These days, there’s no shortage of auctions as shuttered businesses sell off assets

These days, there’s no shortage of auctions as shuttered businesses sell off assets
Oahu Auctions has been in business for the last 15 years and with companies closing across the state, the auctioneer has seen an uptick in activity since May. (Source: Hawaii News Now)

HONOLULU, Hawaii (HawaiiNewsNow) - Oahu Auctions has been in business for the last 15 years and with companies closing across the state, the auctioneer has seen an increase in activity since May.

It’s a sign of the times ― and one that’s likely to stick around for a while.

Since COVID-19′s arrival, Oahu Auctions owner Alicia Brandt has seen the pandemic’s sprawling effect on Hawaii’s business community up close, listing everything from the Honolulu Club’s fitness equipment, Xtreme Fun Rentals inflatables and items from Alan Wong’s kitchen.

“Certain industries have been affected more than others and I think we started seeing it initially with kind of the party rental industry,” Brandt said. “The companies who put on concerts, parties, and large events at the Aloha Stadium and the Neal Blaisdell Center and so forth.”

When a business is in a bind, Oahu Auctions can mobilize quickly as the majority of their operations are online and the business can take care of a number of logistics from listing to shipping.

“For example, someone might say, ‘you know, I really need to be out of this warehouse by the end of the month,’ so we’ll try to accommodate people like that because they are trying to save another month of paying $30,000 to the landlord for example,” Brandt explained.

“We kind of look at how much do you have and is it realistic for you both be out of this location.”

The first auction of 2021 includes items from wedding reception and event business, The Banquet at Harbor Court, which is not renewing its lease at the downtown location.

Brandt says they are booked with auctions till February and expects a full March.

“I mean there’s a fine line,” Brandt said. “We don’t want to profit from peoples’ misfortune, but at the same time, I think they’re grateful when we can step in and liquidate their assets and they can get a decent price and they’re not scrambling to kind of figure out what to do with it.”

For more information on current auctions or how to list, head to oahuauctions.com.

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