Pace American Auction

Greg Hill · 12-03-2011, 08:57 AM

When I was up at Pace in the spring I talked to a lady in the office when I first got there and was arranging to have some work done on my trailer. I asked her how business was and she told me it was okay, but it was easy to read between the lines and that things weren't going so well. She also told me the original owners had sold Pace to an investment company a couple of years before and that things hadn't been the same since. The tough economy caused a lot of business to fail, however you would have to think a company like Pace could have made it with the original owners in place.

These investment firms go in and buy companies with borrowed money and unrealistic profit expectations and a lot of times end up failing. I have seen over the years a lot of well run family businesses sold to investor groups that didn't make it and I would bet Pace is just another one. More overhead with large interest payments and top management that is focused on short term profit is a recipe for failure.

Lew Silverman · 12-03-2011, 03:16 PM

These "investment" companies aren't any different then the other crooks on Wall Street. They buy and sell companies with no regard for the previous owner's and current employees, just to make a profit! . Hard to believe that a company like Pace, IF it was properly managed, couldn't have made it even in these bad economic times. Privately owned companies don't have to publish a balance sheet, so we may never know. I had never heard of the Look brand before, but from the website it appears it had manufacturing and distribution hubs in the same geographic locations as Pace.

Lew

Tod Lane · 12-03-2011, 07:11 PM

Quote:

Originally Posted by Lew Silverman

These "investment" companies aren't any different then the other crooks on Wall Street. They buy and sell companies with no regard for the previous owner's and current employees, just to make a profit! . Hard to believe that a company like Pace, IF it was properly managed, couldn't have made it even in these bad economic times. Privately owned companies don't have to publish a balance sheet, so we may never know. I had never heard of the Look brand before, but from the website it appears it had manufacturing and distribution hubs in the same geographic locations as Pace.

Lew

That's what companies are for, making a profit, not the employees. There will be a replacement that might follow the original owners model.

Lew Silverman · 12-03-2011, 09:29 PM

Quote:

Originally Posted by Tod Lane

That's what companies are for, making a profit, not the employees. There will be a replacement that might follow the original owners model.

That may be true, but I think part of our problem is that corporation's are more concerned with making a profit and less concerned with their employee's welfare. While profit is important, when employers take better care of their equipment than they do their employees, something is wrong.

Just my opinion.

Lew

Greg Hill · 12-04-2011, 11:19 AM

The problem with this deal, I would bet, is that with lower sales and higher overhead and big loan payments the investor group couldn't make it. When you don't owe a bunch of money it is easier to make it through hard times.

Jason Oldfield · 12-06-2011, 04:24 PM

Here's the actual auction website home, with links to the auction brochure, and a full listing of everything that's available:

http://myronbowling.com/PACE-AMERICA...tml?LayoutID=8

In the end, if somebody in the GA area is looking for a trailer (especially a utility trailer), they will probably be able to get themselves a pretty good deal (don't forget the 12% buyer's premium).

All that said, it's sad. Pace had been in business for a long time, and made a decent trailer IMHO (I owned one many years ago).

njk53 · 12-08-2011, 12:16 PM

My brother and I bought a new Pace trailer in 2009 and frankly was very disappointed in their workmanship. The lack of detail and sloppiness in their construction was observed all around the whole trailer. Finding out an investment company owned Pace, I now know why detail was so shi**y. Just pushed them out the door as fast as they could to make the big $$$.

I hope Look does a better job. It sounds like the president of the company has the right business foresight and attitude.

12-03-2011, 08:57 AM	#1
Greg Hill VIP Member Join Date: May 2006 Location: Louisville , KY Posts: 1,995 Likes: 68 Liked 279 Times in 68 Posts	Re: Pace American Auction When I was up at Pace in the spring I talked to a lady in the office when I first got there and was arranging to have some work done on my trailer. I asked her how business was and she told me it was okay, but it was easy to read between the lines and that things weren't going so well. She also told me the original owners had sold Pace to an investment company a couple of years before and that things hadn't been the same since. The tough economy caused a lot of business to fail, however you would have to think a company like Pace could have made it with the original owners in place. These investment firms go in and buy companies with borrowed money and unrealistic profit expectations and a lot of times end up failing. I have seen over the years a lot of well run family businesses sold to investor groups that didn't make it and I would bet Pace is just another one. More overhead with large interest payments and top management that is focused on short term profit is a recipe for failure. __________________ Greg Hill 4171 STK

12-03-2011, 03:16 PM	#2
Lew Silverman VIP Member Join Date: Mar 2010 Location: Newport News, VA Posts: 1,435 Likes: 371 Liked 129 Times in 59 Posts	Re: Pace American Auction These "investment" companies aren't any different then the other crooks on Wall Street. They buy and sell companies with no regard for the previous owner's and current employees, just to make a profit! . Hard to believe that a company like Pace, IF it was properly managed, couldn't have made it even in these bad economic times. Privately owned companies don't have to publish a balance sheet, so we may never know. I had never heard of the Look brand before, but from the website it appears it had manufacturing and distribution hubs in the same geographic locations as Pace. Lew __________________ Lew Silverman #2070 "The Wagon Master" N/SA

12-04-2011, 11:19 AM	#5
Greg Hill VIP Member Join Date: May 2006 Location: Louisville , KY Posts: 1,995 Likes: 68 Liked 279 Times in 68 Posts	Re: Pace American Auction The problem with this deal, I would bet, is that with lower sales and higher overhead and big loan payments the investor group couldn't make it. When you don't owe a bunch of money it is easier to make it through hard times. __________________ Greg Hill 4171 STK

12-06-2011, 04:24 PM	#6
Jason Oldfield Senior Member Join Date: Jun 2007 Location: Rochester, NY Posts: 619 Likes: 1 Liked 10 Times in 4 Posts	Re: Pace American Auction Here's the actual auction website home, with links to the auction brochure, and a full listing of everything that's available: http://myronbowling.com/PACE-AMERICA...tml?LayoutID=8 In the end, if somebody in the GA area is looking for a trailer (especially a utility trailer), they will probably be able to get themselves a pretty good deal (don't forget the 12% buyer's premium). All that said, it's sad. Pace had been in business for a long time, and made a decent trailer IMHO (I owned one many years ago). __________________ Jason Oldfield S/G & S/St 1838

12-08-2011, 12:16 PM	#7
njk53 Senior Member Join Date: Jul 2007 Location: East China, MI Posts: 504 Likes: 0 Liked 0 Times in 0 Posts	Re: Pace American Auction My brother and I bought a new Pace trailer in 2009 and frankly was very disappointed in their workmanship. The lack of detail and sloppiness in their construction was observed all around the whole trailer. Finding out an investment company owned Pace, I now know why detail was so shi**y. Just pushed them out the door as fast as they could to make the big $$$. I hope Look does a better job. It sounds like the president of the company has the right business foresight and attitude. __________________ Nelson Kowal Stock 345