Superior Bank Corporate Facility and 12 Branches Nationwide

Client Profile:

The FDIC

Auction Strategy:

Inventory and photographs of branch location assets using low cost local resources, leaving all assets in place.

Live webcast auction of the corporate headquarters in New York, preceded the day before by a webcast of all 12 branch locations.

The branch location webcast took place from the New York headquarters to an audience of strictly online bidders during a 14 hour webcast marathon.

Buyers in each city logged on at pre-scheduled times to bid on items in their local market.  As the sale proceeded, bidders began participating in other markets, and ultimately in the corporate headquarters auction which followed.

This strategy minimized travel and logistics costs, achieving similar revenues as a traditional sale, yet increasing the bottom line to the FDIC.

Today, this auction would take place using our Expresbid™ online bidding system, requiring no live auctioneer, and, therefore, greatly reducing sale time and buyer fatigue, thereby increasing gross sales.

2.1 Acre
Mid Century Estate
Beverly Hills, CA

Client Profile:

Private Seller / Retired Real Estate Broker

Auction Strategy:

The property was listed using the minimum bid strategy.  The property, having previously fallen out of escrow at $5.2 Million was offered at a live auction with a minimum bid price of just over $4.1 Million. 

While significantly lower than the Seller’s desired price, this minimum bid was attractive enough to draw sufficient market interest, thereby resulting in active and competitive bidding.

The sale resulted in seven registered bidders, each attending with $100,000 cashiers checks in-hand.  The final bid price, with buyers’ premium, was over $5.1 Million dollars.

The sale closed in just over 30 days.

5th & Sunset

Industry:

Studio Photography Rental
Equipment

Client Profile:

Chapter 11 Debtor in Possession in cooperation with various Leasing Companies.

Auction Strategy:

Inventories and equipment were consolidated from Miami and NYC locations to a 3rd party facility outside of Philadelphia.

Assets were inventoried and carefully allocated to proper ownership interests.  Once accepted and approved by Creditors, assets were sold via Webcast Auction to a nationwide audience of buyers, achieving results in excess of pre-sale projections.

Project was completed in approx. 75 days, including relocation, due diligence, marketing, sale and collections.