Russo and Steele Implements an ALL RESERVE Format

 
IMMEDIATE RELEASE

Scottsdale, Arizona (March 4, 2008) - Russo and Steele Collector
Automobile Auctions has officially announced it is changing its auction
format to an ALL RESERVE sale.  By employing this type of change it will
enable Russo and Steele to best serve and maintain the high level of
service and integrity that enthusiasts have come to expect from the
company.
 
The ALL RESERVE platform is not universal within the collector
automobile auction world.  In fact, many auctions still push for a No
Reserve entry.  However, Russo and Steele believes that this decision
will ultimately enhance the quality of cars event and ensure the lasting
relationships within the hobby and client base.  In today's market the
ability to have a measure of control over the final sales price will
result in the highest caliber and quality of consignment inventory.  

 Drew Alcazar, co-owner and CEO of Russo and Steele, had this to say
about the company's decision: "A No Reserve sale frequently ends up with
negative results because no auction house can guarantee having the
"right" two bidders on any block all the time...  To risk compromising
the integrity of our sale with sellers being forced into "buy-back"
scenarios with usurious fees or compel them to "protect" their car with
phantom bids, is simply too much of a liability.  The All Reserve format
allows Russo and Steele to continue to foster its relationships with our
clients and achieve the objective of offering outstanding collector
automobiles at market relevant reserves.  I believe the quality and
integrity of our sale will benefit and ultimately continue to provide
the world class experience our clients have come to expect from Russo
and Steele."