Sunday, January 26, 2014
Rebel Corvette
Auction Results: Arizona 2014
Historically, the annual Arizona auctions have been scrutinized
and examined as a bellwether for what the market will do during the next
6 to 12 months. And for good reason — somewhere in the neighborhood of
15% of cars sold at auction each year appear in Scottsdale or Phoenix in
January. Those looking for evidence of a cooling trend this year will
either have to dig deep into the results or wait for the next major
event, as 2014’s totals far surpassed 2013’s record amount. In the end,
$248.5M worth of cars traded among the 6 auction houses — more than a
10% increase — with Barrett-Jackson, RM Auctions and Bonhams all
recording their highest-ever totals in Arizona. Yes, more cars were
required to achieve this feat, but the average sale price for all cars
sold this year was still more than 7% higher than last.
We have long discussed how Blue Chip collectibles have been driving overall growth in the market for the past several years, and Blue Chip cars continued to perform in Arizona. Top sale for the week was $8.8M for a 1958 Ferrari 250 GT California LWB Spyder, sold by RM. This is the second year in a row that a Cal Spyder earned top honors in Arizona, as Gooding sold a 1958 LWB example for $8.25M in 2013. Gooding sold a similarly elegant if less sporting 1958 Ferrari 250 GT Cabriolet for $6.16M, as well as a 1997 McLaren F1 GTR Longtail race car for $5.28M. In general, most of the star cars that sold across all auctions did so for numbers at the leading edge of the market.
Exclusive foreign cars weren’t the only ones to do well, of course. Perhaps surprising to casual observers were Barrett-Jackson’s results for Corvettes. In particular, an exceptionally rare 1967 Chevrolet Corvette L88 coupe sold for a record price of $3.85M, the 1969 L88 “Rebel” race car sold for $2.86M, and a 1968 L88 convertible sold for $880,000. That’s three Corvettes for more than $7.5M.
Cars in more affordable price ranges also performed well, generally speaking. As evidence, the two companies that most cater to the mainstream buyer — Silver Auctions and Russo and Steele — saw their collective average sale price increase by more than 16%, and this despite Russo narrowly missing on its premier car.
As is the case at any auction, bargains were to be found. With nearly 3,000 vehicles on offer throughout three cities during the course of a full week, some cars didn’t generate the attention they probably deserved. For example, a nice 1971 Oldsmobile 4-4-2 W-30 convertible sold for $84,700 by Barrett-Jackson, which is about the price an excellent replica might make. Plenty more of these opportunities lurked, with lucky bidders who found themselves in the right place at the right time being rewarded.
While Arizona grabs most of the attention from the classic car universe in January, Mecum’s mega-auction in Kissimmee will close out the month with roughly the same volume of vehicles crossing the block. When those numbers are combined with Scottsdale, a new story may emerge, but for now 2014 has picked up right where 2013 left off, which is to say with all cylinders firing.
We have long discussed how Blue Chip collectibles have been driving overall growth in the market for the past several years, and Blue Chip cars continued to perform in Arizona. Top sale for the week was $8.8M for a 1958 Ferrari 250 GT California LWB Spyder, sold by RM. This is the second year in a row that a Cal Spyder earned top honors in Arizona, as Gooding sold a 1958 LWB example for $8.25M in 2013. Gooding sold a similarly elegant if less sporting 1958 Ferrari 250 GT Cabriolet for $6.16M, as well as a 1997 McLaren F1 GTR Longtail race car for $5.28M. In general, most of the star cars that sold across all auctions did so for numbers at the leading edge of the market.
Exclusive foreign cars weren’t the only ones to do well, of course. Perhaps surprising to casual observers were Barrett-Jackson’s results for Corvettes. In particular, an exceptionally rare 1967 Chevrolet Corvette L88 coupe sold for a record price of $3.85M, the 1969 L88 “Rebel” race car sold for $2.86M, and a 1968 L88 convertible sold for $880,000. That’s three Corvettes for more than $7.5M.
Cars in more affordable price ranges also performed well, generally speaking. As evidence, the two companies that most cater to the mainstream buyer — Silver Auctions and Russo and Steele — saw their collective average sale price increase by more than 16%, and this despite Russo narrowly missing on its premier car.
As is the case at any auction, bargains were to be found. With nearly 3,000 vehicles on offer throughout three cities during the course of a full week, some cars didn’t generate the attention they probably deserved. For example, a nice 1971 Oldsmobile 4-4-2 W-30 convertible sold for $84,700 by Barrett-Jackson, which is about the price an excellent replica might make. Plenty more of these opportunities lurked, with lucky bidders who found themselves in the right place at the right time being rewarded.
While Arizona grabs most of the attention from the classic car universe in January, Mecum’s mega-auction in Kissimmee will close out the month with roughly the same volume of vehicles crossing the block. When those numbers are combined with Scottsdale, a new story may emerge, but for now 2014 has picked up right where 2013 left off, which is to say with all cylinders firing.
Tuesday, January 14, 2014
2015 Corvette Z06
The 2015 Corvette Z06 was revealed today at the Detroit Auto Show, featuring a
brand-new supercharged engine with more that 625 horsepower.
The giant hood vent not only helps cooling but adds downforce, and if you option the carbon-fiber aero package, you’re granted an even larger front splitter with aviation-style wings and a bigger rear spoiler featuring a fixed wickerbill (a lip on the edge of the wing that traps air, producing a drastic increase in rear downforce).
By Alex Lloyd
The giant hood vent not only helps cooling but adds downforce, and if you option the carbon-fiber aero package, you’re granted an even larger front splitter with aviation-style wings and a bigger rear spoiler featuring a fixed wickerbill (a lip on the edge of the wing that traps air, producing a drastic increase in rear downforce).
But
it’s the optional Z07 package where things really come alive: the
winglets on the front splitter are enlarged and the rear spoiler arrives
with a see-through center section that can be adjusted up and down
significantly to tailor the amount of downforce produced. With this
setup, the Z06 boasts the most amount of downforce of any production car
GM has ever tested—including all of its competitors.
Ticking
the Z07 package also adds larger carbon ceramic-matrix brakes,
delivering a 23 lb. saving over the standard steel rotors. The monster
tires, too, turn from Michelin Pilot Sport to the racing-inspired,
practically slick Sport Cup tires. Inside you have the option of a GT
seat or the Competition Seat, the latter being the preferred choice—but
not if you’re carrying excess holiday weight.
At
the heart of the 2015 Z06 is the all-new LT4 6.2-liter supercharged
V-8, boasting a monstrous 635 lb.-ft. of torque to compliment its 625
hp. That’s an increase of over 100 horsepower compared to the outgoing
Z06.
Like the Stingray, the
Z06 features cylinder deactivation to help with fuel efficiency, but
unlike the Stingray, it adopts a dry sump oiling system rather than a
wet one.
Further changes occur
in the transmission—notably the addition of a brand-new 8-speed
automatic. Fear not, a 7-speed manual is available with the same
rev-matching feature used in the base Corvette but the auto promises
upshifts eight-hundredths of a second faster than Porsche’s notorious
PDK transmission.
That’s a
lofty claim for a company that doesn’t have a competitive performance
automatic in its current arsenal, and this isn’t even a dual-clutch
system. If Chevy has indeed produced a class-leading paddle-shift auto,
this will prove to be a huge asset when it makes its way onto other GM
vehicles in the future.
Arriving
as standard with Magnetic Ride Control dampers, offering settings from
Touring mode to Track mode, the Z06 now comes with a removable,
lightweight carbon-fiber roof panel. With it off, the Z06 still manages
an improved stiffness of 20-percent over the outgoing model; with it in
place, it claims a whopping 60-percent increase. The featherweight
aluminum frame remains essentially the same as that on the C7.R racecar,
and an electronic differential comes as standard.
Performance
specs aren’t yet available; neither is price. But like any Corvette,
the Z06 promises unsurpassed speed for a relative bargain. When it goes
on sale early 2015, it will join the likes of the new Camaro Z/28 and SS sedan, proving Chevrolet’s current performance lineup rivals that of the world’s best.
By Alex Lloyd
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