The auction mart in Steinish was originally built for Heather Isle Meats LTD, who received funding in the region of £600000 from European Grants towards the construction. Unfortunately, Heather Isle Meats went into liquidation, putting the future of the mart in jeopardy. Local producers formed a committee, who were successful in persuading the local authority, Comhairle nan Eilean Siar, to purchase the mart from the liquidators and operate it on behalf of the producers as a short-term solution to the problem.

In 2005, a group was established to attempt to purchase the Auction Mart for the community of Lewis and Harris from Comhairle nan Eilean Siar. With assistance from the Scottish Land Fund, the group were successful and, thus, the Long Island Rural Trust was formed. They now manage the facility on behalf of the community, mainly through their wholly-owned trading subsidiary 'Lewis and Harris Auction Mart (2005) LTD'. This company deals with the day-to-day running of the Auction Mart.

The Long Island Rural Trust consists of fourteen directors. They are elected annually at the AGM and are all volunteers who give their time freely and without remuneration.