• Jun 1, 2010
The legendary Kruse auction house has hit yet another rough patch. The company that once broke the $1 million bid barrier for a classic car has had its licenses revoked in the State of Indiana. It appears that the revocation is the result of a number of complaints lodged against the house over the past year. Buyers have reported lengthy delays in obtaining the vehicles they had purchased, and some consigners had lodged complaints after not receiving payment after their vehicles were sold. According to Automotive News, Dean Kruse (pictured), the company's president, has said that the poor economy has lead to cash flow woes.

Indiana has indefinitely suspended Dean Kruse's license, though he can petition to get it back in two years. Meanwhile, his company won't be eligible for new licenses for a total of seven years. Kruse International is facing a total of $70,000 in fines, and must now submit quarterly reports from a certified accountant detailing all payments to consigners.

None of this necessarily means that Indiana-based Kruse is getting out of the auction business for good, though. At present, no other state has pulled the company's license... so far.

[Source: Automotive News – Sub. Req'd]


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    • 1 Second Ago
  • 10 Comments
      • 4 Years Ago
      Arizona has also pulled Kruse's Auction License
      • 4 Years Ago
      If I had an extra million dollars laying around I would definitely spend it on a car or a fleet of cars...
      • 4 Years Ago
      1 mil for an old car?
        • 4 Years Ago
        You say "old car" like it's a 1973 Pinto... "Classic Car" is the phrase you're looking for and yes, depending on the car, they do go for big bucks because of their rarity.
        • 4 Years Ago
        What are you, 10 years old?
      • 4 Years Ago
      Sea Urchin keeps putting his foot in his mouth.
      • 4 Years Ago
      anyone else notice a striking resemblance (both physical, and business-wise) to George Bluth?

      I wonder if they've caught on to the banana stand...
        • 4 Years Ago
        He needs a giant cowboy hat...
      • 4 Years Ago
      Seems like an unusual number of auctions are in Indiana. Why?
      • 4 Years Ago
      Damn shame. It's an integral part of the Auburn Cord and Duesenberg fall festival and brings in a few hundred thousand people to the area. I have'nt missed the auction in 15 years, buying and selling a few cars even when Kruse sold the auction to Ebay and bought it back. What's going to become of his WWII museum and will someone else run the Labor Day event?