Automotive Industries

Issue: Oct 2009

Automobiles Auctioneer Russo and Steele Plans to Expand Auctions to China and Asia

by Steve Barclay

Russo and Steele Collector Automobile Auctions ("Russo and Steele") and China Auto Logistics Inc. ("CALI") have signed a memorandum of understanding for a joint venture to develop the Russo and Steele Collector Automobile Auction business in China.

In connection with the planned joint venture, Russo and Steele expects to coordinate auction events with CALI in China and work together with CALI to develop marketing programs to reach potential consumers. CALI expects to advertise the Russo and Steele name to prospective clients, as well as assist with the development of Russo and Steele online auction technology. The companies said their memorandum of understanding is subject to executing a Definitive Agreement.

Drew Alcazar, owner of Russo and Steele, stated, "As our company celebrates its tenth anniversary, this is a very exciting step for us -- bringing one of the premier US auctions of the world's finest collectible automobiles to...