tMichaelis Corvette Perspective

Just for the heck of it, I asked Christine in ProTeam’s accounting department to check the records and see how many first generation (1953 to 1955) Corvettes that ProTeam has owned in the last 15 years.

Wow! Check this out! 1953 to 1955 Corvettes owned = 74 of which 19 were 1953’s, 44 were 1954’s, and 11 were 1955’s.

I remember five years ago when we had to work hard to get someone to pay us $100,000.00 to $110,000.00 for a 1953 and now they consistently sell for $250K to $450K with no end in sight. Fun Fact: Five years ago I sold Banker Bob a nice 1953 for $105,000.00 and yes, Bob just sold lot S91 at the recent Mecum Bloomington Gold auction for $296,625.00… Vette-N-Vestment!

Prediction: as the availability of the 1953 Corvette dries-up the first generation buyers will have to resort to the NEXT BEST THING… that is right! 1954 Corvettes will begin appreciating at a more rapid rate, especially the good ones with the only difference is top color as all 1953’s were white paint with red interior and a black soft top.

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295 Corvettes were offered with 145 selling with a sold percentage of 49%. Total auction sales were $8,255,306.00 and highlights are as follows:
Lot #S53 - 1953 Corvette Convertible: $283,500.00
Lot #S91 - 1953 Corvette Convertible: $296,625.00
Lot #S55 - 1955 Corvette Convertible: $178,500.00
Lot #S32 - 1957 Corvette Convertible: $152,250.00
Lot #S35 - 1960 Corvette Convertible: $102,375.00
Lot #S63 - 1963 Corvette Coupe Z06: $367,500.00
Lot #S67 - 1967 Corvette Convertible Black 435: $467,250.00
Lot #S73 - 1969 Corvette Convertible: $97,125.00
Lot #S93 - 1996 Corvette Convertible Grand Sport: $80,850.00
Terry’s Overview: The 1953 Corvettes that sold may sound quite expensive but I predict any restored 1953 Corvette will benchmark at 500 grand within 18 to 24 months at hi-profile events, as several recently sold for almost 500K. The 1963 Z06 that sold for $367,500.00 recently sold for $255,000 in the desert (Jan. ‘07). That is a 31% leap in just six months… Wow! The 1967 Triple Black 435 convertible that sold for $467,250.00 was a no excuse well-known “Real Deal” and quite frankly I would rather have $500,000.00 in one “Real Deal” than the same money in 4 or 5 wanna-bee’s with fake trim tags and fake paperwork. The 1996 Grand Sport convertible that sold for 80 grand plus, had approximately 6,000 miles on it. These cars are hot as only 190 convertibles were produced. I guess this kinda shows us that NOT all high prices achieved at auction are Arizona of Florida driven!!!

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ProTeam Corvette’s original 21,000 actual mile Red 396-425 hp Coupe (stk. #339W) was never tested on the show circuit. Bloomington Gold 2007 was its first trip under the judges clipboard and it came away with the most elusive of prizes: The Bloomington Gold Benchmark® award. Only twelve Benchmark® awards have ever been awarded to 1965 Corvettes out of a total 172 Corvettes that have ever received the Benchmark® status. The Benchmark® can only be awarded after earning a Survivor® award (a car is judged on originality of paint/body, interior, chassis, and engine after completing a 30-mile road course) and then must be Bloomington Gold certified (rigorous scoring standards based on show quality and historic accuracy) by the Bloomington judges. Only then can a car be considered a touchstone for which all other Corvettes should be measured; not a bad couple of afternoons for a rookie. See this 1965 Red Benchmark® Corvette (stk #339W) and the eighteen Corvettes we brought home Bloomington Gold 2007 online at ProTeamCorvette.com

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It’s with great sadness that I write this tribute for Lou Groebner as Lou was a very special person and he was proof that it is not the cars that make our Corvette community so special, it is the people! The cars are what first drew us together as a magnet and now “the people” are primary and the cars are secondary.

We have Special Collections for our cars. We have Hall of Fames for our cars. We need more Hall of Fames for the special people who have done so much for the hobby… for you Uncle Lou!!

Having just returned from the Bloomington Gold show, I reflect back on the Special Collection, not the cars but the people we see each year.

Uncle Lou, you will be missed but you’ll be in our hearts and memories as you were very special and so deserving of a spot near the door in the Special Collection of exceptional Corvette people.

Louis Groebner Obituary, Chicago Tribune, June 21st, 2007

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Corvette Market Magazine asks Terry’s Opinion. Read it here first: The Corvette market today is seeing a resurgence of true collectors and enthusiasts who are choosing to buy these classic vehicles as a collectible to drive and enjoy. Demand is definitely growing, as evidenced by the rising price tags these cars are drawing. The popularity of Corvette collecting, I believe, is growing at a pace that outstrips the availability of nice cars, which can only lead to bigger demand down the road. Older Corvettes, especially 1953 to 1972, have a solid pattern of growth that dates back to the early 1970s. What drives it? Well, today’s market is a world market and not just restricted to North America, which is demonstrated by the sales we have made in the last 12 months. From the United States to countries across the globe like Europe, Australia, New Zealand, Japan – and recently countries like Russia, Hungary, Croatia, South America and soon China – enthusiasts are digging deep into their pockets to purchase a classic car that is truly special to them. Additionally, factors such as the disposable income of many Baby Boomers (those born between 1946 and 1964) will lead to continued demand of the Corvette. This population group is financially stable and free from the responsibility of children, giving them the time and money to enjoy a truly magnificent classic car. Classic Corvettes are red hot and I only see it growing more and more each year. Corvette Market Magazine is from the same publishers of Sports Car Market and hits newsstands soon.

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There are two truths when it comes to marketing in the 21st century, 1) consumers are bombarded with more marketing messages than in any other time in history, 2) consumers want to feel good about themselves when they do make their purchase.

These axioms are a negative and positive for charity car raffles. How do they reach above the din to deliver their message while increasing ticket sales? Open a page in Hemmings and it would appear an impossible task. It is daunting but not impossible… for those willing to put together a winning game plan and follow through on that plan.

Having built and presided over the largest Corvette collection in the world, I am inclined to tailor my message to Corvette raffles but let me remind you that Corvettes have become the most popular raffle marque. People come back to these same raffles year after year… as long as they are reminded. America’s sports car and doing good works go hand in hand; most every Corvette club is affiliated with a charity of choice and a fundraiser planning committee.

Before putting your signature at the bottom of a sales contract and sitting with the raffle car at local cruise-ins full of high expectations on diminishing returns, let me give you two words of advice: contact and convenience. 1) Keep the people who have already donated to your charity a second (third, fourth, and fifth) chance to help your cause by compiling the names into an easy to access database. 2) Don’t make the people jump through hoops to get a raffle ticket. We live in a digital age. Think electronic from the way you choose to disseminate raffle information to the way you exchange money for a ticket.

This is a topic that is of great interest to me. I’ve been intimately involved in charity car raffles for over 20 years. I am proud to have increased ticket sales with these two principles in mind contact and convenience. Would you like to talk more? Drop me a line at: terry@proteamcorvette.com

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Turn Key Cars are driving the collector car market. Sound advice is to buy the best Corvette you can afford, because the Corvette you buy today is the Corvette you’ll have to sell someday. Now we are seeing a resurgence of true collectors and enthusiasts buying Corvettes more as collectibles to keep and enjoy, rather than a focus on investment. Interest in collector Corvettes has never been stronger and prices reflect this fact… It’s purely supply and demand!

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As far back as anyone can remember, car owners, for whatever reason, tire of the color of their car and repaint them a different color and that is not a problem but now and for well over fifteen years, several people or companies have made repro trim tags that generally are used to defraud the buying public; ie. counterfeiting. The trim tag is part of the DNA of the car and can be decoded to determine body build date, paint, trim, and options that could be available on that particular car. The trim tag is a General Motors protected trademarked registered item and it is highly unlikely that they, GM, issued a license agreement to anyone to “reproduce.” warning: Replacing trim tags in some states is contrary to law as a repro trim plate has little to do with restoration but more so with fraud.

**2003 marked the advent of published knowledge to determine without a doubt the originality or lack thereof of a trim plate, thanks to the efforts of NCRS (National Corvette Restorers Society) and its membership.

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First and foremost, buy the Corvette that you like and look for your ROI (return on investment) to be increased utilizing the fun factor as there is an amount of pleasure return that no paper folio will ever match. If your number one reason is an investment, you should probably apply for a dealer’s license and don’t forget what has been happening in the real estate market to the “flippers” in Las Vegas, Arizona, Florida, and other hot real estate markets.

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China and the Corvette may have a lot more in common than anyone could imagine as China is the world’s largest emerging economy of consumers and as China continues to industrialize (10 years) they will create pockets of wealth for people who want worldly collectibles. Who would have thought we’d see Corvettes in Russia, Hungary, Croatia, Kuwait, and many South American countries. The popularity of Corvette ownership knows no boundaries with many selling overseas to these unusual places where poverty is the norm and wealth is an anomaly. It’s a world market and not just North America!

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