New United Motor Manufacturing Inc.(NUMMI) located in Freemont, California was located at the site of a closed GM site. GM and Toyota reopened the 5.3 million square foot factory as a joint venture to manufacture vehicles to be sold under both brands. NUMMI produced about 250,000 cars and 179,000 trucks annually.
The plant was scheduled to close and NUMMI needed to distribute its industrial equipment, transfer or sell them using the Fair Market and Fair Market Value in Place value appraisals to make these decisions. This was not a closed facility in that it was still working at full capacity. NUMMI selected Maynards because of their relationship with GM. Al Loewenstein and the Maynards team had to deal with the human factor since the plant was still in operation. Maynards is known for its ability to conduct its appraisals while maintaining its respected reputation for professionalism.
Maynards won the successful bid to appraise the assets and conducted the auction once the plant had completed production. Since there were companies making offers on equipment, NUMMI needed to know the value of their assets before they entered into an auction agreement. Al and a team of five appraisers began the 45-day appraisal process. The appraisal was done in stages to meet the needs of NUMMI.
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