DENVER (Feb. 24, 2011) -- Accruit, LLC, the leader in like-kind exchange (LKE) and qualified intermediary services (QI), today announced that it conducted a record number of exchanges at the unreserved 2011 Ritchie Bros. Orlando auction, held last week (Feb. 15 – 19). Representing nearly five percent of the total value of items sold, this marks Accruit’s highest value of exchanges conducted in its history as a provider at this auction.
“The outstanding value of exchanges conducted at this Ritchie Bros. auction tells us that American businesses are beginning to put the recession behind them and are envisioning profitability and taxability on the horizon,” said Mike Luster, Director of Corporate Accounts for Accruit. “We’re very optimistic about this level of activity, which indicates that companies are again starting to trust and understand the significant benefits of 1031 LKE strategies.”
With more than 8,000 heavy equipment items auctioned off during the five-day event, this Ritchie Bros. auction brought in a record of more than 7,500 local and international bidders.The amount of exchanges conducted by Accruit this year is 300 percent greater as compared to past years at this auction.
“The increasing number of LKEs processed through our auctions serves as one of many barometers on the growing strength of the U.S. economy,” adds Peter Blake, CEO of Ritchie Bros. “With equipment manufacturers ramping up production and many consignors replacing equipment sold at auctions, Accruit’s integrated LKE offering makes it efficient for our clients and for Ritchie Bros. to maximize the money they keep in their pocket.”
“We are also seeing a higher number of reverse exchanges occurring during these auctions,” said Brent Abrahm, CEO of Accruit. “Consignors cannot risk selling equipment unless they already have the right replacement piece of equipment for the job. The consignor can take advantage of deals at auction with a reverse exchange by purchasing now then selling older assets in coming months, which provides a tremendous cash flow incentive.”
About Accruit, LLC
Accruit is the nation's leading provider of qualified intermediary (QI) services for personal property 1031 exchanges and is the only provider with a patented like-kind exchange (LKE) process (U.S. Patent No. 7,379,910, and other patents pending). Accruit has served companies in more than 20 industries, helping them to transform billions of dollars in tax liability into working cash flow. In a Joint Business Relationship, Accruit and PricewaterhouseCoopers (PwC) provide integrated QI and LKE tax services. Through the combination of solutions, Accruit and PwC draw on years of expertise to dominate a large percentage of the LKE tax strategy programs implemented in the marketplace today. For more information on Accruit and 1031 exchanges see the company's Web site at www.accruit.com or contact Accruit.