Cat Auction Services Announces New Ownership Structure With Caterpillar
EAGAN, Minn., Dec. 7, 2012 /PRNewswire/ -- Cat Auction Services (CAS) recently announced that it has expanded its ownership structure to include Caterpillar, Inc. as an investor in the company. Caterpillar will join 25 other Cat® dealer partners to share ownership of Cat Auction Services.
Cat Auction Services was created in 2008 through a unique partnership of five Cat dealers with the objective of developing an auction channel that can work with the Caterpillar distribution network. By leveraging customer relationships built by dealers and Caterpillar, CAS is able to provide a unique auction experience that offers Cat dealers and customers a broad range of services, superior equipment expertise and a level of transparency unmatched by any other auction company.
"Caterpillar is looking forward to being a part of Cat Auction Services because it gives our North American customers another reliable, trusted choice when it comes to meeting their equipment disposal and acquisition needs. This will be a great supplement to our current dealer offerings," stated Jim W. Johnson, President of Caterpillar Used Equipment Services, Inc. "We feel that Cat Auction Services is uniquely positioned in the auction business by offering innovative live and online auctions backed by a full range of support services provided by the best dealer network in the world. I think that once people try CAS they will have a new favorite auction company."
Cat Auction Services facilitates auctions through live events, online bidding, and its own monthly, timed-out, online platform called eQuipment Yard. CAS has enhanced heavy equipment auctions by giving customers a better experience through the innovative LEADERBOARD, professional staff, TA-1 inspection reports, comprehensive photos and videos, equipment protection plans and equipment financing. In less than four years, CAS has grown to include 25 dealer partners holding auctions that draw customers from 49 U.S. states and 60 countries.
"We are thrilled to be a part of the extended Caterpillar network," said Rick Albin, President of Cat Auction Services. "Their expertise, along with our many dealer partners, will position us to become a strong worldwide presence within a couple of years and will provide the best customer value in the auction industry."
"Throughout the entire process of closing this transaction, the business strategy and expectations of Caterpillar, Inc. and independent Cat dealers have been in direct alliance with each other," said Gary Trettel, CFO/General Manager of Cat Auction Services. "This shows their commitment to this business and the belief that we have an opportunity to serve our customers better by working together."
About Cat Auction Services
Cat Auction Services entered the heavy equipment auction arena in late 2008. Cat Auction Services was formed through a unique partnership of Cat dealers with the endorsement of Caterpillar, Inc. The addition of Cat Auction Services to the portfolio of services available to Cat customers and others in the heavy equipment industry builds upon the company's existing customer loyalty. Cat Auction Services facilitates auctions through live events, online bidding and a monthly, timed-out, online platform called eQuipment Yard. CAS has raised the bar in heavy equipment auctions, giving customers a better experience with its innovative LEADERBOARD, professional staff, TA-1 inspection reports, comprehensive photos and videos, equipment protection plans and equipment financing. For more information, visit www.catauctions.com.
SOURCE Cat Auction Services