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.
Global HVAC manufacturer Trane opened its Lexington, Kentucky production and assembly plant in 1963. After 55 years of operations, the company decided to close the Lexington facility and transition production to a single location in Columbia, South Carolina. They needed a team that could handle the massive 650,000-square-foot facility and that had a deep understanding of their unique machinery. After reviewing multiple proposals from companies across the country, Trane awarded CIA Industrial the bid for the disposition project. This three-day auction featured a variety of CNC Punches & Panel Benders, Press Brakes, Shears, Water Jets, Cut-to-Length Lines, Paint Booths & more.
Process At a Glance
10.5.18
Plant Closure Announcement
Trane announces plans to close their Lexington, Kentucky plant and move the production to other facilities.
1.1.19
CIA Industrial Prospecting
CIA Industrial’s sales team makes continual contact with different associates regarding the closure and potential assets for sale.
6.1.19
Connection
Sales team finds the correct contact handling the closure and any potential sale of assets.
9.15.20
Request for Proposal
CIA receives a RFP from Trane regarding their facility in Lexington, Kentucky.
9.25.20
Site Evaluation
CIA team visits the facility and does a thorough walkthrough taking notes and photos and regroups internally to review market values for machinery & equipment.
10.1.20
Proposal Options
CIA Industrial presents all (3) proposal options to Trane: Commission Auction, Guaranteed Auction & Cash Purchase.
12.1.20
Contract Signed
Trane reviewed multiple proposals from companies all over the US. Ultimately selecting to partner with CIA Industrial.
1.1.21
Marketing takes off
CIA starts promoting the upcoming auction including dedicated landing page on their website, social media posts & drone videos.
9.1.21
Site Prep Begins
CIA staff members spend weeks cleaning, organizing, cataloging and photographing all lots.
10.1.21
Presale
CIA is able to find a buyer before the auction for the Salvagini Tower System with an S4 & P4 for over $700,000.
12.6.21
Inspection Days
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.
12.8.21
Live Webcast Auction – Day 1
12.9.21
Live Webcast Auction – Day 2
12.10.21
Timed Online Auction
12.31.21
Auction Report
Trane receives all information regarding the auction as well as the final financial settlement.
1.1.22
Staying on Task
CIA gives daily updates on removal/clean out to company, advisors, lenders & landlords to ensure deadlines are met.
CIA conducted a 3-day hybrid of Live Webcast and Timed Online Auctions. The main assets featured at auction included a variety of CNC Punches & Panel Benders, Press Brakes, Shears, Water Jets, Cut-to-Length Lines, Paint Booths, & more. CIA worked around the clock to meet all deadlines, execute an effective advertising strategy to quickly build buzz, and keep all parties involved up to date throughout the entire process. The 3-day auction attracted 505 bidders across 1,182 lots and resulted in $2,100,000+ in sales.
“CIA Industrial truly impressed me with their down-to-earth mentality and unparalleled work ethic. In an industry filled with know-it-alls, their refreshing approach made a world of difference. They consistently went above and beyond the call of duty, and their commitment to excellence was evident throughout the entire project. Working with them was not only rewarding but also genuinely enjoyable.”
– Gordon Shaw
DIRECTOR, GLOBAL AME
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