Success Story
Magnaflow
Overview
Whether you’re downsizing, consolidating operations or closing up shop, you have a lot on the line. From emotional to financial pressures to tough expectations and critical timing. This is a moment when you need to have complete confidence that you can get the absolute most for your assets, and know you’re working with a partner who’s willing to go above and beyond to protect your interests.
When performance exhaust manufacturer, Magnaflow, decided to close their plant in Lavonia, Georgia, they put their trust in CIA Industrial to efficiently handle the auction of their machinery and equipment, and ensure the transition would be a seamless, positive experience. This auction featured a variety of CNC Tube and Wire Benders, Cold Saws, Welders, unused coil and pipe, and other toolroom machinery.
Process At a Glance
10.21.22
Company Announces Closure
Magnaflow announces plant closure in Lavonia, Georgia with plans to consolidate their manufacturing and logistics operations to their headquarters facility in Oceanside, California.
11.16.22
Schedule initial visit
The CIA team visits the facility and does a thorough walkthrough taking notes and photos and regroups internally to review market values for machinery and equipment.
12.6.22
Magnaflow signs contract
Magnaflow reviews CIA offers and signs cash option. CIA pays 50% deposit at this time.
12.17.22
Initial auction advertising
CIA starts promoting the upcoming auction on their website and social media channels.
1.9.23
CIA begins site preparation
CIA staff members spend 2 weeks straight cleaning, organizing, cataloging and photographing 682 lots.
1.15.23
Auction marketing takes off
CIA mails 10,000 brochures across the U.S., along with other advertising including email blasts, website banners, videos, and a press release to promote the auction.
2.14.23
Inspection day
CIA hosts an inspection where an onsite team guided potential bidders as they previewed equipment for sale to ensure they were informed of all details pertaining to equipment of their interest.
2.15.23
Auction day
Auction attracts 334 bidders from 37 states, and reaches $1.5M+ total sales with the highest price item sold for $75,000.
6.23.23
Project Completed
All items have been removed and floors cleaned.
Outcome
Our knowledge and feel for the value of this variety of assets was instrumental in achieving their objectives, and conducting a successful auction with 100% collected. Following the auction, we partnered with a dedicated rigger and had staff members on site overseeing removal of the assets ensuring a safe workplace and making sure the right items went with the right buyer. After we completed the meticulous removal of all assets, the facility was left in impeccable condition, broom swept and ready for the next phase.
“From the initial consultation to the final stages of the auction, Ryan Luggen & his team demonstrated a deep understanding of our needs and delivered a hassle-free experience. The level of professionalism and attention to detail speaks volumes about the commitment and integrity of CIA Industrial.”
– Russ Addison
Engineering Manager
