Cat Auction Services (CAS) recently announced that it has expanded its ownership structure to include Caterpillar Inc. as an investor in the company. Caterpillar will join 25 other Cat dealer partners to share ownership of Cat Auction Services.
Cat Auction Services was created in 2008 through a partnership of five Cat dealers with the objective of developing an auction channel that can work uniquely with the Caterpillar distribution network. Cat Auction Services says it leverages customer relationships built by dealers and Caterpillar to provide an auction experience that offers Cat dealers and customers a broad range of services, superior equipment expertise and an unmatched level of transparency.
“Caterpillar is looking forward to being a part of Cat Auction Services because it gives our North American customers another reliable, trusted choice when it comes to meeting their equipment disposal and acquisition needs. This will be a great supplement to our current dealer offerings,” stated Jim W. Johnson, president of Caterpillar Used Equipment Services Inc. “We feel that Cat Auction Services is uniquely positioned in the auction business by offering innovative live and online auctions backed by a full range of support services provided by the best dealer network in the world. I think that once people try CAS they will have a new favorite auction company.”
Cat Auction Services facilitates live auction events, online bidding, and its own monthly, timed-out, online platform called eQuipment Yard. CAS has enhanced heavy equipment auctions by giving customers a better experience through the Leaderboard, professional staff, TA-1 inspection reports, comprehensive photos and videos, equipment protection plans and equipment financing.
In less than four years, CAS has grown to include 25 dealer partners holding auctions that draw customers from 49 U.S. states and 60 countries.
“Throughout the entire process of closing this transaction, the business strategy and expectations of Caterpillar Inc. and independent Cat dealers have been in direct alliance with each other,” said Gary Trettel, CFO/general manager of Cat Auction Services. “This shows their commitment to this business and the belief that we have an opportunity to serve our customers better by working together.”