In tough economic times, it can be difficult for some businesses to survive, let alone thrive. But Purple Wave is doing just that, and the recent Inc. magazine 5000 list reflects that growth, recognizing the auction service as one of the fastest-growing private companies in the United States.
“A ranking on the Inc. lists in 2010 and again in 2011 is an indicator the company is doing the things necessary to serve our customers and be successful, “ says Purple Wave CEO Jerrod Westfahl. “Inc. zeroes in on high-performing, entrepreneurial companies and Purple Wave is proud to be recognized.”
Founded in 2000, Purple Wave has focused exclusively on selling construction and ag equipment for businesses and public institutions. Purple Wave now boasts the largest community of registered equipment buyers in the no-reserve, Internet auction business, with over 70,000 registered bidders and over 160,000 visitors each month to purplewave.com.
Westfahl believes the Inc. listing affirms Purple Wave’s grasp on why a business would sell equipment at auction in the first place. “We work with sellers to use auctions as a routine management tool and bring them a wider audience of potential buyers to maximize results, all through a turn-key service,” says Westfahl.
Many customers believe Purple Wave is growing and garnering attention like the Inc. 5000 because of its experienced staff and dedication to excellent customer service. “A business is only as good as its people—and that’s especially true for lean, fast-growing companies,” says Westfahl. Purple Wave currently employs 52 people in six midwestern states.
Purple Wave conducts Internet auctions without losing the auction experience. The auctions are all no-reserve, meaning only arms-length bidders set the prices and assets always sell. Sellers receive market values they can trust and benefit from a full-service experience, without the worry of bad weather or event logistics.
The Inc. 5000 list represents the most comprehensive look at U.S. entrepreneurs. Purple Wave is one of 36 Kansas businesses recognized in 2011. Music website Pandora, professional social media network LinkedIn, restaurant chain Smashburger, convenience store chain Kum & Go, fitness club franchiser Planet Fitness and retailer Humble Abode are among the prominent brands featured on this year’s list.