The Dean’s $1 Billion Blog Post Featuring WWAG
April 24th, 2009 at 5:12 am Posted by The Dean
Yesterday WWAG announced that it has surpassed $1 billion in gross auction sales since the company began operating its World Wide Auctioneers business in 2001.
Nearly $200 million of the company’s gross auction sales were generated in 2008 and 2009 in Dubai alone. While +95% of companies are struggling in the Great Recession WWAG is thriving! In fact, their latest 3 auctions were the most profitable ever.
The quote below from WWAG’s CEO Eric Montandon really puts the auctioneer business into perspective:
“The sale volume at our auctions in Dubai continues to trend higher compared to similar auctions in 2008 and 2007 as does the number of buyers and attendees,” commented WWA Group CEO Eric Montandon. “We expect both trends to continue as the unreserved auction model becomes more attractive and essential in the market.”
WWAG receives an average 8-12% commission on each piece of construction equipment sold. So although equipment prices have declined over the past year… the volume of construction equipment being liquidated is astronomical and offsets the decline in equipment prices (think larger quantity of smaller commissions).
Do yourself a favor and research WWAG before its discovered as a “hot recession play” by the everage penny stock trader. Despite WWAG’s lack of liquidity I believe it’s a real company and the time to invest in real companies is when they’re out of fashion on Wall Street. Below are a few links to start your DD on WWAG.
Class Trip: Dubai Featuring WWAG
Check out the Class Trip: Dubai @ http://www.classtrip.org
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