Kruse International
Encyclopedia
Kruse International is an auction
firm founded by Russell Kruse in Auburn, Indiana
in 1952. The company began as a local auction company selling real estate, farms and personal property run by Russell Kruse and his sons Dean
, Dennis
, and Daniel. The company held its first collector car auction in Auburn, Indiana
on Labor Day
in 1971; the Labor Day auction became an annual event and grew to become the largest collector car auction in the world. After the success of this auction, they were asked by Tom Barrett to have a sale in Scottsdale, Arizona the next January, which was the first of the annual sales held there through the present. The Kruses were the first to sell a car for a documented $1 million in cash—a 1934 Duesenberg Model SJ La Grande long wheelbase dual-cowl phaeton. The Duesenberg was sold to Tom Monaghan, founder of Domino's Pizza and then owner of the Detroit Tigers. The Kruse family is also noted for conducting the $41 million sellout of the famous William F. Harrah automotive collection. The sale of this 1,000-car collection was dispersed over three auction sessions in 1985, 1986 and 1987. Because of the lucrative divisions that auctioned real estate and oil field equipment, the company was sold to ITT in 1981, but the family bought it back in 1986. It was then sold to eBay
for $275 million in 1999 but was purchased back by Dean Kruse in 2002.
On May 25, 2010, the Indiana Auctioneer Commission revoked the company's auctioneer's license amid charges that the company failed to pay clients who had sold items through the company. On July 1, 2010, Kruse sold their auction park, home to their annual Auburn auto auction, to RM Auctions of Canada.
Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder...
firm founded by Russell Kruse in Auburn, Indiana
Auburn, Indiana
Auburn is a city in DeKalb County, Indiana, United States. The population was 13,086 at the 2010 census. Founded in 1836 by Wesley Park , the city is the county seat of DeKalb County. Auburn is also known as Home of the Classics.-Geography:...
in 1952. The company began as a local auction company selling real estate, farms and personal property run by Russell Kruse and his sons Dean
Dean Kruse
Dean V. Kruse is an auctioneer and owner and CEO of Kruse International. Kruse started working in the local auction business founded by his father, Russell W. Kruse, and soon became the company's president...
, Dennis
Dennis Kruse
Dennis K. Kruse is an auctioneer who was a founder of what became Kruse International. Dennis Kruse started working in the local auction business with his father, Russell W. Kruse, and older brother Dean Kruse. They were later joined by his younger brother Daniel J. Kruse, and started what would...
, and Daniel. The company held its first collector car auction in Auburn, Indiana
Auburn, Indiana
Auburn is a city in DeKalb County, Indiana, United States. The population was 13,086 at the 2010 census. Founded in 1836 by Wesley Park , the city is the county seat of DeKalb County. Auburn is also known as Home of the Classics.-Geography:...
on Labor Day
Labor Day
Labor Day is a United States federal holiday observed on the first Monday in September that celebrates the economic and social contributions of workers.-History:...
in 1971; the Labor Day auction became an annual event and grew to become the largest collector car auction in the world. After the success of this auction, they were asked by Tom Barrett to have a sale in Scottsdale, Arizona the next January, which was the first of the annual sales held there through the present. The Kruses were the first to sell a car for a documented $1 million in cash—a 1934 Duesenberg Model SJ La Grande long wheelbase dual-cowl phaeton. The Duesenberg was sold to Tom Monaghan, founder of Domino's Pizza and then owner of the Detroit Tigers. The Kruse family is also noted for conducting the $41 million sellout of the famous William F. Harrah automotive collection. The sale of this 1,000-car collection was dispersed over three auction sessions in 1985, 1986 and 1987. Because of the lucrative divisions that auctioned real estate and oil field equipment, the company was sold to ITT in 1981, but the family bought it back in 1986. It was then sold to eBay
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
for $275 million in 1999 but was purchased back by Dean Kruse in 2002.
On May 25, 2010, the Indiana Auctioneer Commission revoked the company's auctioneer's license amid charges that the company failed to pay clients who had sold items through the company. On July 1, 2010, Kruse sold their auction park, home to their annual Auburn auto auction, to RM Auctions of Canada.