SOURCE: Barrett-Jackson

Barrett-Jackson

September 23, 2009 10:03 ET

Barrett-Jackson Retains Deloitte & Touche to Examine Management's Assertions About Its Auction Practices

Attestation of Auction Results Expected to Be Published by October 1, 2009

SCOTTSDALE, AZ--(Marketwire - September 23, 2009) - Barrett-Jackson Auction Co. LLC announced today that it has engaged "Big 4" global professional services and auditing firm, Deloitte & Touche LLP ("Deloitte & Touche"), to conduct an independent examination of Barrett-Jackson's management's assertions relating to its auction practices for the company's 2008-2009 auction season.

Deloitte & Touche will examine the assertions made by Barrett-Jackson's management related to certain practices followed in the conduct of the auctions and then render its opinion on the validity of those assertions based upon Barrett-Jackson's recently completed 2008-2009 auction season. This examination and attestation will include the company's inaugural Las Vegas, Nevada auction in October 2008, as well as the January 2009 auction in Scottsdale, Arizona and the April 2009 auction in Palm Beach, Florida. The examination will include testing key management assertions and criteria impacting the conduct of each Barrett-Jackson auction, including: the consignment process; bidder qualification and registration procedures; documentation of and adherence to the contracted terms of sale; conformity to the commission structure and commissions charged; proper calculation and timely payment of seller proceeds; and general adherence to documented auction practices.

"We have engaged a well respected firm to examine our practices and we look forward to sharing their results," said Craig Jackson, Chairman and CEO of Barrett-Jackson. The company anticipates Deloitte & Touche will issue its Independent Accountant's Report by October 1, 2009.

About The Barrett-Jackson Auction Company

Established in 1971 and headquartered in Scottsdale, Ariz., Barrett-Jackson specializes in providing products and services to classic and collector car owners, astute collectors and automotive enthusiasts around the world. The company produces the "World's Greatest Collector Car Auctions™" in Scottsdale, Palm Beach, Fla. and Las Vegas. Barrett-Jackson also endorses a one-of-a-kind insurance offering for collector vehicles and other valued belongings. For more information about Barrett-Jackson, visit www.barrett-jackson.com or call (480) 421-6694.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

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