Cat Auction Services Announces New Ownership Structure With Caterpillar

   Cat Auction Services Announces New Ownership Structure With Caterpillar

  PR Newswire

  EAGAN, Minnesota, Dec. 7, 2012

EAGAN, Minnesota, Dec. 7, 2012 /PRNewswire/ --Cat Auction Services (CAS)
recently announced that it has expanded its ownership structure to include
Caterpillar, Inc. as an investor in the company. Caterpillar will join 25
other Cat® dealer partners to share ownership of Cat Auction Services.

Cat Auction Services was created in 2008 through a unique partnership of five
Cat dealers with the objective of developing an auction channel that can work
with the Caterpillar distribution network. By leveraging customer
relationships built by dealers and Caterpillar, CAS is able to provide a
unique auction experience that offers Cat dealers and customers a broad range
of services, superior equipment expertise and a level of transparency
unmatched by any other auction company.

"Caterpillar is looking forward to being a part of Cat Auction Services
because it gives our North American customers another reliable, trusted choice
when it comes to meeting their equipment disposal and acquisition needs. This
will be a great supplement to our current dealer offerings," stated Jim W.
Johnson, President of Caterpillar Used Equipment Services, Inc. "We feel that
Cat Auction Services is uniquely positioned in the auction business by
offering innovative live and online auctions backed by a full range of support
services provided by the best dealer network in the world.I think that once
people try CAS they will have a new favorite auction company."

Cat Auction Services facilitates auctions through live events, online bidding,
and its own monthly, timed-out, online platform called eQuipment Yard. CAS
has enhanced heavy equipment auctions by giving customers a better experience
through the innovative LEADERBOARD, professional staff, TA-1 inspection
reports, comprehensive photos and videos, equipment protection plans and
equipment financing. In less than four years, CAS has grown to include 25
dealer partners holding auctions that draw customers from 49 U.S. states and
60 countries.

"We are thrilled to be a part of the extended Caterpillar network," said Rick
Albin, President of Cat Auction Services. "Their expertise, along with our
many dealer partners, will position us to become a strong worldwide presence
within a couple of years and will provide the best customer value in the
auction industry."

"Throughout the entire process of closing this transaction, the business
strategy and expectations of Caterpillar, Inc. and independent Cat dealers
have been in direct alliance with each other," said Gary Trettel, CFO/General
Manager of Cat Auction Services. "This shows their commitment to this business
and the belief that we have an opportunity to serve our customers better by
working together."

About Cat Auction Services Cat Auction Services entered the heavy equipment
auction arena in late 2008. Cat Auction Services was formed through a unique
partnership of Cat dealers with the endorsement of Caterpillar, Inc. The
addition of Cat Auction Services to the portfolio of services available to Cat
customers and others in the heavy equipment industry builds upon the company's
existing customer loyalty. Cat Auction Services facilitates auctions through
live events, online bidding and a monthly, timed-out, online platform called
eQuipment Yard. CAS has raised the bar in heavy equipment auctions, giving
customers a better experience with its innovative LEADERBOARD, professional
staff, TA-1 inspection reports, comprehensive photos and videos, equipment
protection plans and equipment financing. For more information, visit
www.catauctions.com .

Website: http://www.catauctions.com
Contact: Questions: Gary Trettel, CFO/General Manager
(gary.trettel@catauctions.com), Media Inquiries: Jo Kingrey, Director of
Marketing, (jo.kingrey@catauctions.com)
 
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