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Thread: GL Lost Surplus Contract

  1. #181
    Moderator m16ty's Avatar
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    GP sure has figured a way to get top dollar out of stuff, I don't guess you can really fault them for that. The stuff that is selling above retail though, can't hold out forever.

    I know we all griped about GL, but their incompetence is what kept prices down. After you dealt with GL awhile, you learned how to "read between the lines" of their wrong descriptions and deceptive pics, and could work the system in your favor. GL's business model (or lack thereof) kept a lot of novices and newcomers away, because they were scared they would get screwed. You had to know how to work the system with GL to make good buys with them.

    You can still get screwed with GP, but somehow people feel more comfortable putting big money on GP items. Their outrageous starting prices seem to play a role, because it seems some people think that it must be worth that much because GP says it is.
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  3. #182
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    What I would like to know is why no one wants to call it for what it is--- GP is trying to limit their financial liability by extending exclusivity to certain middleman players in the surplus business. For example, GP realizes that there is overhead for auctioning off individual triwalls of stuff all around the country-- so they enter into direct sale "deals" with certain players to take all surplus fitting into "X" categories from certain regions. Think of it this way-- GP agreed to give the gov't 6% of acquisition value for all surplus assets-- they in turn strike up a deal to transfer surplus falling into one group of FSC codes to one company (john doe surplus) for say 10% of acquisition value when that company (john doe surplus), knowing it now controls the surplus stream for those FSC codes, can in turn sell for say 15% of acquisition value. GP knows that if they play by the rules, they may not realize a profit in the long run if they were to actually auction those lots like their contract and federal law stipulates. Instead they try to muddy the waters with shady dealing, auctioning off pretty much only the stuff they couldn't directly sell off to other companies.
    I say challenge companies such as Brown Helicopter, who dropped millions a year with GL for a large chunk of their aerospace components. Where are those components coming from now? For that matter, there is a company on here that has been acquiring large quantities of wheeled vehicle components and yet cannot explain where it is coming from despite the fact that they bought a vast majority of their stock from GL prior to GP's takeover. Where is this new stock coming from?

    The blunt reality is that we the little guys are all being played for fools--- GP is bound by law as well as the terms of their contract with the gov't to make surplus assets available to the public via public bid--- not backdoor dealings with certain unscrupulous big boy surplus players, not direct sales, not exclusive remarketing, not export. Why doesn't the surplus community start asking the tough questions-- Where are all the vehicle components/aerospace/field gear lots going? Where is the transparency? (on a side note, how was GP, a subsidiary of Ritchie Brothers, a non-US company, even permitted to acquire the surplus contract in the first place? Once again, READ the federal regulations, especially the parts about domestic entity requirements).

    My digging turned up enough to raise the eyebrows of one of my state senators. I would suggest you all contact your senators as well. It seems GP is acting like every other big dollar corporate puke-- operating as if they are above the law until enough public outcry or a class action puts the fear of God back into them.

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  5. #183
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    Quote Originally Posted by ZiggyO View Post
    What I would like to know is why no one wants to call it for what it is--- GP is trying to limit their financial liability by extending exclusivity to certain middleman players in the surplus business. For example, GP realizes that there is overhead for auctioning off individual triwalls of stuff all around the country-- so they enter into direct sale "deals" with certain players to take all surplus fitting into "X" categories from certain regions. Think of it this way-- GP agreed to give the gov't 6% of acquisition value for all surplus assets-- they in turn strike up a deal to transfer surplus falling into one group of FSC codes to one company (john doe surplus) for say 10% of acquisition value when that company (john doe surplus), knowing it now controls the surplus stream for those FSC codes, can in turn sell for say 15% of acquisition value. GP knows that if they play by the rules, they may not realize a profit in the long run if they were to actually auction those lots like their contract and federal law stipulates. Instead they try to muddy the waters with shady dealing, auctioning off pretty much only the stuff they couldn't directly sell off to other companies.
    I say challenge companies such as Brown Helicopter, who dropped millions a year with GL for a large chunk of their aerospace components. Where are those components coming from now? For that matter, there is a company on here that has been acquiring large quantities of wheeled vehicle components and yet cannot explain where it is coming from despite the fact that they bought a vast majority of their stock from GL prior to GP's takeover. Where is this new stock coming from?

    The blunt reality is that we the little guys are all being played for fools--- GP is bound by law as well as the terms of their contract with the gov't to make surplus assets available to the public via public bid--- not backdoor dealings with certain unscrupulous big boy surplus players, not direct sales, not exclusive remarketing, not export. Why doesn't the surplus community start asking the tough questions-- Where are all the vehicle components/aerospace/field gear lots going? Where is the transparency? (on a side note, how was GP, a subsidiary of Ritchie Brothers, a non-US company, even permitted to acquire the surplus contract in the first place? Once again, READ the federal regulations, especially the parts about domestic entity requirements).

    My digging turned up enough to raise the eyebrows of one of my state senators. I would suggest you all contact your senators as well. It seems GP is acting like every other big dollar corporate puke-- operating as if they are above the law until enough public outcry or a class action puts the fear of God back into them.
    ZiggyO:
    Thanks for sharing your insight.
    Do you have information that others can share with our Senators?
    I may be visiting with Sen. Ted Cruz next Tuesday.
    PM if you'd rather keep this CONFIDENTIAL.
    John

  6. #184
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    One more thing--- look at the sheer quantities of stuff GL sold off in a given week during their contract-- in the last 6 months of their contract, GL averaged just over 1000 pallets/triwalls of stuff sold off all over the country each week-- this diddn't even count non-palletized lots. Now consider the amount of palletized/triwall lots sold off by GP in a given week-- 200 if even that? So, doing some simple math, in the last few months, on average of 20k pallets worth of stuff if not more would have to have been stocked--- think of the overhead and logistics involved with doing that-- even if they thought they could realize full retail on everything, their profits would still have been eaten by overhead.

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  8. #185
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    Yes, So you must be right, They must be selling outside of the public online auction.


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  10. #186
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    Quote Originally Posted by ZiggyO View Post
    One more thing--- look at the sheer quantities of stuff GL sold off in a given week during their contract-- in the last 6 months of their contract, GL averaged just over 1000 pallets/triwalls of stuff sold off all over the country each week-- this diddn't even count non-palletized lots. Now consider the amount of palletized/triwall lots sold off by GP in a given week-- 200 if even that? So, doing some simple math, in the last few months, on average of 20k pallets worth of stuff if not more would have to have been stocked--- think of the overhead and logistics involved with doing that-- even if they thought they could realize full retail on everything, their profits would still have been eaten by overhead.
    Yes, I've seen the reports that they were storing it, but I don't see how that is even possible. Even if it was possible, the expense would be enormous, figuring all the logistics and warehousing. You could very well be right about behind the scenes dealings. Nobody seems to know where the stuff is going.
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  11. #187
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    Any updates?
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  13. #188
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    Stuff is coming out now. Prices are very high. I believe all the new parts are pretty much being bought up by a few big buyers that bid it back to gov contracts. GL would separate alot of the stuff into categories and do a different ending day for the different categories. GP lumps it all into 2 days. Was easier when all the auctions ended in the afternoon. I can have the auctions open but cant just sit in front of the monitor all day.

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  15. #189
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    Yep, finally seeing the volume we have been looking for, but prices are still staying high. Hoping they will settle down, but seems like there is some big pockets chasing the stuff.

    With the items selling every 5 minutes people can keep up with each item, rather than with GL where it all ended in the afternoon; so you really had to stay on top of things, and even then items would end that you may have paid higher for because you were bidding on something else.

    Really hope Govplanet does not renew their surplus contract, but with how much money the lots are bringing I fear that will not happen. Does anyone know how much did they bid 6% of acquisition value?

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