Bartel & Co. Auctioneers and FM Stone Commercial announced that they will conduct auctions in Elkhart, Ind., Sept. 17-19 of the former assets of Custom Chassis Products LLC.
Custom Chassis Products LLC manufactured and assembled motorhome chassis and was a joint venture between bankrupt Monaco Coach Corp. and International Truck and Engine Investments Corp.
Assets to be sold include approximately 1,500 skids of new parts, new diesel engines, transmissions, wire, tires, axles, tools, crane systems, welders, paint booths, raw steel and office furniture.
The auctions will begin at 9 a.m. each day and will be held at 2700 S. Nappanee St. in Elkhart.
The auctions are by order of the U.S. Bankruptcy Court, Joseph Bradley trustee.
The auction firm will be operating three auction rings Sept. 17-18 and two auction rings on Sept. 19. To be sold on Thursday (day one) will be the new parts, inventory, engines, transmissions, tires and axles. Selling on Friday (day two) will be the tools, paint booths, welders, office furniture and other machines. Saturday (day three) will be dedicated to selling raw steel, chassis rails, and other steel components.
Open house inspection dates are scheduled for Sept. 15 and 16 from 9 a.m .to 5 p.m.
“We are expecting a good turnout of bidders and have had inquiries from all over the United States, Canada and Overseas,” said Brad Hooley, chief auctioneer for the Middlebury, Ind.-based firm that has overseen similar auctions of former RV firm assets in recent years.
Ross Miller, broker with FM Stone Commercial, Elkhart, said, based on the level of interest and volume of items to be sold, this auction will be one of the largest industrial auctions ever conducted in Elkhart County.
For more information go to www.bartelandcompany.com or call Bartel & Company at (800) 860-8118.
Navistar’s International Corp.’s emergence as the suitor seeking an asset buyout of Monaco Coach Corp.’s RV interests represents an extension of the engine builder’s growing stake in the industry – bolstered during the past several years through acquisition and strategic partnership.
Following an initial report of a pending buyout by a “major public company,” Coburg, Ore.-based Monaco revealed Thursday (March 26) that Navistar had issued a non-binding letter of intent to purchase its RV-related assets and assume certain liabilities for $50 million. Monaco, which filed for Chapter 11 bankruptcy March 5 after a nearly two-year run of “right-sizing” to match faltering demand, reported that the companies are looking to finalize the acquisition in mid-April.
“If we are able to reach agreement, the purchase of certain Monaco assets would fit our strategy of leveraging our assets to expand our diesel business, serve the end customer and would also complement our Workhorse Custom Chassis business,” stated Jack Allen, president of Navistar’s North American Truck Group, a U.S. market leader in large trucks that ranks second in the production of heavy Class A trucks with 13 North American plants.
The tentative deal expands Warrenville, Ill.-based Navistar’s presence in the RV industry while also adding another layer to a diversified, global portfolio that includes production of medium- and heavy-duty trucks, military vehicles, diesel engines and related components for a variety of industries.
Navistar reported net income of $234 million on revenue of $2.97 billion for its fiscal first quarter, ended Jan. 31, including $955 million in military sales – notably a contract with the U.S. government to supply MRAP armored vehicles,
In fact, Navistar currently is a player in the RV sector, perhaps more so than most people realize, looking back over the past few years:
- In mid-2005, GVW Holdings Corp., Highland Park, Ill., sold its Workhorse Custom Chassis LLC and Uptime Parts LLC subsidiaries to International Truck and Engine Corp., an operating unit of Navistar. Workhorse, Union City, Ind., is a major manufacturer of chassis for Class A motorhomes, buses and walk-in trucks. Uptime Parts, located in West Chicago, Ill., and Reno, Nev., supplies replacement and aftermarket parts for the RV, truck and bus markets that Workhorse serves.
- Monaco in January of 2007 formed a joint venture with International to manufacture rear-engine diesel chassis. Monaco and International own 49% and 51%, respectively, of the newly formed company — Custom Chassis Products LLC. Production continues at Monaco’s 210,00-square-foot Roadmaster chassis plant in Elkhart, Ind., which Monaco said was not impacted by its bankruptcy announcement.
- Navistar chairman, president and CEO Daniel C. Ustian has been a Monaco board member since 2003 and has aggressively pursued complementary markets and businesses for Navistar’s truck and engine lines, according to The Wall Street Journal.
- Navistar engines to date have been used in a number of motorhomes, including Damon Motor Coach’s fuel-efficient 31 ½-foot Avanti Class A.