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]