Tulsa's Bankrupt Arrow Trucking Goes On The Auction Block
By Tara Vreeland, The News On 6
TULSA, OK -- Hundreds of semis from the now bankrupt Arrow Trucking are at the Tulsa Fairgrounds being auctioned
Arrow Trucking closed its doors December 22, leaving more than 1,300 people without a job and hundreds of drivers stranded across the country.
The News On 6 spoke with one former Arrow employee at the auction. He declined to go on camera but said he was looking into buying a truck for his personal company and that he had nothing good to say about Arrow.
Rows upon rows of used semi trucks and trailers – the very core of a massive trucking company up for sale.
"They need tender loving care, but they will probably go a long way," said bidder E.C. Peper.
More than 300 trucks, trailers and equipment will go to the highest bidders.
"So far it's been very good. A little higher than what we anticipated. With a big crowd like this there is a lot of bidding and a lot of participation," said Paul Wachter, president of Tailor and Martin Auctioneers from Freemont, Nebraska.
The President of Taylor Martin Auctioneers says 600 people registered from 42 states - and eight foreign countries like Guatemala, Chile, Canada and Mexico. Many are placing their bids online.
Wachter says people from every sector of the trucking industry came to invest in what Arrow Trucking lost. Major trucking fleets, owners and operators, excavators, and ranchers.
"I have a friend of mine - a buddy who works for this outfit. From what I hear, they are pretty good people to deal with. For Tailor Martin that is," said bidder Marty Sipple.
The trucks sold for $30,000 on average. The auction company says the sale of all the equipment is expected to bring in millions of dollars total.
"I know what I'd like to get for them, but I don't know if it's possible or not," said bidder Tommy Stockard of Dallas.
Rick Nelson, an Ohio bidder, said he had purchased two vehicles and might get four or five more. He needs 14 altogether.
According to bankruptcy records, Arrow trucking owes $98 million. However, the attorney handling the bankruptcy case says only the sale of seven trucks from the estate will go towards the bankruptcy.
The majority of the money will go to one creditor: Daimler-Chrysler, which controls the trucks.