Montgomery, Al.-- Florida contractor Jeffrey Waylon Maloy was an overjoyed buyer of a Caterpillar grader at the state's auction of hundreds of used vehicles and equipment Saturday.

"I've been looking all over south Florida for a Caterpillar grader like this," Maloy said of his $90,000 purchase. "I spent more than four hours looking at these graders. The AC works, and the grader is in pretty good to excellent condition."

He estimated the used Alabama Department of Transportation equipment would cost $245,000 new.

And because it has logged 1,256 hours of use, the Florida Contractor feels he got a deal for something he believes is worth about $125,000.

ALDOT director Joe McInnes was equally pleased that Maloy was among hundreds of people who attended the auction put on by JM Wood Auction Co.

He explained that selling the used equipment at auctions, another of which is set for the fall, is part of a program modeled on those of other states.

The department gathers tractors, excavators, graders, loaders, dump trucks and pickups from its nine divisions and paints and refurbishes them to bring top dollar.

McInnes said the equipment's mileage and hours of use determine what is put up for sale. He said the idea is to get the maximum amount of money from the equipment based upon usage and anticipated re-sale value.

"We just about get our money back -- it's a really good program," he said. "The equipment is two to three years old, and in good shape. We take the money from sales and invest in new equipment. Other states have opened replacement programs. The program was good before I got here."

All types of vehicles including trucks, vans, SUVs, farm tractors, lawn and heavy construction equipment were on the auction block. Special truck and equipment financing was available to qualified buyers through JM Wood Auction.

ALDOT's Rebecca Leigh White said all the machinery is kept on a strict maintenance schedule.

Auctions held in fiscal year 2009 brought in more than $8.1 million for the fleet renewal program, White said, adding that the program is 10 years old.

Saturday's auction was held behind ALDOT's headquarters on Coliseum Boulevard.

But not all who came left happy. Anniston's Mike Crenshaw had his eye on a loader to stack and haul scrap. The operator of a recycling business saw the piece of equipment go for thousands more than he was willing to pay.
"Too much," he said after JM Wood sold the item.

The event drew potential buyers from as far away as Duluth, Minn., White said.