First 2009 ZR1 auctions for $1M

[ace10]

Originally Posted by xtn

Uh... If GM makes a charitable donation, then GM gets the deduction, not the guy who did the buying. He made a purchase, not a charitable contribution to GM.

uh... no.

bidder is going to write off value in excess of MSRP. a tax attourney will prepare full documentation to ensure the bidder gets his proper write off.

http://www.irs.gov/charities/charita...123204,00.html

charity auctions would not exist (as they do today) if it worked the way you describe.

if GM were to get the write-off, they would have to book some sort of gain on charitable donation in order to offset the donation on the ledger. that certainly wouldn't look so good, now would it?

[Chris D.]

A little off topic but has anyone heard how many of these cars GM is going to manufacture? I could see one going for a million if they only planned to make two or three.

[SweetDaddyD]

Originally Posted by Chris D.

A little off topic but has anyone heard how many of these cars GM is going to manufacture? I could see one going for a million if they only planned to make two or three.

I'm not sure. That car he bid on isn't the car is actually getting. He will get the first one to roll off the production line (and pick it up at the factory, start it first, blah blah blah). That car must of been a working prototype or something. The one he gets will be LaGuna blue and the only one made in that color. Have some extra parts- extra autographed clear hood portion, etc.

Not sure on production numbers, but that 08 Mustang Shelby something or other that went for half a Mil was one of 1,000, with I think the only distinction it be the only one with a glass roof, and you got to do a parade lap at the "superbowl of nascar" (whatever that is) and some other stuff like that. Again a charity thing- but otherwise - half a mill for a mustang!??? That will probably never be driven???? I hope they just really love that particular charity and it's cause. I mean I guess at least you get a car out of your donation so if you were going to do it anyway- bonus.

Some of the cars that you would think would be of real collector value meanwhile seemed almost economical to previous sale prices. Like one Duesenberg I saw go through, a couple of one of my personal favs- 300SL gullwings. One was $4XX K and one custom one of Alice coopers went for i think under $200K. You would think it would be worth that for the body. It was not original though and I don't know to what extent it had been bastardized.

I do like that it is a no reserve auction on everything. What is sells for, it sells for. Some of those guys took healthy losses on cars that took years to build, like the Blastolene. A couple very nice cars sold for 30-40K, but not too many.

I'm bummed I can't find any pics of the "67VWROD" that was up for bid in their fantasy bid thing, never saw it, but it was always listed on TV, and it's not on their webpage under the fantasy bid cars.

[Chris D.]

That Blastolene was a work of art!

I was reading an article in the Wall Street Journal a week or so ago about some collectors who are now attempting to purchase the EXACT car that was owned by their father. There are even car detectives to help in the process. My dad had an orange 69 GTO Judge that I would love to track down. I know which dealership he sold it to, but I probably would not want to pay the kind of money those cars are selling for now even if I did find it. Neat concept nonetheless for those who have more money than they know what to do with.

[shay2nak]

Originally Posted by NavyLt

BJ has become a clown show of epic proportions. There are approx. twice as many registered bidders as there are cars for auction. Throw in free booze, TV cameras, frenzied bidder's assistants egging rich idiots to part with "just another $10,000 to you" and it becomes a "who has the biggest d!ck contest". As has been lamented on the Cobra and Miata forums, BJ sets artificially high prices on "collector" cars of dubious merit, which has had a negative trickle-down effect on the true car hobbyist/enthusiast market. While I admit to watching the train wreck that is BJ, I sadly shake my head at the rich, alcohol fuelled buffoons in the more money than sense club, who seem to know the price of everything and the value of nothing.
Oh, and while I'm at it, somebody puhleese slap the ever-present shades off of Howdy Doody!! It's night time and you're in a tent. Get a grip man!
Any sign of Ferrari Man this year? At least he was entertaining in an
obnoxious sort of way.

I used to think the "show" was lame, but for some reason I like watching it. I really like looking at the cars and also the bidding action. Not to mention some of the bidder's assistants. Clint Minchew is freakin hilarious.

[Desperado]

Pure sex on wheels and stolen for the price it went for.

[SweetDaddyD]

They said there was about $700K in labor before ever buying a single part. The glass grill is really something else. And just imagine making those body panels. First you have to make the buck, before you can ever start to make the panel....
All hand formed aluminum. Something like that really is rolling sculpture. They mentioned the V-12 was out of GMC truck. What truck used that motor? Something older?

[Desperado]

I agree that griil is over the edge cool. I can't even imagine the skill required to make the body panels - it aint in me I know that for sure. The V-12 was a GMC, they were caling it a double 6 - looked exactly like 2-V-6's married together, seperate valve covers and all. I have no idea what truck that came out of - something large for sure though.

[Bavarian Motorist]

Originally Posted by texige

Hey if you have a couple hundred mill sitting around and you are bored, I can't think of a better way to spend a weekend than picking up a couple of pristine cars. My choice would be a 67 427 vette coupe and a 68 red Shelby convertible.

The guy owns two very high-volume Chevy dealerships. I don't think he has a couple hundred mill sitting around. Not even close. He is probably financing some of it.



He probably doesn't want it to drive it. He's just a collector. After all, he owns Chevy dealerships; he could buy one whenever he wants at invoice!

[Desperado]

Intersting note found on F-chat about the Blastolene:

"Part of the Dallas f/chat group met George Barris on Sunday morning, and he said the guy had $2 million in the car, and was in tears when it sold in the $500k's. "

[phileaglesfan]

The guy generally will get $900,000 added to his itemized deductions since I'm sure he has a nice big house, business expenses, property tax and other things he can deduct.

The are building 2000 ZR1s (according to the plate at the auction). I'm sure they will sell for over MSRP because there is enough rich people that will want the fastest Corvette around (stock).

I like watching the show just for the cars now. The big spenders are really pushing the little guys out of the market. However if you have a nice old car to sell, that would be the place.

I don't think Pratt is the one that bought this car though. I'm trying to remember but he remained in his seat whenever he bought the car. The guy that bought it and owns Corvette 003 was up on stage from what I remember flaunting his wealth.

[shay2nak]

Originally Posted by Desperado

Pure sex on wheels and stolen for the price it went for.

I missed that one! how much did it go for?

[SweetDaddyD]

Originally Posted by phileaglesfan

I don't think Pratt is the one that bought this car though. I'm trying to remember but he remained in his seat whenever he bought the car. The guy that bought it and owns Corvette 003 was up on stage from what I remember flaunting his wealth.

Ron Pratt didn't buy the Vette. Some hot shot did. He made quite a spectacle of it, unlike Pratt. Shoot, it's only a couple days past and I can't remember the guys name now. So much for leaving your mark. lol.

[NavyLt]

SweetDaddyD, the guy's name is Dave Ressler-owner of Ressler Chevrolet. You can read about his scintillating life story here:

http://jalopnik.com/346943/barrett+j...on-for-1000000

[IsellLotus]

Originally Posted by Chris D.

A little off topic but has anyone heard how many of these cars GM is going to manufacture? I could see one going for a million if they only planned to make two or three.

I have heard they are producing around 2,000 cars a year for 2 or 3 years. Nothing is set in stone though.

[Stephen]

Originally Posted by Desperado

Pure sex on wheels and stolen for the price it went for.

That just goes to show how opinons and tastes differ. I respect that you love it, but for me, I would be embarassed to drive that thing. However, if that one is hand made, then I have a lot of respect for this type of accomplishment. I also like to watch American Chopper and some of the other bike builders (bike build offs), and they always impress me with their skill, even though I do not think a chopper is cool; not even a little bit.

If I had that kind of money, I would only buy new cars and rotate that collection constantly as the new models come out. There are some I would keep; my favorites, before they start only making cars that drive themselves.

[Bavarian Motorist]

If I were to spend $1m on a car...Definitely would buy a Koenigsegg CCX and save the rest for repairs and maintenance

[coulthard fan]

Originally Posted by ace10

bidder is going to write off value in excess of MSRP. a tax attourney will prepare full documentation to ensure the bidder gets his proper write off. ... charity auctions would not exist (as they do today) if it worked the way you describe.

if GM were to get the write-off, they would have to book some sort of gain on charitable donation in order to offset the donation on the ledger. that certainly wouldn't look so good, now would it?

That's accurate except for the last part about a "gain on charitable donation". (I'm a tax attorney but admittedly my particular specialty is not in the tax exempt/charity area.) Anyway, the last thing GM needs right now is write-offs... they need some write-ons to absorb their huge NOLs in the last 3 years! Maybe that was what you were trying to say?

Back (sort-of) on topic: that is Chevrolet's best effort for an uber-Corvette? Sure, it will be very fast, but in my opinion it is weak in the styling department.

[mike325ci]

i actually like the "sleeper" look-- to the average person, the ZR1 looks no different than any other c6 or even the Z06... but of course if you're the one to want to flaunt your wealth or whatever you're flaunting, something more gaudy/loud/"I AM A SPECIAL EDITION, LOOK AT ME!!!" might suit you better. but i like that it's subtle. the same way why i like BMW's M cars.

btw, i love that blue color too. of course.

[IsellLotus]

Originally Posted by mike325ci

i actually like the "sleeper" look-- to the average person, the ZR1 looks no different than any other c6 or even the Z06... but of course if you're the one to want to flaunt your wealth or whatever you're flaunting, something more gaudy/loud/"I AM A SPECIAL EDITION, LOOK AT ME!!!" might suit you better. but i like that it's subtle. the same way why i like BMW's M cars.

btw, i love that blue color too. of course.

+1