Custom Fabricators Liquidation Auction
Custom Granite Countertop Fabricators Liquidation
Friday, May 15th, 2009
Background:
Custom Fabricators served as a locally owned and operated granite countertop manufacturer with a legacy spanning over 15 years. Rooted in family ownership, it had been a steadfast presence within the community. However, the economic downturn dealt a blow to profitability, prompting the owners to make a strategic decision. With the property already under a pending contract, they engaged our services to orchestrate the sale of the real estate, followed by the auction-based liquidation of the remaining business assets.
Challenges:
This auction posed a set of challenges, particularly due to the specialized nature of the equipment tailored for the granite countertop industry, compounded by the recent housing market crash that had significantly reduced new construction demand.
Creating a marketing strategy to attract the attention of a highly specific audience within a limited timeframe became imperative. Further complicating matters, the owners had already sold the building and required it to be vacated within just three weeks for the real estate closing.
Our Auction Solution:
Our recommended approach centered on a live on-site auction, complemented by an internet simulcast that featured select high-value items. We developed a comprehensive advertising and marketing program for the business, employing both the internet simulcast and a meticulously crafted marketing plan to highlight auction items.
The equipment roster encompassed a 7 ½ ton overhead crane, granite saws and shaping machines from Park Industries, along with polishers, finishers, hand tools, and office items. Many of the high-value items were distinctly industry-specific, making this auction particularly challenging to market.
The marketing plan leveraged the power of internet advertising, combining targeted email blasts to industrial equipment buyers and web postings on dedicated auction and industry-specific platforms. We extended our reach by sending direct mail flyers to similar businesses across the country, as well as our database of industrial equipment buyers. To further saturate the market, we strategically placed trade-specific advertisements in newspapers and selected publications at local, regional, and national levels.
Given the real estate closing date, we scheduled the live auction for three weeks after contract signing and immediately embarked on a multifaceted marketing campaign to promote the equipment through these diverse avenues.
Result:
The auction yielded results beyond our initial expectations. Drawing in almost 100 buyers, the event led to the successful sale of over 300 lots. Remarkably, we managed to adhere to the seller's stringent three-week deadline, ensuring the equipment was relocated from the premises ahead of the real estate closing. With the property poised for closure and the equipment fetching an impressive return, the auction culminated in a resounding success.