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Post by A

Manage ag equipment in less time with Purple Wave’s Internet auctions

Tue., Nov. 19, 2013 - 12 pm | Aaron Traffas, CAI, ATS, CES

Ag Equip ArtVERT copyInternet auctions of ag equipment are growing in popularity. They can allow producers to make more informed purchasing decisions as well as more convenient sales that frequently result in fairer prices than traditional in-person auction events. Not all Internet auctions are created equally, nor are the companies that conduct them. Let’s look at some considerations when choosing to buy or sell at auction.

Reduced time demand of Internet auctions
Producers no longer have the time to spend hours traveling to auctions and waiting in hopes of making a purchase. Time is a valuable resource, and there are better ways to spend it than waiting at an auction. Some in-person auctions offer Internet bidding, but that option only changes where the bidders wait – instead of waiting for each item to sell at the auction location, the bidders wait at home in front of their computers waiting for each item to sell, costing them essentially the same amount of time.

Purple Wave’s Internet auctions don’t have an in-person component, and any bids placed at the last minute cause the bidding to be extended to give everyone a fair chance to bid. With no advantage to waiting to bid until the last minute as each item sells, bidders can place all bids at once and get back to managing their businesses.

Holding and transportation costs
Smart farm managers know that it’s important to keep only the right equipment on the farm. Older machinery or machinery that’s not the right fit for the operation ties up capital that would be better utilized purchasing more appropriate equipment. However, sellers of ag equipment know that moving pieces of machinery can be time consuming and arduous. The period between when the decision to sell is made until the cash is in hand can be long and filled with hassles including negotiations and transportation. Trading equipment in with a dealership often involves accepting a lesser price than it’s worth at private sale, but traditional in-person auctions require waiting until the auctioneer has enough volume for an auction and then incurring transportation costs of moving the equipment to the auction location. This transportation is sometimes in the opposite direction of the eventual buyer, causing the purchase price to be further depressed by the cost to transport it back.

Purple Wave’s Internet auctions are scheduled on a regular basis. We have not only two large ag auctions each month but several auctions each week of varying types of equipment in many regions of the country. Producers wanting to work with dealerships can work with Purple Wave to leverage the auction proceeds as the trade in value of the equipment. There are no transportation costs, as the buyers pick up the equipment directly from the sellers. Our auctions are frequent and our buyers are legion, so deciding to sell with Purple Wave means a comparably quick transaction and a recovery that isn’t depressed by transportation costs.

Full service and trust
Internet auction firms are very different, not only in the way they conduct their auctions but also in the level of service and transparency they offer. Some companies simply provide a platform, forcing bidders and sellers to work out their problems directly. Some companies accept reserves or allow the sellers to bid, reducing transparency and sacrificing the trust of their bidding community. Some self-service companies shift the burden of listing the equipment to the sellers.

Purple Wave has been conducting Internet auctions for over 10 years. We’ve learned that the more information we provide through detailed descriptions and high resolution photography, the easier it is for our bidders to make more informed purchasing decisions. We’ve learned that making a customer service team available during and after the transactions allows our buyers to trust that we don’t walk away as soon as the item is sold. We’ve learned that when our auction professionals build personal relationships with our sellers by photographing and listing the equipment, it eliminates the stress and distrust inherent in dealings with self-service or otherwise less-than-full-service auction firms.

Purple Wave’s auctions are a straightforward and simple farm management tool that allows producers to make more informed equipment management decisions in less time and with greater trust and convenience. Take a look at our upcoming auctions and view our past auction results, always available to everyone at purplewave.com.

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Post by A

I-NEDA conference and Kansas Agri Business Expo

Thu., Nov. 14, 2013 - 10 pm | Aaron Traffas, CAI, ATS, CES

We’ll be visiting two trade shows next week, manning booths at each. We’ll also be conducting a live auction at the Kansas Agri Business Expo that features pre-auction Internet bidding so you can bid and buy without attending the event. Internet bids will close before the auction and will be treated as absentee bids, so view the inventory listing and bid now.

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Post by J

October trade shows

Wed., Oct. 30, 2013 - 10 pm | Jordan Sterling

Government officials, whether city, county or state, all face the challenges of managing their equipment inventories. Whether liquidating equipment to help balance the budget, facilitating the purchase of the machines they’ve been needing or simply serving as an open price comparison tool, Purple Wave provides many solutions to assist government agencies.

Purple Wave is a proud supporter and member of several government associations. This week our staff visited with officials while attending annual association conventions in Missouri, Kansas and Oklahoma.

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Post by D

Sharing a customer base to the benefit of all

Wed., Oct. 30, 2013 - 2 pm | Dave Sommers, AARE, PRI

Commercial, ag and consumer lenders share a customer base with Purple Wave. We are not in competition; we complement one another and our mutual customers.

Below is an overview of the different ways we work together.

Bidder qualification (buy) Lending opportunity
Clearing liens and encumbrances Collateral interest protection
Post all recovery prices Free equipment valuation source
Remarket equipment (buy) Lending opportunity
Remarket equipment (sell, buy) Borrower cash-flow, lending opportunity
Remarket equipment (sell, buy) Lender-owned sales, lending opportunity
Purple Wave Lending community

In protecting the integrity of our sales, Purple Wave qualifies our bidders’ ability to pay. Logically, bidders often use their lenders as references for this process. When you are contacted by us, it may signal further lending opportunity with a current customer.

Purple Wave researches the UCC filings of our sellers and gains consent and payout guidance from secured creditors. Our intent is to inform and communicate clearly with all interested parties, always doing our best to ensure that assets convey free of liens. This process guards our integrity and your interest.

Purple Wave posts the recovery prices of all assets we sell. At no cost to you, you may review and use our results for collateral valuation purposes or to remain current with the used equipment marketplace. Results are accessible via specific asset searches on purplewave.com or by perusing auction results.

Many lenders are aware of their customers’ equipment needs. They watch for certain pieces coming to auction and inform those interested when found. This has led to simultaneously building sound credits and bolstering relationships.

Lender-referred sales are commonplace for Purple Wave. I often receive calls from lenders or borrowers informing me that the lender has recommended that the borrower create some liquidity via purplewave.com. Whether 3 assets or 500, these lender-inspired, debtor-controlled sales work well in creating borrower liquidity. They also deter creditor-frustrating replevin actions. There is lending opportunity here as well, as there is always a buying side.

Purple Wave has remarketed assets for many lenders, and a large majority of these lender-sellers are repeat customers. There is lending opportunity here.

In complementary fashion, we will keep doing our part and ask that you visit and help spread the word of purplewave.com. It’s beneficial to all. Have a great autumn.

Purple Wave Dave

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Post by J

Purple Wave at Oklahoma Municipal League

Wed., Sep. 18, 2013 - 3 pm | Jordan Sterling

Jordan, Christina, Crystal and John

Jordan, Christina, Crystal and John

Stop by the Purple Wave booth at the Oklahoma Municipal League 100th Annual Conference and Expo September 17 to 19 at the Tulsa Convention Center.

This is a great opportunity to catch Crystal Griffis, John Rogers, Derek BriggsChristina Hurt or me and ask us how Purple Wave helps government entities manage and liquidate surplus equipment.

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Post by J

Purple Wave visits Husker Harvest Days and the Big Iron Farm Show

Tue., Sep. 10, 2013 - 1 pm | Jordan Sterling

Swing by Purple Wave booths at two major farm shows today through Thursday.

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Scott, Jeremy and Jordan

Husker Harvest Days
Find Scott Wiese, James Beal, Roger Kisner, Jeremy Reid and me at our booth at Husker Harvest Days in Grand Island, Neb. Husker Harvest Days has become one of the nation’s premier working farm shows, with exhibitors, cropping technology and field demonstrations geared to Nebraska and Western Corn Belt agriculture

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Philip, Katelyn, Andy and Ross

Big Iron Farm Show
Stop by and visit with Andy Artley, Ross Shochenmaier, Philip Mathias and Katelyn Farley at the Big Iron Farm Show at the Red River Valley Fairgrounds in West Fargo, N.D. Big Iron Farm Show is the largest farm show in the upper Midwest, with over 800 exhibitors, training sessions and  demonstrations.

These farm shows are a great way to meet our staff and visit about the advantages Purple Wave offers ag producers.

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Post by J

Purple Wave hosts Kansas FFA team for business and industry visit

Thu., Aug. 29, 2013 - 9 pm | Jordan Sterling

On Tuesday, August 13, Purple Wave had the privilege of hosting the 2013-2014 Kansas FFA state officer team along with the National FFA officer candidate and Kansas FFA Foundation Executive Director Kerry Wefald. As part of their two-day tour of area sponsors and Kansas agribusinesses, the state officer team toured the Purple Wave facility and met with members of the executive team including CFO Eric Williams, VP of Marketing Dave Brotton, Director of HR Jason Moore and founders Aaron and Suzy McKee.

Purple Wave and FFA

Kansas FFA at Purple Wave

The visit provided the opportunity for the Kansas FFA to show its appreciation for Purple Wave’s five-star sponsorship and learn more about the company’s goals, core values and key attributes it looks for when hiring. We enjoyed the opportunity to meet and interact with the state officer team and wish them well on their upcoming year of service.

Purple Wave received this note from Kansas FFA Vice President Carrie Carlson in response to the visit.

On behalf of the Kansas FFA state officer team, I’d like to extend our greatest appreciation for your financial investment in the Kansas FFA. Thank you for sharing about Purple Wave with us. I was very intrigued to see how you are growing so rapidly, 30% per year. Once again thank you for your support. We look forward to a continued partnership.

Purple Wave received this note from Kansas FFA Sentinel Elizabeth Allen in response to the visit.

I would like to thank you on behalf of the Kansas FFA officer team for taking the time out of your day to give us a tour of Purple Wave. We truly appreciate the partnership that has grown between Purple Wave and the Kansas FFA. It was very interesting to learn the history of Purple Wave. Learning about the 30% growth rate per year really opened my eyes and showed me a living testimony for the future of agriculture. If we can ever be of any help please let us know.

Purple Wave and Kansas FFA

FFA officers meet with Purple Wave

We would like to thank Kansas FFA for taking the time to visit our facility and learn more about who we are. To learn more about Purple Wave’s sponsorship of Kansas FFA, visit www.bidforblue.com or contact Jordan Sterling at 785.222.4702 or jordan.sterling@purplewave.com.

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Post by D

Jordan Sterling is new trade association coordinator

Wed., Aug. 28, 2013 - 9 pm | David Brotton

We are pleased to announce that Jordan Sterling has been named as the new trade association coordinator. In his new role, Jordan will be managing Purple Wave’s relationships and year-round activities with various trade associations. With Jordan’s experience in customer service and development, he is well positioned for his new role.

We are excited to be able to utilize Jordan’s skill set to further develop and support our trade association memberships and to help our customers who buy and sell equipment with Purple Wave.

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press release

Purple Wave named to Inc. 5000 four years in a row

Mon., Aug. 26, 2013 - 10 pm | press release

Inc. Magazine ranked Purple Wave no. 3579 on its seventh annual Inc. 5000, an exclusive ranking of the fastest-growing private companies. The list represents the most comprehensive look at the most important segment of the economy – America’s independent entrepreneurs. The company was honored for achieving 85 percent growth and currently employs more than 81 people in nine central states.

Founded in 2000, Purple Wave focuses exclusively on selling construction and ag equipment for businesses and public institutions. Purple Wave now boasts the largest community of registered equipment bidders in the no-reserve, Internet auction business, with over 100,000 registered bidders and over 250,000 visitors each month to purplewave.com.

Purple Wave conducts auctions on the Internet 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.

Inc. 5000 companies are distinguished for spurring innovation, providing jobs, and driving the economy forward. Purple Wave is one of 38 Kansas businesses recognized in 2013. Two other Manhattan, Kan., companies are recognized, including CivicPlus and GTM Sportswear. Additional Kansas companies include Freddy’s Frozen Custard and SafeMart.

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Post by A

September 19 Louks Construction retirement auction

Fri., Aug. 16, 2013 - 11 am | Aaron Traffas, CAI, ATS, CES

Louks Construction equipment

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Aaron Traffas: Hello and welcome to Purple Wave’s Auction Podcast. My name is Aaron Traffas. We’re conducting a retirement auction of construction equipment for Louks Construction of Mantorville, Minn., that will close on September 19. I’m speaking this morning with Rodney Louks about this event. Good morning, Mr. Louks, and thanks for joining me.

Rodney Louks: Thank you.

AT: Tell me about Louks Construction. How did you get started and how long have you been in business?

RL: My father started the business back in 1965, pretty much on his own with some help from his brothers. It just continued to grow from there until he decided to retire at this time.

What kinds of projects have you handled in the past and what areas have you served?

We worked all over the state of Minnesota, in Wisconsin and into Iowa. We’re basically an underground telephone contractor. The majority of our work – we have done some underground power. We have done all sizes of jobs – some large jobs that were 300 miles to the small half-mile job. There’s never been a preference. We just continued to grow the business and do the best work that we could.

This event is billed as a retirement auction for your father, Richard. Tell me about that decision. Was it driven by anything specific or has it been a while in coming?

Oh, it’s been a while in coming. My father is now 75 years old, and it just came to a point where me and him decided it was just the best to retire. Being up there in age, it’s hard to continue a business and deal with everything that goes on from the day-to-day aspects of it.

1995 Case 9010B excavator

1995 Case 9010B excavator

Well that’s certainly a big decision, as is the selection of an auction firm. Why was it that you chose Purple Wave?

I read about Purple Wave on an article on AgTalk. It had some really good reviews that I read on there. People liked it, so then I did a little research on my own. When I met with John, I thought he was very well informed and understood what we were trying to accomplish. And, yet, there was an ease of it, of being able to set everything up without having to promote our product and our equipment and, I guess, it was done easily.

As we record this morning, we are a little over a month away, and I see almost 80 items listed at purplewave.com. Are there more items coming?

There are more items coming. There are trucks and trailers that will be added on, and that should be the final product. The trucks and the trailers will be the final listing.

Tell me about some of the different types of equipment we’ll be selling.

We’re selling rubber-tired backhoes, trackhoes – on the smaller side, 20,000 lb. machines and less. The trucks, basically, are Fords – 2-ton trucks. The trailers are all Tow Master trailers, to a certain extent.

That would you consider to be some of the marquee items in the auction?

We’ve got a 9010 Case trackhoe on there that we basically used when we were doing some digging during trench projects where we needed a three-foot-wide trench in development area. That machine only has 400-and-some hours on it. It’s just like brand new. There’s a Terex TC50 mid-sized excavator that has approximately 400 hours on it. If you take a look at the equipment – it was maintained, it was always shedded, it was never left to sit outside and it’s in excellent condition.

Case D475 crawler plow

Case D475 crawler plow

It sounds like you took really good care of everything. Has it all been well maintained?

Yes. Yes, the equipment has been very well maintained. Everything was done ourselves. Oil changes on the equipment were usually done every 100 hours. On our trucks, we basically changed oil and serviced every 2000 miles. I’m pretty proud of that fact that we’ve never had a motor failure or a transmission or anything of that sort on any of our trucks or equipment. No major items have ever been replaced. It’s always been maybe hoses or rubbing lines or something like that. Basically we did all the maintenance ourselves. None of our equipment was ever taken to a shop for major breakdown.

Is everything located there in Mantorville?

Yes, it is. Everything is located here at our site.

Tell me about the site. Is it easy to get to and is there good access?

Yes. We’re two blocks off Highway 57, just north of the actual main street of Mantorville three blocks. As you turn and go east on Eighth Street you just come to a big, red gate and right straight ahead is a stop sign and right straight ahead is our driveway.

We always recommend that a buyer takes a look at everything before placing any bids. To that end, we have an open inspection scheduled for Saturday, September 14, from 9 a.m. to 4 p.m. Anyone can swing by during that time and take a look at the equipment. If that day and time doesn’t work for someone, what does he or she need to do to make a special appointment to look at something?

I am available, if a person wants to come and look, by making contact with me. Even if I can’t be there, I can just set up a time because there are some dogs on the property and it’s kind of nice if somebody, if they could, let us know that they’re coming so we can take care of the dogs and put them away.

New Holland LB110 backhoe

New Holland LB110 backhoe

Tell me about pickup arrangements. After the auction, once payment has been made to Purple Wave and a buyer has receipt in hand, what does he or she need to do to come in and pick up the assets?

We will help load or whatever we can with what we have here. We do not have a loading dock. That is one little, minor downfall, so those arrangements have to be made if something needs to be put on a dock. Anything that we can help load or lift we will gladly help do.

Will you have a forklift or loader there of some kind that can help put something heavy on a trailer?

Yes. Yes, just make arrangements and my father would be more than happy to help them load stuff up.

How soon does everything need to be removed?

I would like stuff to be removed approximately by two weeks after the auction. That’s kind of flexible – we can make things work.

So communication is key, and the take-home is within 48 hours of the auction they need to let you know what their plans are and you will be fairly accommodating.

Yes, exactly.

2010 Terex TC50 compact excavator

2010 Terex TC50 compact excavator

Rodney, what does the future hold now for you and your father now that you’re out of the business?

I have continued my career by going to work for MP Nexlevel. I’m very happy with that so far. My father has plenty of mowing and chores to do around the house so that always keeps him busy.

Rodney, is there anything else you want to say about the auction?

If anybody has any questions about anything that’s there for sale, I’ll give them a straightforward, honest answer. Like I said, I’m proud of what we have.

I’ve been speaking with Rodney Louks about the Louks Construction retirement auction. Thanks again, Rodney, for visiting with me this morning.

Thank you.

Bidding for the Louks Construction retirement auction is open now and will close on Thursday, September 19, beginning at 10 a.m. central. If you have questions about any of the assets listed, or you’d like to schedule an inspection before the auction, contact Rodney Louks at ralouks@gmail.com – that’s r a l o u k s@gmail.com – or call 507.951.1335.

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.

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