Barrett-Jackson followed auction practices, probe finds

Independent auditors found that Barrett-Jackson Auction Co. complied with proper auction practices during the 2008-2009 season, the company said on Thursday.

The Arizona-based auction house opened its books in the wake of a 2007 legal action, which alleged improper activities. Barrett-Jackson sued a seller and was exonerated. The company also wanted to show transparency in light of recent troubles at other auction companies and in the financial sector.

“We are what we say we are,” said Steve Davis, Barrett-Jackson president.

The probe, conducted by Deloitte & Touche, said Barrett-Jackson did follow the rules for the consignment process, bidder-qualification procedures, adherence to contract sale terms and timely and accurate payment.

“In our opinion, Barrett-Jackson complied in all material aspects,” Deloitte & Touche's report concluded.

The auditors looked at the 2008 auction in Las Vegas, and 2009 events in Scottsdale, Ariz., and Palm Beach, Fla.

“The release of this report is part of Barrett-Jackson's continued commitment to transparency in our auction practices,” company CEO Craig Jackson said in a statement.

“Particularly in light of stories that have surfaced recently concerning business practices at other car-auction companies, we felt the time was right to have an independent review and validation of our auction practices.”

The next Barrett-Jackson auction is Oct. 7-10 in Las Vegas.

By Greg Migliore