UTG gets in right.

[R413]

I agree with this vodeo. I thought the same thing when this car surfaced.
Any car guy with a big block musclecar that put in a cam, headers and gears would be running 12’s

then at 14 minute mark the truth comes out. LOL

 

[Budnicks]

I respect the man that owned the car, his service & commitments...

the kid played the marketing game

But;
It was not the fastest Detroit street racer, by any stretch of the means
not with all the wicked **** running around back then
especially not in it's current "alleged" org. state

It's all a story,
all "alledged" parties are guilty of it, embellishments
the Legend begins

BUT;

Marketing 101
Total Hype, get the people hooked
make a big deal about it, post a **** load of videos
everywhere
other guys get sucked in, repost them on every MoPar forum
(hell probably a dozen on here alone)
expand on legend, the legend gets bigger, exaggerated even more
GROW THE HYPE/LEGEND
it grows & gets better and bigger all the time
the legend grows, "alleged" story gets even more 'embellished'
then the MoPar or no Car crowd, all share them on every forum everywhere
feeding the frenzy (Legend/Story), people eat it up with a huge spoon
people keep bringing it up, even more hype added
again marketing 101
the legend grows it gets even more unbelievable
then all of a sudden "shockingly" after 2+ years of publications stories & hype
he all of a sudden wants to sell, his dad's treasured car, that he'd have never ever sold
a car he said he'd never part with...

Mecum & the kid, all made big $$$,
all the publications etc. all part of it...
I don't begrudge them of that...

But;
It's a story...
$975,000 + 10% fees on both sides

disclaimer;
Don't get me wrong the car is a cool car, it deserves respect
but the story is BS
(Just like the "alleged" 4dr cuda nonsense)

The kid "alleged" made a good story, he also made good $$$
off producing all of it...
Smart man, he got an extra $500k+ probably
caveat emptor

but I agree with most all of what
that guy above says/said
& I'm not really a huge fan of his even, but he's "allegedly" spot on

that car will end up being resold, again & again (mark my words)
at other auctions & the legend (story/marketing gimmick, script) will continue,
to propagate

 

[Kern Dog]

I thought the same.
I just read the Mopar Action article on the car and shrugged my shoulders when I read that the car was unmodified yet claimed to be some street race legend. No headers, no cam or induction changes, stock axle gearing, no weight reduction efforts yet it was supposedly a legend?
Years back, either the guys at Mopar Action or Mopar Muscle tested the waters with a scam on a "rare show car" 1970 Hemi Cuda just to see if anyone would bite. Many did. People love a story and will set their common sense aside to "believe" in a scam that seems mysterious and interesting.

 

[Fran Blacker]

The IRS is going to hit him big, maybe 40%.

 

[68BabyBlue]

The IRS is going to hit him big, maybe 40%.

If the kid is as smart as I think he is, maybe not. If his realized taxable federal income falls into the 15% bracket, he won't have to pay capital gains tax. People of far greater means have pulled this off legally. I'll bet he consulted with a good tax attorney as part of the marketing package.

 

[Detective D]

Just FYI it has been entered in the historic vehicle registry. You know, the same one where the Mustang from Bullitt, the Delorean from back to the future, Ferris bueller ferrari....

This car that came from nowhere with no story has been so hyped and pumped with propaganda they actually are going to cement it as historically important.
This is truly a scam.
When that movie comes out it will be even worse.

I don;t hate on the kid for selling this. But how it is being handled IMO puts shame on him and his family. It's just pure dishonesty for the sake of money.

 

[Fran Blacker]

If the kid is as smart as I think he is, maybe not. If his realized taxable federal income falls into the 15% bracket, he won't have to pay capital gains tax. People of far greater means have pulled this off legally. I'll bet he consulted with a good tax attorney as part of the marketing package.

Maybe but how do you make it income, you didn't work for it. It's like selling stocks you capital gains on that but the rate is lower (20% or did they raise it??) if you hold it for a year.
Where's FBBO's CPA!

 

[turbine68rt]

yet it was supposedly a legend?

Agreed. If it was the legend they were saying it was, why were we only told about it in the last few years?

 

[68BabyBlue]

Maybe but how do you make it income, you didn't work for it. It's like selling stocks you capital gains on that but the rate is lower (20% or did they raise it??) if you hold it for a year.
Where's FBBO's CPA!

That's my point - the car sale is a long term capital gain if he had it for a year. It wouldn't be income. If his "income" is low enough, he wouldn't have to pay capital gains tax. Nice loophole for these with accumulated wealth, as opposed to "income," which is what those of us here subsist on. If you fall into the 15% bracket on your "income," the capital gains tax gets reduced from 20% to zero. I'm not a CPA, but I've had a good one who's been a car collector for decades, and he educated me in the process.

Another element of the tax code the kid may have employed is the "stepped up basis." If he was able to get a credible appraisal at the time he inherited the car that valued it at or above the auction sale price, he would also be exempt from capital gains tax. This stuff is why people hate lawyers, but need them.

 

[MarPar]

This car is a proper Woodward legend...and would have spanked the "Ghost"

The Silver Bullet

 

[Budnicks]

Check out the story in Car & Driver mag. (?)

"The Heirs of Woodward Ave: Detriot's 1970s Street-Racing Culture"

publish Oct. 1st 1976

sorry no link

 

[R413]

Link to story

The Heirs of Woodward Avenue: Brock Yates on Detroit's 1970s Street-Racing Culture

 

[Cheapsunglasses]

Yeah, no way this car could hang with those guys. The Black Ghost was the fastest car…on his block…..maybe

 

[MoparGuy68]

A tale about a car “that matters”. Probably won’t be the last one.

 

[Runcharger]

The buyer got what he deserved anyway.

 

[Dan64]

The buyer got what he deserved anyway.

I'm wondering if the buyer/ bidders aren't in on it also?. The movie about the car is the end game, it's where the real money will be made ( they hope anyway).

 

[Cheapsunglasses]

I'm wondering if the buyer/ bidders aren't in on it also?. The movie about the car is the end game, it's where the real money will be made ( they hope anyway).

Exactly, was the car really “sold” though?

Doubt it, it’s probably trapped in a warehouse somewhere never to see the light of day again.

 

[Jeff Peterson]

From the website Ut mentions