Newspaper article THE JOURNAL RECORD

Striking While the Iron Is Hot: Oklahoma Entrepreneur Taps Niche Market for Surplus Equipment

Newspaper article THE JOURNAL RECORD

Striking While the Iron Is Hot: Oklahoma Entrepreneur Taps Niche Market for Surplus Equipment

Article excerpt

While auctioning trucks during the Arrow Truck Lines liquidation, Rick Miller realized there was a need that was not being met for used heavy equipment.

Miller's experience inspired him to look into creating a market for surplus equipment.

Miller had been in the auction business for six years and managed many types of auctions, including the Arrow Trucking bankruptcy liquidation for Mr. Ed's Auction Co.

"The top bidders for these trucks were from Nicaragua and El Salvador," Miller said. "It was then the idea took root for a global online auction exchange for salvaged equipment."

More than a year later, Miller launched his online auction website, www.tiredironauctions.com, focused on selling surplus and salvaged heavy equipment. The Tulsa-based online auction company provides a market for surplus or salvaged heavy equipment.

Miller's first timed auction - featuring 79 commercial trucks and trailers being liquidated from Refrigerated Delivery Service of Oklahoma City and Tulsa - started a week ago and concludes Thursday. Early bids came from 24 states, Canada and Central America.

Tom Ferguson, president of RDS, said he was confident in the new auction platform.

"I never considered a regular auction once I talked to Rick and he explained his process," Ferguson said. "The vast exposure is a benefit; and it is not just from a local or regional perspective, but exposure to the country and the potential for foreign buyers."

Eric Bohne, president, chairman and CEO of Security Bank Tulsa, was enthusiastic.

"The website reaches markets that would otherwise be unavailable," Bohne said. "The information on the website is detailed and gives extensive information about the items being sold. Bidders are preapproved and the bidding is live."

Bohne said bringing commercial equipment buyers and sellers together in a virtual and secure environment solved a big problem. …

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