- Chubb Collector Car Insurance

Volume 5 / Issue 1
All Boats Are
Not Lifting
I
’m sure you’re familiar with the
phrase “A rising tide lifts all boats.”
Such does not appear to be the
case with current collector-car
values.
If your collector interests are driven
by European sports cars from the
1950s through the mid 1970s, your
boat is largely rising. In addition,
low-production racing variants
from Porsche, Ferrari, Alfa Romeo,
Mercedes, Jaguar and the like are
very good bets right now.
The overall results at the Scottsdale
auctions certainly indicate that the
hobby is more than healthy. But if
I were a devotee of many pre-war
American marques, or looking to sell
a fleet of mid-market 1950s American
classics, I might be happy with stable
prices right now.
Part of the reason experts have
cited for average price increases
over the past few years is the market
size of the Baby Boomers, who are the
consumer generation doing most of
the buying. The Boomer generation
represents the largest consumer
market in the history of the American
economy. The other generation
nearing this size is the one comprosed
of the Boomers’ youngest children
and grandchildren — Generation Y,
or the “Millennials.” Many Boomer
collectors are drawn to cars that
were meaningful to them during
their childhoods — those they once
lusted after or maybe the ones their
dads treasured. What cars will interest
Millennial collectors over time? Will
cars interest them at all? Only the
future will tell.
The future will come before we
expect it, and there will always be surprises. Like all markets, the collectorcar market will go up and down, but
clearly not like a single tide. It will ebb
and flow like a series of waves.
Keep ’em running, folks. Stop by
and see us in the Gooding tents at
Amelia Island and on the green grass
of the concours.
Jim Fiske
Vice President
Chubb Personal Insurance
[email protected]
In This Issue
Market Overview������������������������������ 1
Gooding on the Market������������������ 2
Amelia Island Star Cars���������������� 2–3
The Classics��������������������������������������� 3
Auction Advice�������������������������������� 4
Insuring a 1926 Model T������������������� 5
1973 Maserati Bora 4.9�������������������� 6
1966 Shelby GT350 H������������������������ 7
Upcoming Events����������������������������� 8
insider
Collector Car
A Thoughtful, Determined Market
There are bargains, but not every Dino is a steal — and
every Maserati will not double its price in the next six months
by Keith Martin
R
ational exuberance.
That’s how I would describe the collector-car market as we move into 2014.
I’ve just attended the RM Auction in Paris — the first they’ve held there — and can add my thoughts on their
sale to my reflections on the Arizona mega-event.
There’s no question that there are still plenty of buyers, with plenty of money, who are eager to spend it on collectible
cars. But in Phoenix, Scottsdale and Paris,
I’ve seen thoughtful buys — not stupid
ones.
Yes, the market is up. Just look at the
overall totals from Arizona, with 2,822
cars sold for $253m, a 12% increase over
last year. That’s a tidy increase, one that
you’d be glad to have in your investment
portfolio. In fact, the steady increase in
Arizona sales totals for the past few years
($225m in 2013, $184m in 2012) shows
confidence rather than silliness.
And at RM’s Paris auction, good
cars, such as the 1955 Jaguar D-type s/n
XKD520, sold at respectable — but not
Look for interesting new merchandise to be coaxed from garages in 2014
crazy — prices, in this case, $4.9m.
I’ve been watching the auction world
for 26 years, and after awhile, you can discern the differences between a fluffy, a thoughtful, a determined and a desperate audience.
The fluffy occurs when every buyer thinks he can flip every car for a profit in 30 days, so everyone just spends with
abandon. The thoughtful happens when buyers think there are still some cars that are underpriced, but the cars must be
thoughtfully bought. Determined buyers are looking for special cars to complete their collections — and they disregard
the market implications. And the desperate ones, which we haven’t seen in some time, are faced with a falling market
(not the case today), are overleveraged, and have to get out regardless of profit or loss.
We’ve got a combination of thoughtful and determined buyers right now. There are still some bargains to be had,
but not every Dino is a steal regardless of condition, nor is every Maserati guaranteed to double its price in the next six
months. So a thoughtful buyer can still help pay the rent by something purchased at auction.
There are fewer and fewer “fresh cars” coming to market. Why? In buoyant times, sellers are more likely to hang onto
their cars, believing that the promised land is just around the next corner, and that someone is likely to come into their
garage with buckets of cash to throw at their special car.
So determined buyers have fewer cars to choose from at auction than in the past two years. The challenge for the
auction companies is to find “good kit” that no one has seen before, and bring it before their audience with a reasonable
reserve.
I’m looking forward to the Gooding and RM sales at Amelia Island, and I think that as the market slows slightly, some
new merchandise will be coaxed out of garages and onto the auction block. It is these newly offered collector cars that
will help us understand where the market is headed.
The Goods
by David Gooding
Amelia Island Star Cars
(Images are courtesy of the respective auction houses)
A
fter an extraordinary start to the
year with an impressive $49.4 million Scottsdale Auction sale — and
a 94% sell-through rate — we’re looking
forward to another important auction
at the Omni Amelia Island Plantation in
Amelia Island, FL, on Friday, March 7 at
11 a.m. EST.
Our Amelia Island Auction is our fifth
annual sale in Florida, and it is convenient
for the East Coast and European collecting community. Our team has compiled
an extensive offering of more than 85
of the finest sports, classic, antique and
racing cars.
An exciting addition to our Amelia
Island Auction will be an impressive
single-marque collection of BMW
automobiles. Comprising approximately
20 unique, rare-to-market cars, the
collection represents BMW design and
engineering from the 1950s through the
1980s. Highlights include a 1958 BMW
507 Series II, several V8 models (501,
501A, 503 coupe and 3200 CS), various
Neue Klasse models (2000 CS, 1602, 2000
sedan), a selection of high-performance
models (3.0 CSL, M1, 1600 GT, M6) and
a full range of Isettas, from the early 300
to the 600. With many of the lots being
offered without reserve, there will be a
wide variety of exciting examples across
a spectrum of price points.
Additionally, our sale includes:
• The 1968 Porsche 907 Longtail,
Chassis 005, which was the first
Porsche to win a 24-hour race
• One of the most original surviving
examples of the celebrated Ferrari
250 Europa GT from 1955 with unique
two-toned coachwork
• A stunning green 1957 Mercedes
Benz 300SL Roadster
• And, of course, a selection of high
quality no reserve consignments that
will be finding a new home once
they cross the stage.
We hope you will be able to join us at
our Amelia Island Auction, but if that’s
not an option, you may still participate by
viewing our live webcast on our website
and registering to phone or absentee bid
with the help of one of our team.
I hope you’re out there preparing to
use your collectible car this spring and go
on a rally or a scenic drive.
Sending you our best.
2
Collector Car Insider
1
1937 Delahaye 135 Competition Court roadster
RM Auctions
One of just two surviving 135 Competition Court roadsters bodied by Figoni et Falaschi.
RM estimate: $5m–$6m
3
4
7
8
1934 Duesenberg Model SJ convertible
RM Auctions
Complete known history. The only SJ
convertible sedan with coachwork by LeBaron
and equipped with its original engine, body
and chassis. RM estimate: $1.5m–$1.75m
1966 Chevrolet Corvette 427/425
convertible
Gooding & Company
Finished in rare Mosport Green with factory
hard top and knockoff wheels. Gooding
estimate: $140k–$180k
1958 BMW 507 Series II
Gooding & Company
Very original car with matching-numbers
engine and date-coded wheels. One of only
253 examples built.
Gooding estimate: $1.5m–$2m
1965 Shelby GT350 R
RM Auctions
Known as the “winningest” Shelby ever. Said
to be one of only 33 R-code production
competition cars.
RM estimate: $900k–$1.1m
The Classics
Some of history’s most important cars will cross the
auction block at the Amelia Island auctions.
Here are 10 headliners to watch:
What Exactly is a Classic?
by David Schultz, CCCA President
and CCCA Museum Trustee
A
2
1955 Ferrari 250 Europa GT
Gooding & Company
Unusually original surviving example, with just 14,000 km from new and single-family ownership
from 1966 to 2008. Contact Gooding for estimate
5
6
9
10
1961 Ferrari 250 GT Series II cabriolet
RM Auctions
With original engine and factory hard top. In
the Malcolm S. Pray Jr. Collection since 1969.
RM estimate: $1.5m–$1.8m
1980 BMW M1
Gooding & Company
One of 399 road cars built. Very well
maintained. Three decades of single-family
ownership.
Gooding estimate: $325k–$375k
1957 Dual-Ghia
Gooding & Company
Beautifully restored by marque specialist
Joe Morgan.
Gooding estimate: $350k–$450k
2006 Ford GT
Hollywood Wheels
Gulf Heritage Collection car. Driven less than
100 miles.
Contact Hollywood Wheels for estimate
lthough the Classic Car Club of
America was founded more than
60 years ago, it was too late —
and likely impossible — to copyright
the word “classic” when applied to
automobiles. Today, car enthusiasts refer
to whatever they like as a “classic.”
The CCCA’s original definition of a
Classic holds up well today — “fine or unusual foreign or domestic motorcars built
between and including the years 1925
and 1948, but including cars built before
1925 that are virtually identical to 1925
Full Classics and distinguished for their
respective fine design, high engineering
standards, and superior workmanship.”
That’s a pretty good description. It
has guided the club and its classification
committee for all of these years.
Today, the club’s classification committee is taking a hard look at motorcars
built before 1925 that do not have a
“virtually identical” 1925 counterpart.
Examples include such marques as
Lafayette, Daniels, Cunningham and
McFarlan. Most automotive historians
would agree that those marques — and
several others —certainly embody the
above definition of what constitutes a
Classic.
Although the Classics aren’t everyone’s cup of tea, they almost always
draw attention at an automobile show
or a collector-car auction. I’ve had postwar car enthusiasts examine one of my
1930s Classics and comment on the car’s
design, engineering and workmanship
— those same qualities outlined in the
club’s original bylaws.
Yes, the Classics are getting older
every day. My 1930 Lincoln Judkins
coupe is now an 84-year-old car. Very
few people are around who remember
these cars when they were new. That
doesn’t seem to affect their popularity.
As enjoyable as it is to look at the
Classics, it’s even more fun to drive them.
For me, it’s hard to beat a long drive
in one of my Classics. The founders of
CCCA knew this and created CARavans
to encourage Classic-car owners to take
their cars on extended tours.
Being recognized with an award for
owning — or restoring — a Classic automobile can certainly be a real thrill. But
the finest memories my family and I have
of our Classic automobiles are the trips
we’ve taken. To quote a fellow vintagecar enthusiast, “The best award your car
can get is a stone chip.”
Collector Car Insider
3
Auction Advice
Be Smart, Be Nice and Be There
A cool head, experience and advance planning can give you the edge over other bidders
David Tomaro
by Simon Kidston
If you’re going to bid on a car, there’s no substitute for being at the auction
E
ver wondered if there’s a better or worse strategy for buying at auction
— other than avoiding the bidder’s bar beforehand?
Having spent the first 18 years of my career on the other side of the
podium, it’s a whole new dynamic to now find myself jousting with former
colleagues in a friendly — but high-stakes — duel between their auctioneer’s
gavel and my bidder’s paddle.
If you think it’s nerve wracking looking after your own interests, spare a
thought for those who earn a living doing it for others — auctioneers and buyers’ agents alike. One wrong move can cost your client more than just money;
it might cost him what you were asked to bid upon in the first place. It also
might cost you your reputation.
A cool head, a healthy dose of experience and advance planning go a long
way to putting you in the best position possible and giving you the edge over
other bidders.
Last month there were some inside tips for sellers; now it’s the buyers’ turn.
Remain civil
The first may seem obvious, but you’d be amazed how many people ignore
it: Be nice. Auction-house staff tend to be in their chosen career because they
love what they do — it’s rarely the pay which attracts them — and they’ll go
the extra mile for clients with a ready smile and a “thank you.” Even when
problems happen, a civil approach will almost always trump confrontation.
Remember that although they’re rivals, staff and management from different
houses talk to each other informally. News travels fast, so don’t get a reputation
as the bad guy.
Do your homework
So you’ve seen something in a catalog that piques your interest. Don’t leave
it until the last minute to find out more; send an email, or better still, get on
the phone.
Auction houses can’t always tell the full story in print, so you’ll get much
more color and background in a conversation. Try asking: “What are its plus
4
Collector Car Insider
points, and the minus ones?
Could you find me a better one
given more time and money?”
Try to figure out where in
the hierarchy of similar objects
this one lies. If it’s at the very
top — this is where you need
to do proper research — don’t
be surprised if the pre-sale estimate is blitzed. Collectors are
smarter and better informed
than ever, and the big players
want the best.
Ask the auction specialist
what the level of pre-sale interest is like. They’ll never say
“zero,” but if they expect this
particular lot to fly, take them
seriously — but don’t be scared
to take part even if your budget is lower. Some of the most
hyped lots in the car world have
fallen flat, leaving more than
one person wishing they’d had
a go: Witness a certain Bond
DB5 sold on just one bid….
Be in the room
This brings us to two more considerations: Assuming you’ve done your
research, and read the catalog carefully so you know all the pitfalls of the car
(remember prefaces such as “We understand from the seller…” “The vendor
assures us that…” and “Although the early history of this car is still being
researched…” are not statements of fact, much less guarantees), you need to
decide how to bid (In person? By telephone? Commission bid?) and, most
importantly, how much.
I always prefer to bid in person; you have a much better feel for how the
auction is going, and if you’ve been around auctions for long enough you’ll
probably also know if you’re bidding against another buyer or the reserve. Like
it or not, chandelier bidding — or whatever you want to call it — is legal and
perfectly acceptable in the auction world, but it’s amazing how many bidders
seem blissfully ignorant that the auctioneer can bid up to the reserve price to
get things going. You’d be surprised at how many cars at a recent high-profile
auction had just one person bidding upon them.
Beware of no-reserve cars. The auctioneer can’t invent fictitious bids on
these, but a common ploy is to inflate the pre-sale estimate to make anything
less seem like good value. The magic words “no reserve” next to the estimate
mean the auction house doesn’t need to worry that a high range will scare
bidders away.
Telephone bidding is convenient, but you’ll never know from a few snatched
words with the staffer before the lot is sold how the auction is really going, and
lack of feel for the room can mean you overpay or lose the car.
Commission bidding — where you leave a written bid before the sale — is
even more remote, and some would argue that showing your hand so early is
rarely an advantage for the bidder. Before I run out of space and sign off (let
me know if you want more next month), my final advice is to be ruthless with
yourself in setting a bidding limit before the auction. A limit is painful, but it
saves some extreme agony after the hammer has gone down.
History Lesson
Insuring a 1926 Ford Model T Roadster — In 1927
An artifact from Chubb’s distant past offers a glimpse into a simpler time
by Tom Franklin
O
apparel, personal effects, or extra bodies.” Such
ne of our claims folks recently
an exclusion made sense at the time, considercame into possession of an autoing that this was an open car, but exactly what
mobile artifact that we thought
“extra bodies” referred to remains a mystery.
was pretty special. It is a pristine
Exclusions that would apply today are those
copy of a Chubb & Son auto policy renewal from
specifically concerning mechanical failure or
1927, written through our Federal Insurance
breakdown, such as an “explosion within the
Company — which remains one of the insurers
combustion chamber of an internal combustion
of the Chubb Group of Insurance Companies.
engine.” “War” and “riot” exclusions are also
The policy lists Jessie L. Bartlett of Maine as the
listed, which included losses due to “civil war
“Assured,” covering a one-year-old 1926 Ford
or commotion,” as well as “military, naval or
Model T roadster.
usurped power.” Again, we’re not quite sure
The nearly new car is insured for a grand
what “commotion” or “usurped power” referred
total of $448. What’s the annual premium for
to, but losses caused by them were definitely not
such a policy in 1927? $3.50 per year! Not uncovered!
like policies of today that offer discounts for
1926 Ford Model T roadster — alas, the insurance policy
The policy is signed by a Chubb-appointed
safety devices, Jessie received a discount bewill cost a bit more than $3.50 per year nowadays
agent of the time and is stamped by none other
cause the Ford had a bumper! The policy states
than Percy Chubb, who co-founded Chubb & Son with his father, Hendon, in
that this discount would apply as long as the car “is and will be continuously
1882. While the policy might seem like an old and interesting artifact today,
equipped with bumper, or bumpers, of the make named herein (approved by
Chubb had already been in business 45 years at the time it was issued. As
Underwriters’ Laboratories Inc. and bearing their label).”
the company celebrated its 130-year anniversary in 2012, Chubb employees
The policy is quite simple compared with the lengthy contracts of today. It
can truly state that they have been insuring collector cars since cars were
clearly lists what “perils” would be covered and what types of loss would be
invented.
excluded. For example, property excluded from loss included “robes, wearing
Collector Car Insider
5
Market Analysis
1973 Maserati Bora 4.9 Coupe
The muscularity of the Bora is in perfect keeping with its dynamic character
by Donald Osborne
Daniele Turetta, courtesy of Bonhams
system. Until you’ve used it, don’t knock it, and once you have, any other
system will likely seem positively Fred Flintstone in comparison.
As for maintenance, if you’re not doing regular and proper upkeep of a
160-mph GT, then you shouldn’t own one. Once properly set up, the hydraulics offer no challenge.
A fast, comfortable tourer
A stunning supercar then and now
T
he highlight of the 1971 Geneva Salon was undoubtedly the sensational
new Maserati Bora. With the Bora’s introduction, the great Modenese
manufacturer followed other supercar constructors in going midengined, while at the same time abandoning its traditional tubular chassis
technology in favor of unitary construction.
Named after an Adriatic wind, the Bora was the work of Giorgetto
Giugiaro’s Ital Design, at least as far as its bodyshell was concerned. The
mid-mounted engine was Maserati’s familiar 4-cam V8 in 4.7-liter form, the
5-speed transaxle came from ZF and the all-independent double-wishbone
suspension was penned by Giulio Alfieri, co-designer of the legendary 250F
Formula 1 car.
The Bora was a stunning supercar by any standards, both then and now.
According to Maserati Classiche, this 4.9-liter example was built in June 1973
and finished in Argento Auteuil with red leather interior.
This car sold for €92,000 ($124,218*), including buyer’s premium, at Bonhams’ “The Zoute Sale” in Knokke-Heist, Belgium,
on October 11, 2013.
Both Maserati and Ferrari went hesitantly into the world of mid-engine
cars — lagging far behind the 1966 launch of the Lamborghini Miura.
Eventually, Maserati not only led Ferrari into the fray by two years, but did
it with both feet in the pool.
Maserati’s car wouldn’t be like Ferrari’s Dino — a sub-brand with a
small engine. No sir, the company’s star GT, the successor of the acclaimed
Ghibli, would be a mid-engine standard bearer. And while no one would say
it equaled the pure beauty of the Ghibli, the Bora was a stunning statement
of brawn and power in a thoroughly modern shape.
In fact, the Bora was somewhat of a departure for Maserati in visual
character.
Before the Bora, Maserati’s design aesthetic trended towards the elegant,
almost delicate, in feel. The Bora was quite something else. and a return to
the earlier feeling would be seen in its successor, the Khamsin. To my eye,
the muscularity of the Bora is in perfect keeping with its dynamic character.
I think the Khamsin is a terrific car, but it somehow feels heavier than its
looks promise.
SOLD!
Citroën phobia
Foremost in the minds of many when the Bora and its little sister, the
Merak, are mentioned, is Citroën. The fear and loathing that accompany
the idea that an Italian luxury GT would contain Gallic mad wizardry in its
components is enough to send them screaming from the garage.
I’ll repeat this yet again: There’s no call for such concern. The most
important component from across the Alps is the hydraulic servo braking
6
Collector Car Insider
The Bora is a brilliant, fast and comfortable touring car, excellent for long
trips and docile in around-town puttering. The ride is excellent, and the long
one-piece seats are unusual in having no back-rest adjustment. They can
be raised or lowered and provide superb comfort. Once you’ve experienced
their thigh support, you’ll wonder why they’ve never been repeated.
The Bora is no track-day car. It’s fast, but it’s also a bit heavy, thanks to a
robust build quality and what may be the best cabin sound and heat insulation in a mid-engine car until the Acura NSX came along. The car’s weight
works to give the driver a certain amount of confidence on the road, as the
Bora never feels floaty at speed, but it doesn’t get in the way of responsive
handling. A small cavil might be the slightly notchy and longish throw in the
ZF gearbox.
Owners also enjoy the access to the engine the Bora offers, more generous
than many mid-engine layouts, and the trunk space is more than adequate
for the long-distance travel the car encourages.
As is often the case with Maseratis, the subtle sophistication of the styling
is lost on a large part of the market. This is especially true for the Bora, as
many seeking mid-engine GT cars want them to be a bit more flashy and
dramatic than Giugiaro’s quiet-but-strong form. However, as in other segments of the market, a slow awakening to the dynamic qualities of the Bora
has been pushing prices upwards.
On the rise
Current asking prices for Boras in the U.K. and Europe run a rather large
range from $81,000 to $176,000. At the time of writing, I could not locate
any for sale in the United States. Interestingly, several of the cars offered
abroad had originally been delivered Stateside. This example is one such
car.
From the catalog images, this Bora appeared to be quite tidy, with good
shut lines and smooth panel fit. The interior was very clean, with what appeared to be original seats nicely broken in, and moderately worn carpets.
The silver and red color scheme is classic and suits the Bora quite well.
That it sold for nearly 50% more than the upper range in the SCM Price
Guide seems out of line for a refurbished car. However, considering it in
the mid-range of the current asking prices for Boras puts it into a different
context altogether. A question that remains is whether prices such as these
are achievable in the United States.
Time will tell, but without a doubt the Bora is another of the perennially undervalued Maseratis that are
being discovered. This car may have
Details
been well sold for October 2013, but
Years produced: 1971–80
Number produced: 571
it will likely be a bargain by March
Original list price: $26,900
2014.
Current SCM Valuation: $43,000–$82,000
*The note on the price in U.S. dolTune-up cost: $1,750
Chassis #: Engine compartment on firewall
lars is for the variance in the posted
Engine #: Stamped on side of block
results. Bonhams used $1.36/€1.00;
Club: Maserati Club International
our posted SCM number is at
More: www.maseratinet.com
Alternatives: 1974–76 Ferrari 365 GT4 BB, 1977
$1.35/€1.00. The posted rate for
Lamborghini Countach LP400, 1971–74
October 11, 2013, was $1.355/€1.00,
DeTomaso Pantera
so choose your conversion as you
SCM Investment Grade: B
will.
Market Analysis
1966 Shelby GT350 H Fastback
By late 1967, some GT350s retired from Hertz sold for as little as $2,200
by Colin Comer
as little as $2,200.
Courtesy of Barrett-Jackson
An entry-level GT350
T
“Rent-a-racer” brings $220k at auction
his Shelby GT350 H underwent a complete frame-on restoration and has
the original body paint. Over $150,000 was invested in this car. Shelby
produced 1,003 of these cars. Today, the GT350 H has taken its place
among the most sought-after Shelbys of all time, and with only 1,001 being
built, they’re considerably rarer than the standard GT350. Concours-caliber
restoration and incredible performance.
This car, Lot 730, sold for $220,000, including buyer’s premium, at
Barrett-Jackson’s Las Vegas auction on September 26–28, 2013.
A very significant moment for Shelby American was their 1966 deal with
Hertz and the 1,001 GT350 Hertz or “GT350 H” cars that were a result.
For years, Hertz operated the “Hertz Sports Car Club,” which offered prequalified customers the opportunity to rent a variety of high-performance
cars. In late 1965, Shelby American sales manager Peyton Cramer contacted
Hertz to discuss the possibility of a special GT350 for use in their Sports Car
Club fleet for 1966.
Hertz liked the idea, Shelby obliged, and a prototype Hertz GT350 finished
in black with Hertz Gold stripes was sent to the rental car giant for testing. Although Hertz found a few issues with the cars — namely the metallic
brakes that were ineffective when cold — they eventually placed an order
with Shelby American for an astounding 1,000 GT350 Hertz cars. This was
nearly double Shelby’s entire GT350 production for 1965.
SOLD!
Not a cheap rental
During their service with Hertz, the main issue with the GT350 cars continued to be brake problems, as most drivers unfamiliar with competition
brakes had “issues,” which really means they ran into stuff.
Eventually, crude mechanical booster brake master cylinders took the place
of the standard Shelby master cylinder, softer non-metallic brake linings were
fitted, and warning labels applied to the dashboards cautioned drivers to be
aware of the high brake-pedal effort and poor performance when cold.
One can assume Hertz was a little out of their depth caring for these and
other sports cars in their fleet, regardless of how “new” they may have been.
So it is no wonder that it wasn’t cheap to rent a GT350 H from Hertz, with
rates of $17 per day — plus 17 cents a mile.
Retired, refurbished and resold
All units had a nine-month stay in rental service. After that, they were
retired and Hertz returned them to Shelby American dealers across the country for reconditioning — and eventual sale as used cars. Part of Shelby’s
agreement with Hertz was a guaranteed residual value on GT350 H cars,
but Shelby struggled to dispose of 1,001 used rental cars, so Ford eventually
stepped in and helped subsidize the GT350 H sell-off. By late 1967, roughly
nine months into the liquidation, some of the remaining cars were sold for
From a collectible standpoint, the Hertz cars have traditionally been the
entry-level 1966 GT350. It makes sense, as rental cars have a stigma of being
rode hard and put away wet.
Factor in that most of the Shelby GT350 Hertz cars have automatic
transmissions, which is another value deduction with any performance car.
Finally, the gold stripes are not universally loved, although many owners just
painted their Hertz cars whatever color they wanted — usually with standard
GT350 blue stripes. Those paint jobs might have been the Hertz car witness
protection program.
All of these factors apply to our subject car, s/n 6S1930. I did not inspect
the car personally, but will offer comments based on my review of the
consignor’s description and information gained from the Shelby American
Automobile Club’s excellent records.
Drivetrain questions
The SAAC Registry shows that it is an original black Hertz car, and has a
reasonably complete chain of ownership — albeit with one curious lawsuit to
return the car from one owner to a previous one 27 years later.
SAAC’s records also show this car was sold at Barrett-Jackson’s 2011
Orange County auction (Lot 346.2, reported sold at $181,500), where it was
billed as having “8,254 original miles.” SAAC finds this odd, as when Hertz
returned the car to Shelby in 1967, it had 11,332 miles at that time. Hmmm.
As in 2011, the most recent auction description does not mention whether
our subject car retains its original engine, transmission or rear axle. The
consignor didn’t make any claims of originality in this area, which always
gives me pause.
I’m also confused by the statement that the car has a “concours-caliber
restoration” (on-frame, which is good because it is a unibody car), and the
SAAC Registry states that another restoration was begun in 1976, so, how
does our subject car retain its original paint in 2013?
While 6S1930 looks impressively shiny in the auction photos, only an
inspection would tell if the important bits are there, such as its original
drivetrain, sheet metal, Shelby-only components, and the extremely crucial
hidden Ford VIN numbers and original Shelby VIN tag.
Well sold in any case
But let’s say everything was accounted for and correct. It is still an automatic Hertz car. While it is certainly desirable, it is a combination that has
always been harder to sell and valued less than a non-Hertz 1966 4-speed
GT350 — even though they made 376 more of the latter.
Exceptional non-Hertz cars currently trade between $175k and $225k, although I have seen best-of-the-breed cars eclipse $250k in private sales. I’ve
also seen great automatic Hertz cars
with original drivetrains sell in the Details
Years produced: 1966 (GT350 Hertz cars)
$135k–$175k range. This makes them
Number produced: 1,001 (Hertz rental cars)
a great value if you don’t mind two
Original list price: Hertz Wholesale Fleet Cost, $3,815
pedals instead of three — or if you’re Current SCM Valuation: $125,000–$175,000
partial to gold stripes.
Tune-up cost: $500
But it is pretty clear the numbers Chassis #: Tag on left inner fender apron
Engine #: Right side of engine block
all add up to one thing: At $220k
Club: Shelby American Automobile Club
“all-in” — even if it were one of the
More: www.saac.com
Alternatives: 1966–68 Shelby GT350,
best, numbers-matching Hertz cars
1967–69 Chevrolet Camaro Z/28, 1968 Plymouth
in existence with a trunk full of SAAC
Barracuda Super Stock Hemi
Gold Concours awards — our subSCM Investment Grade: A
ject car was extremely well sold.
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