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B RILEY FINANCIAL INC
Symbol U : RILY
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Onyx Asset Advisors and GA Global Partners Retained to Sell Over 350 Upfitted Jeep Wranglers of Bankrupt JRV Group USA

2019-08-01 17:30 ET - News Release

Jeeps, Parts & Accessories to be sold as parts or as a complete business opportunity

LOS ANGELES, Aug. 1, 2019 /PRNewswire/ -- Onyx Asset Advisors and GA Global - the wholesale and industrial division of Great American Group, a B. Riley Financial Company (RILY: NASDAQ), will conduct a public online auction of OEM and aftermarket parts, accessories and chassis of new 2018 model year Jeep Wrangler Unlimited Sport, Sahara and Rubicon models.  The parts auction will take place on August 14, with an auction featuring JRV Group's machine shop and assembly equipment taking place on August 15.

JRV Group USA filed for bankruptcy protection on May 13, 2019. The company custom upfitted stock Jeep Wrangler Unlimited models into a variety of rugged and versatile RV certified vehicles for sale through a number of national recreational vehicle dealers. 

The company was forced into a Chapter 11 bankruptcy after two recalls stalled sales, and the company became unable to service its debt or pay creditors. The primary recall relates to the gross weight of certain vehicles which exceeded NHTSA standards once retrofitted.

The Onyx/GA Global Auction scheduled for August 14th will include parts, components, accessories and chassis of 30 of the JRV Group Jeeps which were disassembled by the company pursuant to a federal court order, as well as hundreds of additional new aftermarket parts in the company's inventory that had been purchased for future uplifts. The August 15th sale will include sheet metal equipment, wheel alignment and balancing machines, a wide selection of tools and associated support equipment.

K. Kevin Otus, Managing Partner of Onyx Advisors, LLC explains, "While the August 14th auction features 30 disassembled Jeeps, more than 300 additional new and demo intact Jeep Wrangler Unlimited vehicles are also available through a negotiated sale process.  These new and demo Jeeps represent a tremendous bulk purchase opportunity for an investor, dealer, upfitter or similar aftermarket operator, with the financial means and a solid game plan to resolve the recall issue and take the units back to market." 

An inspection will be held on August 12th and 13th allowing interested parties to view the parts and equipment at JRV's facilities in Ontario California. The auction will take place entirely online at www.gaauction.com, with advanced bidding opening by August 7th, and the real time, auctioneer led auction closings to occur on August 14th and 15th.  Bidding procedures for a bulk purchase of the complete Jeeps, and/or all company assets, will be posted to the gaauction.com and thinkonyx.com websites upon bankruptcy court approval.

"The auction is a highly unusual opportunity for Jeep owners, upfitters and general auto parts dealers," says GA Global President, Jeff Tanenbaum. "Not only is the volume of parts significant, but we believe the mix of both OEM parts and aftermarket accessories will be very attractive to the market. JRV produced a high-quality vehicle and used high quality aftermarket products, from Grid wheels and top-of-the-line Alpine stereo/navigation decks, to quality bumpers, power side rails, leather wrapped seats and custom hard tops - including fastback versions and a model with safari windows. In addition to aftermarket parts, we will also be offering 30 brand new engines, transmissions, doors sets and many other Jeep OEM parts."

Interested auction participants can find more information online at gaauction.com or by calling 818-314-3134; parties interested in the bulk vehicle offering should contact Kevin Otus at kotus@thinkonyx.com.  

 

View original content:http://www.prnewswire.com/news-releases/onyx-asset-advisors-and-ga-global-partners-retained-to-sell-over-350-upfitted-jeep-wranglers-of-bankrupt-jrv-group-usa-300895368.html

SOURCE GA Global Partners

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