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Motor-City Multi-Million Dollar Vehicle Auction Attracts International Buyers with Unique and Historic Assets

DETROIT, MICH., Oct. 29, 2014 (GLOBE NEWSWIRE) -- Gary Brown, Detroit's COO, announced today that it has received reasonable interest about many of the surplus transportation assets that it is scheduled to sell at auction on November 5th and November 13th.





Brown explained that as the City of Detroit is continuing to seek cash to bolster its operating department budgets and pay down its debt, it has therefore decided to auction more than 500 surplus vehicles that it no longer needs. Brown said the auctions will mark the first of several planned for the city, explaining that "selling off the excess equipment and vehicles allows for more effective operations, and helps us to become leaner, more efficient and much better stewards of the city's assets." He said "It's a part of the restructuring and reinvestment portion of the bankruptcy process. We're finding dollars to reinvest in the city of Detroit."

Brown indicated that all city department leaders have been asked to seek ways to maximize the value of all existing assets. "We're going through all of the city warehouses in every nook and cranny and finding equipment that is no longer needed but has very real value," he said.

Mr. Brown said, "Many of these vehicles are in very good working order and have a lot of life left in them." He indicated that early interest in purchasing these assets has been very strong from municipalities all over the world who appear to be interested in picking up surplus public works assets which range from garbage trucks to bucket lifts, light trucks, and more.

"There are also numerous vehicles that will have value to collectors including vintage city trolley cars and double decker buses," he said.

Mr. Brown indicated that the upcoming auctions will be conducted in partnership with Hilco Industrial and Miedema Auctioneering, two firms that are recognized for helping to maximize the value of industrial equipment assets around the world. "Hilco Industrial and Miedema are true experts in this area and have successfully sold industrial and transportation assets for major corporations around the world including all of the major auto-makers," he said.

Robert Levy, a managing partner for Hilco Industrial, said that this particular vehicle sale is unusually large and has garnered wide interest. "Two things are very clear, first, the city leadership has taken a whole new fiscally responsible approach to monitoring their assets and understanding the value of these assets, and second, there are some really terrific opportunities for municipalities and the public to buy during this sale," he said.

The sale includes an extensive list of the City of Detroit's (COD) surplus transportation, rolling stock and public utility maintenance vehicles and includes some vintage vehicles. The list of transportation assets being offered come from three primary departments:

  • The Detroit Department of Transportation (DDOT) which includes transit buses and fabrication shop assets;
  • The Public Lighting Department (PLD) which includes utility maintenance equipment including Bucket Trucks, Digger Derricks and Cable Vans that are associated with Utility Repairs;
  • The Department of Public Works (DPW) which includes Waste Trucks, Log Loaders, and additional rolling stock.

Other departments with excess vehicles which will be sold by Hilco Industrial include The Detroit Fire Department (DFD) including vintage Fire Trucks and The Detroit Police Department (DPD) which includes vintage Police Cars. For an early inspection on either auction, please contact Ken Planet at 248-238-7988 or email kplanet@hilcoglobal.com. Registration for both auctions will be available onsite or online through www.hilcoind.com.

About Hilco Industrial LLC - Hilco Industrial LLC (www.hilcoind.com ) provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales. It sells the broad range of industrial assets found in manufacturing, wholesale and distribution companies. Hilco Industrial performs dispositions through on-site, online and combination "webcast" auction sale events as well as negotiated (private treaty) sales. Hilco Industrial has capital to put at risk and often acquires assets or provides guarantees. It also provides asset disposition services on a fee or commission basis. Hilco Industrial is part of Hilco Global (www.hilcoglobal.com ), the world's leading authority on helping companies maximize the value of their assets delivering a complete suite of asset valuation, monetization and advisory services.

About Miedema Asset Management Group- Miedema Asset Management group consists of seven valuation, consultation, and liquidation companies (www.1800lastbid.com) across North America. These companies employ nearly 200 professionals specializing in all areas of Commercial, Construction, Industrial and Real Estate sales and auctions. Miedema recently celebrated its 30th year in business and continues to grow and expand conducting hundreds of online and live auctions annually selling to bidders across the globe.

Media Contacts:

Marsha Fales-Wright
Vice President of Marketing
Farmington Hills, MI 48334
(248) 254-9999 X 22
mfales-wright@hilcoglobal.com

Gary C. Epstein
EVP Chief Marketing Officer
Northbrook, Illinois 60062
(847) 418-2172
gepstein@hilcoglobal.com

Photos accompanying this release are available at:

http://www.globenewswire.com/newsroom/prs/?pkgid=28716

http://www.globenewswire.com/newsroom/prs/?pkgid=28717

CONTACT: Gary C. Epstein CMO Northbrook, Illinois 60062 (847) 418-2172 gepstein@hilcoglobal.com

Source: Hilco Global