BARRETT-JACKSON RELEASES RESULTS OF DELOITTE & TOUCHE EXAMINATION OF AUCTION PRACTICES
Scottsdale, Ariz. – October 1, 2009 – Barrett-Jackson Auction Co. LLC today announced that it has released the Independent Accountants’ Report prepared by Deloitte & Touche LLP following the independent examination of Barrett-Jackson’s auction practices for the company’s 2008-2009 auction season (12 month period ending June 2009).
“The release of this report is part of Barrett-Jackson’s continued commitment to transparency in our auction practices,” said Craig Jackson, chairman and CEO of Barrett-Jackson. “Particularly in light of stories that have surfaced recently concerning business practices at other car auction companies, we felt the time was right to have an independent review and validation of our auction practices.”
Deloitte & Touche performed the examination of Barrett-Jackson’s auction records during the summer of 2009. The project, an “attestation” in formal terms, centered on a review of the “assertions” made by Barrett-Jackson’s management team that summarize the company’s auction-related business practices. The examination covered Barrett-Jackson’s last full auction season, which included the 2008 Las Vegas event as well as the 2009 events in Scottsdale and West Palm Beach. The final Independent Accountants’ Report is dated September 17, 2009, and was issued by Deloitte & Touche to Barrett-Jackson on September 29, 2009. The complete text of the Report is available for review at www.barrett-jackson.com.
“We selected Deloitte & Touche for this important project because they are a world class, globally recognized professional services and auditing firm,” continued Jackson. “We wanted to send a clear message about the seriousness of this project and our desire to engage highly trained, trusted professionals to perform an independent examination of our auction practices.”
Barrett-Jackson first announced that the company had retained Deloitte & Touche for the project on September 23, 2009. At the time of that announcement, the audit firm’s report had not yet been issued to Barrett-Jackson’s management team.
“Barrett-Jackson is proud of its ethical business practices and dedication to transparency, integrity and fairness in conducting the company’s collector car auctions,” added Steve Davis, president of Barrett-Jackson. “Particularly in
these times of economic turbulence and distrust of the country’s financial institutions, we felt that it was a good time to take this proactive step to demonstrate to our customers and others who follow Barrett-Jackson that we offer a fair, trustworthy forum for buying or selling a collector car. It is rewarding to receive this third party validation that Barrett-Jackson is a place where transparency is honored and customers are treated fairly.”
Topics reviewed by Deloitte & Touche in the project included: validity and consistency of Barrett-Jackson’s consignment procedures; accurate documentation of the terms of each sale; consistent and documented commission structure on both buyer and seller side; and, timely payment of proceeds to all sellers.
“In a time when so many Americans are distrustful of corporations and have lost faith in the systems surrounding many industries, we felt that Barrett-Jackson could set a positive example in the collector car auction business,” continued Davis. “We encourage other collector car auction houses to undertake the same project to verify and certify their own auction results as a showing of good faith and commitment to the loyal collector car enthusiasts who keep this great hobby alive.”
The 2009 Barrett-Jackson Las Vegas event will be held from Oct. 7-10 at the Mandalay Bay Events Center. It is open to the public with tickets for sale at the Barrett-Jackson website (www.barrett-jackson.com) and onsite at the Mandalay ticket booths. SPEED TV will broadcast the auction live in high-definition (www.SPEEDtv.com).
The Barrett-Jackson endorsed insurance program was launched in April of this year and more information is available at http://www.barrett-jackson.com/insurance.
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 Events™” in Scottsdale, Palm Beach, Fla. and Las Vegas. For more information about Barrett-Jackson, visit www.barrett-jackson.com or call (480) 421-6694.
Scott Black, TPRM, 214-520-3430, [email protected] (www.tprm-usa.com)
Eric Kreller, R&R Partners, O: 702-318-4384, C: 702-403-9738 [email protected]