GM Set To Auction More Specialty Cars

gm auction

This week GM will auction about 100 of its prized antique and show cars to raise cash and trim warehousing costs. The company seeks to cut its speciality fleet by nearly half. It once numbered 1,000.

It’s the carmaker’s second sale this year of antique and show cars as the company aims to cut its speciality fleet in half. ‘It costs a lot to house that many vehicles,’ says an official.

The vehicles will be sold in Palm Beach, Fla., starting Thursday. The listings include a 1920 Chevrolet Model T truck; a 1999 Camaro Z/28 used in the movie “Runaway Bride”; and a 1978 Corvette Indy 500 pace car, one of only four made – and one of two that GM owns. It’s keeping the first one that rolled off the production line.

The news that GM was willing to sell pieces of its past sent groans through the world of car enthusiasts. It has also sent serious collectors scrambling for their checkbooks.

Admittedly, what GM has raised so far this year – more than $9 million – is a drop in the ocean compared with the $13.4 billion in emergency loans that the U.S. Treasury gave GM in December.

via LA Times

Posted on April 7, 2009 | Filed Under Really