For two days, the auction of U.S. Electrical Supply’s inventory and equipment became a focus of electricians, retailers, builders and others from all over the United States.
The auction of more than 30,000 items attracted bidders from 26 states and three countries, with Compass Auctions and Real Estate, of Chattanooga, conducting the event.
“Our advanced auction methods really pay off when you have a business liquidation or major undertaking like this one, with thousands of items to be sold.
We’re able to accomplish the job in a fraction of the time other methods would take,” said Paige Holt, president of the auction company. “Our intensive marketing campaign brought together live and online bidders, resulting in a great result for the seller. We literally had buyers from places as far away as Arizona, California, Idaho and Connecticut bidding and arranging to pick up their items following the auction,” she said.
Because the business was closing, the auction also included forklifts, scissor lifts and other items used for managing the warehouse, she said.
“The concept of using the auction method provided the ability to sell numerous, differing assets in the same event. Our aim was to achieve the best possible scenario for the sellers, and they have assured us that the auction surpassed their expectations. Nothing is more important than that,” said Ms. Holt.
Bill McFerrin, owner of US Electric, said he was delighted with the outcome. “The net results were beyond my wildest dreams,” he said.
The company is currently lining up auctions for fall and winter. Individuals seeking additional information may visit SoldonCompass.com or call 800 729-6466.
Compass Auctions and Real Estate is Tennessee’s only certified Women’s Business Enterprise woman-owned auction and real estate company. The firm has more than 50 years of combined experience in government surplus, heavy equipment, vehicles, land and charitable auctions. It also has locations in Nashville and Lebanon, Tn., as well as in western Kentucky.