One big tool auction - KTTC Rochester, Austin, Mason City News, Weather and Sports

By Kerry Klatt

One big tool auction

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ROCHESTER, MN (FOX 47) -- The Trading Post, a tool and hardware store in Rochester, is having a giant auction this weekend to get rid of overstocked items.
If you need a few tools or a whole truck full, go on down to the Trading Post near downtown Rochester and place a bid.
Rochester has never seen a tool auction of this size.

The Trading Post is having the auction in order to make room for its parent company, Pace International, to store large accounts of tools in, and everything's got to go.

Judd Grafe, Grafe Auction President, says, "On site there are probably four or five hundred registered bidders who are participating."

Grafe says this is a rare auction because the store is not going out of business. Instead, it's simply cleaning up old inventory to make room for more accounts. And what better way to do that than with an auction?

Grafe says, "The bidding has been enthusiastic, people are getting fantastic deals, I mean there are people here buying tools literally for pennies on the dollar."

Bidding happens two ways: on site or online. Either way, people are participating from all over.

Grafe says, "Denmark, New England, Australia, Canada."

To put this in perspective, a typical auction sells 700 lots a day. The Trading Post wants to sell 12,500 lots in two days.

It's never been done before. But there are a lot of tools that need to be auctioned off.

The manager told us they're trying to sell everything by Sunday night, but they'll extend the auction as many days as needed until everything is gone.

But it's moving at a steady pace, and surprisingly it's very well-organized down there, so don't let the big crowds turn you away.

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