The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just one of several debtors seeking money from the company -- for an overdue loan originally in the amount of $4.5 million. Two foreclosure lawsuits in DeKalb County, Indiana, are pending. One is for $6.5 m
Kruse International, the four-decade-old, Indiana-based auction house that's moved cars like Chitty Chitty Bang Bang, is having a rough time of it. According to the Journal Gazette, lawsuits and actions have been brought against it by states, buyers and sellers – just about every entity an auction business is involved with. It isn't the first time founder Dean Kruse and his company have been in trouble, and Kruse says it's been worse before.
Online auctions make sense when you're looking for a digital camera or a replacement part for your car, but for buying an entire car? It's been working for years on eBay Motors, and now Canadian auction house RM Auctions is joining the fold.