Ritchie Bros. to auction PTS, Alvan equipment

Both PTS and Alvan are currently subject to proceedings under Chapter 7 Bankruptcy and all remaining assets are being sold free and clear. As with all Ritchie Bros. unreserved auctions, every item will sell to the highest bidder on auction day, regardless of price — with no minimum bids or reserve prices.

The Trucker News Services

8/27/2008

VANCOUVER, British Columbia — Ritchie Bros. Auctioneers will be selling approximately 1,000 car carriers on behalf of the Trustee for Performance Transportation Services, Inc. (PTS), as well as approximately 350 truck tractors, 700 trailers and 140 forklifts on behalf of the Trustee for Alvan Motor Freight, Inc. in two separate complete dispersal, unreserved, public auctions. Ritchie Bros. will also be selling various shop tools, equipment, office furniture and other assets for both companies, the company said.

Both PTS and Alvan are currently subject to proceedings under Chapter 7 of the United States Bankruptcy Code and all remaining assets are being sold free and clear of liens and encumbrances.

PTS was the second-largest transporter of new automobiles, sport utility vehicles and light trucks in North America, and was based in Allen Park, Michigan. Alvan was a family-owned Midwestern regional LTL motor carrier based in Kalamazoo, Michigan. Both companies have a long history in business, with Alvan ceasing operations after 67 years of service. This is a unique opportunity for buyers to access a large selection of equipment from two reputable carriers, according to the auctioneers.

“Both companies have assets located throughout the United States,” said Rob Whitsit, senior vice president of Ritchie Bros. Auctioneers. “With our ‘virtual ramp’ style auctions, we are able to conduct the auctions in a timely and efficient manner to help liquidate the assets in an orderly fashion and maximize the returns to the bankruptcy estates. In both situations we worked with the Trustees, the creditors, the companies and their advisors to offer them commercially reasonable, turnkey auction solutions to facilitate the asset sales.”

Each auction is being conducted virtually, with items displayed on a large screen in front of the seated crowd. All items will be available for inspection prior to the auctions.

“Interested buyers can participate in person at the auction site, bid live and in real-time over the internet, or they can even call in a proxy bid ahead of time,” said Whitsit.

As with all Ritchie Bros. unreserved auctions, every item will sell to the highest bidder on auction day, regardless of price — with no minimum bids or reserve prices. Interested buyers can inspect and test the items ahead of time at the various locations. PTS items will be located at nine Ritchie Bros. permanent auction facilities across the United States and Alvan assets will be located at their terminals in Detroit, Columbus, Ohio; and Indianapolis. Detailed information on where the items are located will be posted at www.rbauction.com. within the next few weeks, the company said.

Auction date for the PTS items is Friday, October 3. The items include more than 1,000 open rack car carriers with Freightliner, International, Sterling and Volvo power units. Most of the carriers are Cottrell, Boydstun, Delavn and Teal. All PTS shop tools and equipment, parts and supplies, and office furniture and equipment will be sold at various upcoming Ritchie Bros. auctions.

Auction date for the Alvan items is Tuesday, October 14. The items include 350 International, Sterling, Freightliner and Volvo truck tractors; 700 Utility, Great Dane and Trailmobile van trailers (53’ and 48’); 140 various sized forklifts; shop tools and equipment; parts and supplies; and office furniture and equipment.