Blog - TaylorandMartin.com

New England Motor Freight: Absolute Public Bankruptcy Auctions

By Brian Ellis on 5/24/2019
MarchAuctionReview

Taylor and Martin received the opportunity in February to communicate our proposed process of liquidating the assets of New England Motor Freight. T&M met with Vince Colistra, the CRO of NEMF and a number of the managing members. Much of this process was explaining the experience and success T&M has had in previous fleet liquidations, such as Jevic, New Century and Guaranteed Overnight Delivery. T&M provided sale stats of many previous fleet liquidations and shared our knowledge of what we knew about the NEMF fleet, the market and timelines required to conduct these sales.  

 

T&M started by doing a complete inventory and assessment of equipment at locations to provide a more accurate expectation of value and quantities. This information was provided to the court and approval was needed to retain T&M for this project. The U.S. Bankruptcy Court awarded T&M the full NEMF fleet to be sold at auction in March. The final hearing was held on April 1. More than 1,300 semi-tractors, more than 4,000 trailers and assorted freight-handling equipment will be sold at auction.

 

Our staff has been busy with setting up the equipment for customer inspection, parking the items in a chronological order, verifying equipment specifications and taking photos.This was a monumental task considering many locations had equipment cubed into the facilities to allow the consolidation of 37 terminals into the 12 sites being used for auctions.Taylor & Martin will be conducting  11 auctions – starting May 30th and running until July 12th.  Auctions will be held in Buffalo, NY; Toledo, OH; Columbus, OH; Portland, ME; Boston, MA; Harrisburg, PA; Elkton, MD; Allentown, PA; Newburgh, NY; So. Plainfield, NJ and Elizabeth, NJ. Two satellite locations will be tied with another auction - Pennsauken, NJ and Billerica, MA. All auctions will begin at 9:00 a.m.

 

T&M will be selling conventional tractors, trailers, trucks, office equipment, shop, dock, unclaimed freight and OS&D. There is an extremely large amount of unclaimed freight that will be sold the following two days after rolling stock in the Elizabeth location. Most, if not all, locations have a large variety of shop, office, dock and remaining freight to be sold. T&M will be offering online and on-site bidding – with the exception of shop. Shop will only sell onsite. Be sure to stop back by our website to see the full listing of equipment for each location in the next few weeks.


05/30/19 Buffalo, NY

06/03/19 Toledo, OH

06/04/19 Columbus, OH

06/10/19 Portland, ME

06/11/19 Boston, MA (Satellite Billerica, MA)

06/17/19 Harrisburg, PA

06/18/19 Elkton, MD

06/24/19 Allentown, PA

06/25/19 Newburgh, NY

07/09/19 So. Plainfield, NJ (Satellite Pennsauken, NJ)

07/10/19 Elizabeth, NJ

 

Don’t miss our regularly scheduled nationwide auctions this summer. Our staff will be extra busy this summer - we will be conducting our regular T&M auctions on Thursdays.

 

 

Auction
Bankruptcy
New England Motor Freight
Author