The City of Detroit has awarded Hilco Industrial a contract to manage the sale of the city’s surplus transportation, rolling stock and public utility maintenance vehicles.
The Farmington Hills-based firm and Miedma Asset Management won the contract after a several month-long bidding process. Gov. Rick Snyder signed the three-year contract on Sept. 2.
The Detroit Department of Transportation, Public Lighting, Public Works, Police and Fire Department are all on the list for selling excess vehicles. The firms plan to start marketing the vehicles this month.
Miedema Asset Management has previously worked with Hostess during its bankruptcy and sold more than 12,000 of the company’s vehicles in 2013. The City of Detroit filed for bankruptcy in July of 2013. It is the largest municipal bankruptcy filing in U.S. history.