At long last, GM has begun to appreciate the depths of its cash crisis. So the company’s classic car collection is on the block, to free up capital and save warehousing costs.
Auctioneer Barrett-Jackson is selling the cars. Check some of them out here >
LA Times: 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 specialty fleet by nearly half. It once numbered 1,000.
Admittedly, what GM has raised so far this year — more than $9 million — is a drop in the bucket compared with the $13.4 billion in emergency loans that the U.S. Treasury gave GM in December. “Every little bit counts. It costs a lot to house that many vehicles,” said Greg Wallace, manager of the General Motors Heritage centre in Sterling Heights, Mich., that is dedicated to preserving the company’s century-old history.
“Is it a good thing that we’re doing this? Absolutely,” Wallace said.
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.)
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