-growth companies throughout the Midwest. Each year, approximately a dozen new fellows representing the region’s top entrepreneurial companies are invited to join Pipeline after an extensive selection process.

New fellows from Kansas, Nebraska and Missouri participate in a unique and rigorous year-long business leadership development program focused on accelerating the growth of their companies. Pipeline blends workshop modules, advice from national experts and a deepening of the relationships among the Pipeline members.

“Pipeline Innovator of the Year was 150% of my already high expectations,” said Aaron McKee, founder and CEO of Purple Wave. “I can’t wait to see what the rest of the year will hold. I am quite honored to be a 2015 fellow.”

Purple Wave sells ag equipment, construction equipment and vehicles in unreserved, public Internet auctions. Since founding the company in 2000, McKee has led with a passion and vision that has inspired the company to introduce myriad innovations in the way used equipment is bought and sold in the Midwest.

Pipeline’s entrepreneurs do not just “learn about business.” The aim is to undergo a life altering experience that also changes the direction and trajectory of their company and connects them to lifelong friends and allies.

In the process, Pipeline entrepreneurs recognize the power of the network and remain engaged as they start new companies, enter even higher growth issues, become investors and continue as leaders in Pipeline and in their communities.

“Pipeline works to grow these entrepreneurs as leaders of their businesses and their communities,” said Joni Cobb, Pipeline president and CEO. “Our family of members is the next generation of entrepreneurs who will lead the way for our economic growth and innovation in the region, the country and the world.”

Pipeline announced its annual entrepreneurial awards, including the Innovator of the Year award, at its sold out annual Innovator of the Year (IOTY) event at The Midland in Kansas City. Over 600 from Missouri, Kansas, Nebraska – and other parts of the nation – gathered to celebrate regional entrepreneurship and recognize entrepreneurial growth and contributions.

Leave a comment »

Post by A

Auctions from distributed locations

Tue., Jan. 13, 2015 - 11 am | Aaron Traffas, CAI, ATS, CES

The traditional auction model has historically featured one or more sellers selling to many buyers all in the same place. Occasionally, the auctioneer would sell something located off-site, but the event was still built around a single, physical location.

Locations with items in the January 14 vehicles and equipment auction

Locations with items in the January 14 vehicles and equipment auction

It’s been more than 10 years since we began holding regularly scheduled auctions with assets distributed across multiple locations. We’ve found through experience that the traditional model of building an event around a central location introduces unnecessary challenges and limitations, as well as additional expenses for bidders, buyers and sellers.

Lower transportation costs
Hauling equipment to a central location is expensive. In the case of a traditional in-person equipment consignment auction, the seller incurs the costs of moving the equipment to the auction location and the buyers pay to move the items home or to the next job site. That’s a lot of needless moving, especially when the buyer and seller live in the same direction from the auction location – the seller pays to move it one way only to have the buyer have to move it back. While it’s also possible that the buyer lives on the opposite side of the auction, it’s always going to be easier and cheaper to move each item once, from the seller to the buyer, without a stop in between.

Easier for bidders and buyers
While some bidders will always browse all types of items, we know that many professionals are interested in a specific type of asset. If we created our auctions based on location, these bidders would have to view the contents of many different auctions since each auction might have relevant assets. By grouping our auctions by asset type, bidders interested in only specific types of assets can spend less time by browsing fewer auctions and looking at more relevant items.

Winning bidders of equipment at our auctions also frequently experience less transactional friction. Buyers at a traditional consignment event have to fight crowds and wait in line. Allowing the buyer to pick up the purchase directly from the seller frequently makes the after-auction process faster and easier.

Better for sellers
Sellers realize myriad benefits from our multiple location auctions. Gone are the days when a seller had to either collect enough volume for his own auction or pay to transport equipment to sell at a consignment event. With Purple Wave’s regularly scheduled auctions, we’re able to effectively sell one piece of equipment or an entire package in an appropriate auction that’s never more than a few weeks away.

By selling smaller collections of assets from different places grouped into the same event, we can build a larger marketing campaign around all of the items rather than smaller campaigns for each location. Because our marketing team focuses on marketing the assets and not the location, we’re able to reach a wider audience of relevant bidders.

Building an auction around a single location or area might sound better. It’s certainly easier for the auctioneer. However, we’ve found that by focusing on the assets instead of the location or area, and marketing those assets – wherever they are – directly to the right buyers, we generate better returns for our sellers and add convenience for our bidders and buyers.

Leave a comment »

Post by A

Section 179 passes US Senate

Wed., Dec. 17, 2014 - 8 am | Aaron Traffas, CAI, ATS, CES

Last night, the US Senate passed H.R. 5771, which passed the US House of Representatives earlier this month. This legislation includes a retroactive extension for calendar year 2014 of Section 179, which will have significant tax implications for businesses making equipment purchases before the end of the year.

Purple Wave has seven auctions left this December, and making equipment purchases from these upcoming auctions could be a great way to capitalize on some of the benefits for individuals and businesses included in this legislation.

Learn more at http://www.section179.org/ or consult your tax adviser.

Leave a comment »

Post by A

Dave Sommers, lender relations

Thu., Dec. 11, 2014 - 3 pm | Aaron Traffas, CAI, ATS, CES

download audio file | play in new tab

Hello, this is Aaron Traffas with Purple Wave. In the course of selling high value assets and equipment packages, Purple Wave works very closely with lenders, sometimes working directly for a bank and often selling equipment owned at least in part by a lending institution of some kind. Today, I’m speaking with Dave Sommers, Purple Wave’s point man for lender relations. Good afternoon, Dave, and thanks for joining me.

Good afternoon, Aaron.

Tell me about your role within Purple Wave. What are your responsibilities?

110826_Sommers_Dave_webMy title is lender relations, which means, obviously, I work with lenders, and mostly in support of mutual customers.

What are the primary services Purple Wave offers to lending institutions?

We bring farm machinery, construction equipment and rolling stock to auction. Most lender related sales are for good standing, mutual customers for which we gain consent and payout guidance. We also do quite a bit of lender referred work. The hope is we’re creating liquidity for troubled credits before an asset or assets become bank owned or lender owned. And, of course, we also conduct lender owned sales. There are byproducts of these sales and other sales where we’re interacting with lenders on a daily basis. We may be gaining consent, payout guidance for one of the sellers I mentioned above. We could be contacting lenders as references when vetting bidders, mailing lenders flyers for upcoming sales that they can post for their customers – and it goes both ways. We’re also very appreciative that we hear often from bidders and sellers that they’ve been referred by their lenders.

You mentioned a couple of times, in the last two questions, the term mutual customers. Tell me specifically what you mean by that and why that’s important.

I look at this as Purple Wave and the lending institution as being vendors of a customers that we’re both working with, and we can keep everybody aware of what’s going on, have good communication and – communication makes it a beautiful world, in that it keeps everybody appraised of the situation and in a better place than they would be, were it not.

You’ve worked closely with bankers who have dealt in the past with other auction firms. What are some advantages Purple Wave offers them compared to the firms that they’ve used in the past?

The first thing, and we’re thanked for this often, is saving carrying and transportation fees, because the assets don’t have to be moved in our sale, and we can do timely sales, so an asset sitting there not making money for anyone is – that’s not a good thing. We’re thanked for that, but I’ve tracked this through the years in notes. Every time I think one is pulling away, it comes back to a three way tie. Transaction ease, marketing reach and recovery price, those are the three things that we’re told often, “That’s why we keep coming back to you guys.”

Sometimes sellers unfamiliar with the auction method might consider it to be a last resort, sometimes feeling that they’ve failed if they end up having to sell something at auction. Do you see this sentiment in the banking community?

That’s changed through the years. In the early days I had run into that, some. What’s happened is a lot of lenders have witnessed their best customers using Purple Wave, and that in itself is proof that we’re a first choice in marketing assets. They now realize they don’t have to sacrifice speed of sale for market value recovery.

We don’t allow reserves of any kind on the assets we sell. I’m sure this requirement is met with skepticism and even some resistance at times. Tell me why it’s in the lenders’ best interests to sell in this way, and what are some ways we can help limit their risk?

Well, marketing reach and, best of all, a proven track record of recovery prices has really calmed these concerns through the years. The Internet changed everything. We run a real and transparent auction, as commercially reasonable as it can be. You’re inviting and getting the attention of the whole world, and they know it’s a real auction and that the assets are really going to sell to the high bid and you’re going to find market value.

Tell me what you mean when you use the phrase real auction.

It could be no reserve, absolute – these are all terms that are synonyms for one another. Real auction – it’s “here is this asset, whole world.” It is going to sell on this date to the high bid. You can follow the bidder numbers on there and know that these are real people that are really bidding on that from where they’re coming from. It is really going to sell to the high bid regardless of price, and if you’re very familiar with Purple Wave, you know that that’s a beautiful thing and that’s why our recovery prices are well thought of. In a reserve scenario, which is just a dressed-up private treaty scenario, that’s where you get into trouble.

Purple Wave has been endorsed by several banking associations. How have these endorsements benefited the members of those associations?

Thanks for asking about this. It was a lot of hard work, and we’re proud to be endorsed by the Kansas, Missouri and Oklahoma bankers associations. We’re also associate members of many other states’ banking organizations. As to benefits, I’ve had many lenders thank me for some useful tools that, at the onset I didn’t realize they were going to be as useful as they are, but they found them on purplewave.com. I hear repeatedly that they often research and print free comparables for loan files – recently sold assets that are similar to what they may be lending money on. They can drop a comp in a file. Many review upcoming auctions for customers – their customers – that are specifically seeking certain assets and they’ll watch for those and make them aware. They also review current ag, construction and fleet markets to see how these sectors are trending – useful tools.

What are some surprises that lenders might experience when they use our services for the first time?

The distance the bids come from is probably the most surprising for new lenders – new lender customers, I should say. I was recently teasing an Oklahoma banker. We were selling some assets for them and we had some bids come in from the country of Turkey. I told him that I didn’t have an Oklahoman to Turkish dictionary at the ready, so he was on his own if it came down to a call. I did receive a seller survey just last week – I have laying on my desk. It’s in print. We sent out a survey to a first time banker seller. This is how he responded when asked the question, “Please describe your Purple Wave experience.” I quote, “Excellent! For a bank wishing to liquidate equipment with the largest audience possible, this is the best choice, period.”

What would you tell a banker who is curious about the services that we offer? If you had to say just one or two quick things to someone who is curious about our services and the way that we can work with lenders – what would you say to somebody?

I would invite them to get somewhat familiar with us. If they need us immediately, that’s a totally different conversation; but if they’re just curious, I would invite them to purplewave.com and just search around. Look through past auctions, see what recoveries have been, see what’s coming up, become very familiar with the types of assets that we sell, understand that it is real auction, as we covered earlier, and tell them that we’re here to help when needed. I very much look at this as a partnership, and we’re only as good as our last auction, so we’re going to do our best time every time out.

Dave, if I’m a lender and I’ve got some assets on the books that I’d rather have liquidated, what do I do? Do I call my local territory manager? Do I pick up the phone and call you? What’s the way that I get a hold of somebody at Purple Wave?

If you’re a phone call guy, which I am, give me a call – 785.313.2094. You’re going to come to my direct mobile. We can vet out the situation very quickly. I can probably tell you very quickly whether we’re going to be able to help with this situation or not. Then I’ll reach out to the territory manager. If you want him to call you, we’ll do it that way. If you want it vice versa, we’ll do it the other way. If you’re an email guy, just email me sommers@purplewave.com.

Well, Dave, tell me about yourself. What brought you to Purple Wave and how did you find yourself working with lenders?

I came on Purple Wave in October 2007 and was in the real estate side of Purple Wave for a couple of years. Then we decided to – the whole business changed. I think it was about June of 2009 when we went completely Internet only and changed to equipment and vehicles only. Aaron, the founder of the company, knew that I had been married to a banker for a quarter century and figured I’d have picked up something through osmosis, so I got asked to visit with lenders. It’s been a pleasure and a blessing.

What are some things that you like to do in your spare time?

Well, I’m a husband and a father. My daughter graduates from college this coming weekend. I’m very proud of that. I love to bow hunt trophy white tails. I enjoy playing guitar and singing in the church choir. That’s about it.

I’ve been speaking with Purple Wave Dave Sommers, who oversees the relationships Purple Wave enjoys with lending institutions. Thanks again, Dave, for joining me today.

Thank you, Aaron.

Find Dave on the web at purplewave.com/davesommers. Contact him at dave.sommers@purplewave.com or call 785.313.2094.

Subscribe to Purple Wave’s Auction Podcast on iTunes. Search iTunes for “Purple Wave” or use the link on the podcast page on our website at purplewave.com/podcast.

Leave a comment »

Post by A

Kent Montgomery territory manager for northern Missouri

Mon., Nov. 24, 2014 - 2 pm | Aaron Traffas, CAI, ATS, CES

download audio file | play in new tab

Hello this is Aaron Traffas with Purple Wave. Today, I’m speaking with Kent Montgomery, Purple Wave’s territory manager for central and northern Missouri. Good afternoon, Kent, and thanks for joining me.

Hey, thanks for having me. I appreciate it.

Kent, start by telling me a little bit about yourself. Where did you grow up?

Kent Montgomery

Kent Montgomery

Well, I grew up in northeast Missouri in Scotland County. I actually grew up on the farm in a little bitty town, or really close to a little bitty town, called Arbela, Mo.

I understand that your father was an auctioneer. What kind of things did he sell and what was it like growing up in an auction family?

Well, auctions have changed a whole bunch since then. I mean, there was no Internet. There were no computers, hardly. Every Saturday was an auction day. The times that I did get to go, it was always traveling. From livestock auctions to household good auctions – those kinds of things. The planning and organizing was a whole lot different because people – if they wanted to buy stuff – had to follow those things and they had to travel. Weather was a big factor. Time of year was a big factor. It was much more different than it is today.

Tell me about your education. I understand you have a bachelor’s in biology .

Yes. I actually graduated from Central Missouri State University – that’s in Warrensburg, Mo. – with a degree to be a game warden – was my biology degree. It was kind of a combination between biology and criminal justice. It was in Warrensburg, Mo., so, yes.

Your business background has been predominantly in the rental equipment industry. How did a degree in biology and criminal justice segue into rental equipment?

Well, it was kind of a unique situation. I actually started in the rental business while I was in college, working part time for a company called AAA Rental, which was based in Wichita, Kan., at the time. By the time I had graduated, some doors had opened for me there and I just never ended up leaving. From there, it was purchased by a corporation called RSC Equipment Rental where I stayed until just a few years ago. I was there 21 years total, in the rental equipment industry. It was a very good, long run. My background and education from biology really didn’t have a whole lot to do with that, but I think things happen for a reason. It all worked out great and it was a great opportunity for me.

What kind of responsibilities did you have within the RSC organization?

Well, being a college student, I started out at the very bottom and worked my way up. I moved quite a few times. I worked in Warrensburg. I worked in Kansas City and the Lee’s Summit area. I transferred to St. Joe and Columbia. Through my career with them I held a variety of different roles. The last one I held was a district manager. I covered about a third of the state of Missouri. I had many different roles and leadership responsibilities from sales, sales management, operations, profit and loss – you name it. I had pretty much everything to do with all of our stores throughout mid-Missouri. I had seven different locations and about twelve different sales people that I was responsible for when it ended.

Well, how did you end up here with Purple Wave?

Well, an organization by the name of United Rentals actually purchased RSC Equipment Rental. I was in middle management at the time and there were a lot of territories that overlapped. During their downsizing, I was removed from the organization. Fortunately, I had a relationship with Purple Wave, for quite a few years, which sold equipment with Purple Wave during my tenure at RSC. It kind of fit my background and what I was used to doing. I had an opportunity where an individual left the company for you guys and it was right in my backyard, so all the stars aligned so it worked out great.

Tell me about the area that you now cover as our territory manager.

Kent's territory

Kent’s territory

I cover, basically – if you’re looking at Missouri – I cover about the northern half. In addition to that, Jefferson City, part of the lake area and – I do not cover some of the major metropolitan areas under that area – Kansas City, St. Louis and St. Joe. Everything kind of north of there is pretty much mine; I think there’s about quite a few counties throughout that area, but the major metropolitan area of Columbia and Jefferson City and everything north of there.

You’ve been on the ground for us there since July. What kind of response to Purple Wave have you seen so far?

I’ve seen everything from they know everything about us, have done business with us to not having a clue who we are and what we do. I feel that Purple Wave is a growing company. This is kind of a growing area. I feel that that’s kind of my responsibility – to get out there and help market and promote the company and kind of what we do – our services and what we have to offer. I think most of the covered area and most of the key customers that we have have at least seen some kind of marketing and documentation from our company, but there’s still a lot of opportunity out there and a lot of people that have not heard of Purple Wave.

Tell me about your role and responsibilities. What’s an average day for you?

Well, I can’t honestly say that there’s been an average day. What I try to do is get out and physically see as many people and as many current customers as possible and visit, you know, different areas strategically – obviously some of the bigger areas more often and more frequently. Some days there’s a lot of travel. Some days there’s a lot of phone calls and, you know, what we do – uploading pictures, documents, sales agreements – that kind of thing. There’s other days – I’ve been fortunate enough to go to go to a couple customer events and conventions through the organization, which has been very beneficial in meeting new customers and prospecting new customers. I can’t honestly say there’s one average day, but it’s getting out there, meeting customers, communicating with the office, and helping to market our sales and our customers and what we have to offer.

Are you enjoying it, Kent?

Yeah, it’s a lot of fun. You know, I spent very, very many years in a corporate environment and setting managing people. Being out here on my own, managing myself, is – I wouldn’t necessarily say it’s easy all the time, but I feel like I’m pretty self-sufficient and can get a lot of things done on my own.

Tell me about some of your personal interests. What do you like to do in your spare time?

Well, I have a wife, Kiley, and two kids, Marshall and Mackenzie. They keep me very busy with different projects and things that they like to do, from sports to school events. And then I also like to play a lot of golf, usually, in the summertime or when the weather’s warm, in a men’s league or some type of golfing event. I’m trying to do a little bit of hunting on the fall season. I don’t get to do it as much as I’d like to, but those types of things. I live down by the lake, so boating in the summertime is also a good time with the family. Other than that, kicking back and taking it easy.

I’ve been speaking with Kent Montgomery, Purple Wave’s territory manager for the better part of central and northern Missouri. Thanks again, Kent, for joining me today.

Hey, I appreciate your time.

Find Kent on the web at purplewave.com/kentmontgomery. Contact him at kent.montgomery@purplewave.com or call 573.745.0707.

Subscribe to Purple Wave’s Auction Podcast on iTunes. Search iTunes for “Purple Wave” or use the link on the podcast page on our website at purplewave.com/podcast.

Leave a comment »

Post by A

The advantages of immediate bidding

Tue., Nov. 18, 2014 - 2 pm | Aaron Traffas, CAI, ATS, CES

Today I’m going to look at the way Purple Wave adds items to our auction listings. We add items to events in batches and when the items are posted, you can bid on them. It’s quite simple and, while it’s a practice that’s not exclusive to us, we believe it’s a crucial component to conducting a successful auction for both bidders and sellers.

Bidders
If you’ve ever browsed other auction sites, odds are that you’ve come across items that were listed but, for some reason, you couldn’t place a bid. Some auction firms wait until the entire catalog is ready before listing any items on their websites at all; some post items incrementally into their events but wait until everything is ready before allowing any bids.

We know bidders have limited time. We know that when you’re searching for items in upcoming auctions, you want to see all possible results and not just results from complete auction catalogs. We know that when you find an item, you don’t want to remember to come back later once bidding starts. We’ve made it easy to remember upcoming items with our watch list features, but we also want to be sure that you can immediately bid on any item you find.

As soon as we can post an item into an event, we do, even if we still have more items to add to the auction. As soon as it’s posted, you can bid on it.

Sellers
Immediate bidding benefits sellers just as much as bidders. Once our territory managers and auction specialists turn in the pictures and paperwork for your items, our website operations team is tasked to turn those listings around and have them posted to purplewave.com in a matter of days. Your items don’t have to wait weeks to begin being exposed to bids. You don’t have to worry about a prospective bidder not finding your asset because the rest of the items in the auction weren’t yet ready to go.

Some auctioneers claim that delaying the bidding until a few days or weeks before the auction begins to close will create excitement, but we don’t believe it. I know I’ve never been excited to have to wait for anything, and I’m going to guess that most of our bidders appreciate the fact that they don’t have to wait to bid when they find an item on purplewave.com.

When an asset has more time to be exposed to bids, more bidders have an opportunity to participate. By ensuring that there are no artificial restrictions to bidding, we demonstrate respect for our bidders’ time and create a fair market for our sellers.

Leave a comment »

Post by A

October 2 LaForge Construction retirement auction

Fri., Sep. 12, 2014 - 9 pm | Aaron Traffas, CAI, ATS, CES

download audio file | play in new tab

Aaron Traffas: Hello and welcome to Purple Wave’s Auction Podcast. My name is Aaron Traffas. We’re conducting a retirement auction for LaForge Construction in Parsons, Kan., that will close on October 2. I going to speak this morning with Kenny LaForge about this retirement auction. Good morning, Mr. LaForge, and thanks for joining me.

Auction flyer

Kenny LaForge: Good morning, thank you.

AT: We spoke in February of last year about the Interstate Electrical Construction auction we conducted for you in March of 2013. At that time, you were liquidating Interstate Electrical and going to focus on LaForge Construction. For anyone who didn’t get to hear our last conversation, tell me about LaForge Construction.

KL: LaForge Construction was started in 1990. It was kind of an off shoot of Interstate Electrical. It was founded more with an emphasis on diversification in southeast Kansas, which is a bit rural. In effort to make a living we decided to couple it up with another company and that got us started. We started real small – just a couple of people on that side and all through the next 24 years it grew. It’s still a small company but we could do a lot of different types of work and that’s what we did.

Why have you now decided to retire?

Well, it’s pretty simple. It’s kind of a long range plan, if I may. We closed the electrical business down in March of 2013. I turned 61 this year. My wife’s retired. It’s just time to do something else. I’ve been plugging along for almost 40 years in this construction business and I really thought that was long enough.

2004 Caterpillar 308C CR mini excavator

2004 Caterpillar 308C CR mini excavator

Tell me about your experience with the Interstate Electrical auction. You must of had a positive experience with Purple Wave for you to select us again to handle your retirement.

It was pretty neat. They did a good job. It’s kind of simple. I looked around initially at which way to go and didn’t have many reservations about Purple Wave but, obviously, the unknown kind of does creep in, but they did a great job top to bottom. We organized fairly well. It went well. They did a good job and when it came to decide how to do this auction it was pretty much a no-brainer for me.

Well let’s talk about the auction. I see, right now as we speak, over 200 items listed already at purplewave.com. Tell me about the different types of equipment that we’re selling in this event and give me some details on a couple of the marquee items.

Well, like I said, we did water and sewer line work – rural water, city water, a lot of sewer work, pump stations – so we had a pretty broad range of equipment and tools. We did a lot of directional drilling. We’ve got three directional drills – one being a rock machine. They’re well maintained. They’ve been barned an awful lot. They’ve been used but they’re in very good shape. Plus there’s lots of tooling that comes with those of all sizes and types, rock and dirt both, so that’s a nice couple of items. We’ve got a wide assortment of backhoes, rubber tire, plus track machines in the mini size up to 320 in the CAT version. We’ve got probably eight or ten trucks – three or four nice one-ton duallys – diesel – that are set up with compressors, welders – toolboxed up real solid – pintle hitches – just good trucks.

Tell me about the condition of the equipment. Has it all been well-maintained?

2008 Ford F350 Super Duty XL service truck

2008 Ford F350 Super Duty XL service truck

Yeah, we’ve done a pretty solid job taking care of things. We sure spent a lot of money on stuff so we must of done something right. They’re used machines, for the most part, but several of them were bought new – some bought used. We used them everyday, and they had to be running, so we took good care of them and the guys took some pride in that. They did a good job keeping things rolling and keeping things running, so that was important to me.

Tell me about the auction location. Where is everything located? Is it all in one place?

Yes, it’s all in our yard in Parsons on South 59 Highway. A lot of the tools and small items – jumping jacks, etc…are in a barn that’s lit – concrete floor on pallets. It can be viewed about anytime. We’ve got a couple open house dates I think you’ll probably mention in a minute, but yeah, it’s all in our yard sitting behind locked gates with security so we’re in good shape and ready to go.

Well the open inspections are scheduled on September 26 and September 29 from 8 to 4 on both days. In the event that that doesn’t work for somebody to come and take a look at the items you’re selling, what’s a good way to get a hold of you to schedule an inspection of some kind?

Just call our office number, 620.421.0420. Ask for Kenny or Bob and one of us will be around to show anybody about anything – run it, roll it, whatever they want to see done with it. We’re not real busy now with things kind of winding down so we’ll be happy to – if someone’s schedule needs to jump in a little quicker than the what the open house dates are that’s fine with us.

For a buyer who has made payment to Purple Wave and has invoice in hand, what’s the process for coming and picking up the purchases and will you have some kind of load out assistance available?

2008 Case 580 Super M Series 3 backhoe

2008 Case 580 Super M Series 3 backhoe

Yes, we will. We’ve got a forklift. We’ll have several items that have different fork mechanisms. We can help load up anybody with about anything we have here. We have a large loader with forks – small forks. That won’t be a problem. We have a loading dock where all the tools are, so if someone comes with a flatbed dump truck, two ton truck – some type, we can take it right into the back of a truck easily and off they go, so that will not be a problem at all.

Do you prefer buyers make contact with you before heading your direction?

It ought to be convenient for both of us probably to make sure they don’t catch us both gone for some reason. It’s not absolutely necessary, but it’s certainly preferred.

What kind of time frame are you looking at for everything to be removed?

I would think within a couple weeks is good. We also have a few things here miscellaneous types that we didn’t sell or couldn’t sell. Up to a couple three weeks we’re going to be okay, but I don’t want to string it out much past late October, which I think that will be pretty good for most folks.

Kenny, what are you looking forward to doing after retirement?

You know, that’s a good question. My wife has retired so we’ll travel like most people – get out of town a little bit. We have some spots we’d like to visit in different parts of the country, so no big agenda yet – quit answering the phone so much and do whatever I want when I want. Nothing large is waiting for me so we’ll see how things go.

Well, Kenny, is there anything else you’d like to say about this auction?

1994 Caterpillar 320L excavator

1994 Caterpillar 320L excavator

No. We’re happy to be here. We’re happy to have Purple Wave. It’s a nice union, so to speak. We’re looking forward to things wrapping up in two to three weeks and unloading things and loading people up and send them on down the road.

I’ve been speaking with Kenny LaForge about his retirement auction for LaForge Construction. Thanks again, Mr. LaForge, for joining me this morning.

Thank you. I appreciate your time.

Bidding for the LaForge Construction retirement auction is open now and will close on Thursday, October 2, beginning at 10 a.m. central. If you have questions about the assets listed, or you’re interested in taking a look at the equipment before placing a bid, attend one of the open inspection periods from 8 to 4 on September 26 or 29. To schedule an inspection outside of those days, call Kenny or Bob at the office at 620.421.0420.

Like all Purple Wave auctions, there are no reserves or minimum bids. Items receiving bids in the last few minutes will be automatically extended to give everyone a fair chance to bid. There’s no advantage to waiting, so view the complete inventory listing – and place your bids now – at purplewave.com.

Leave a comment »