SOURCE: Purple Wave Auction

Purple Wave Auction

April 23, 2009 15:29 ET

Purple Wave Auction Sells Farm Equipment for $1.744 Million in Kansas/Missouri Online Auction

MANHATTAN, KS--(Marketwire - April 23, 2009) - While most people may think of online auctions in terms of books and computers, Purple Wave Auction sold $1.744 million worth of tractors, combines, balers, cultivators and other heavy farm equipment in an online auction completed Wednesday, April 22.

"With results like these, we're continuing to show the world that our new model for online bidding -- combined with local, in-person marketing and inspections -- is well suited to today's world," said Aaron McKee, president of Purple Wave, headquartered in Manhattan, Kan.

The auction of 128 pieces of farm equipment attracted 506 unique Internet bidders, 112 of whom were the successful bidders purchasing at least one of the machines. The auction attracted 3,256 bids in all -- an average of more than 25 bids per listed item.

"Any auctioneer will tell you that when you get that many bidders -- and that many bids -- on an item, you're probably getting the fair market value for it," said McKee. "The key in the success was the combination of online bidding with local marketing. The items were on display for inspection in several locations, including Hays, Beloit and Lincoln, as well as Marshall, Mo. People came out, kicked the tires, then went home and entered their bids," he said.

The items were sold for Carrico Implement, based in Beloit, Kan., and Riggins R-CO LLC, based in Marshall, Mo. Upcoming auctions include an auction of surplus equipment for the State of Iowa (ending April 28), a collection of boats and recreational vehicles (May 10) and a collection of classic tractors and trucks, ending on May 7.

Purple Wave Auction, headquartered in Manhattan, Kan., auctions commercial real estate, land, and agricultural/industrial equipment, as well as other types of property using its combination of in-person marketing and online bidding. The company was founded in 2000.

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