| FUNFER2 |
01-22-2010 09:59 AM |
I asked my wife that question last night, and several years ago. It may be the great expense of erecting a huge building or a lease with an existing one ?
And God forbid,... what would they do if they went bank belly up
Location/land, is another high cost question.
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| slider701 |
01-22-2010 10:43 AM |
The big question is what happens next? If you bought a car and it was damaged are you obligated to now take delivery? If you had a car for sale that hasn’t sold but has already been consigned over to the auction do they continue to sell it at now a reduced price or do you get it back to have it repaired. And who is covering the insurance claims? I would image the event policy would most likely be covered through Lloyd's of London due to the sheer volume of cars, people and potential liability of hosting such an event. But does Lloyd's cover it or does it fall back on the owner’s policy.
One thing is for sure………the phones we ringing off the hook at Hagerty’s this morning………and a few lawyer’s had their golf game interrupted also.
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| slider701 |
01-22-2010 10:46 AM |
From the Hagerty's site:
http://www.hagerty.com/scottsdale/
They have a quick video of their rep who is on-site and committed to work with the owners. Hats off to them for being proactive on this! |
| Cobra #3170 |
01-22-2010 11:00 AM |
Insurance
Quote:
Originally Posted by slider701
(Post 1021154)
The big question is what happens next? If you bought a car and it was damaged are you obligated to now take delivery? If you had a car for sale that hasn’t sold but has already been consigned over to the auction do they continue to sell it at now a reduced price or do you get it back to have it repaired. And who is covering the insurance claims? I would image the event policy would most likely be covered through Lloyd's of London due to the sheer volume of cars, people and potential liability of hosting such an event. But does Lloyd's cover it or does it fall back on the owner’s policy.
One thing is for sure………the phones we ringing off the hook at Hagerty’s this morning………and a few lawyer’s had their golf game interrupted also.
|
I can give you a personal experience, my front fender was severely damaged by a water weight that was used to secure a semi trailer side awning. The owner of the truck was told that a damaging storm was coming but elected not to store his awning away before leaving for the day. That evening a gust of wind blew the awning up and threw the weight up in the air and it went through the roof of my trailer, his insurance company claimed "act of God". I was out $16,000 for trailer repair and deductible costs, but my company was very good about paying for their share of the damage. Bottom line, I had to pay for someones negligence. I feel for all the owners of those beautiful cars, perhaps the auction house will give them a better ending. |
| dcdoug |
01-22-2010 11:02 AM |
What a disaster. I guess now some people are going to find out how good their insurance actually is.
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| Bernica |
01-22-2010 11:05 AM |
Watching the B-J auction last night, you could tell that things were getting bad. They seemd to be trying to play it down, but from the shots of the weather outside, and when they started rolling wet cars onto the block, you could tell things weren't going well....
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| dcdoug |
01-22-2010 12:01 PM |
Quote:
Originally Posted by Bernica
(Post 1021175)
and when they started rolling wet cars onto the block, you could tell things weren't going well....
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Did the auctioneer comment on how the paint job was so nice and shiny that it almost looks wet? :LOL: |
| computerworks |
01-22-2010 12:07 PM |
Quote:
RUSSO AND STEELE SCOTTSDALE 2010 Scottsdale update, Friday, January 22 11:30 a.m.
The City of Scottdsale Fire Marshall will not declare the auction site safe today due to continued storm activity in the area. This means no access for car owners. The earliest time the consignors might be able to inspect their cars is tomorrow morning, according to the Fire Marshall. We will be posting updated information as it becomes available.
|
.......... |
| RedBarchetta |
01-22-2010 12:19 PM |
Just damn...
I can think of far worse nightmares (i.e. loss of loved one, surviving in Haiti, etc.), but for a car guy this is definitely tough to deal with knowing your car is getting pelted with God knows what.
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| vettestr |
01-22-2010 03:01 PM |
A newer report can be found here http://www.azcentral.com/community/s...-shows-CR.html
Chuck Favour, Hagerty Insurance vice president of claims, said they had coverage on 125 cars or so of the 600 cars on sight. As many as half of those present may have some damage. It is all a sad turn of events with car owners not being able to view thier cars until safety crews give the all clear (maybe Sat. Evening). |
| RedBarchetta |
01-22-2010 03:59 PM |
Quote:
Originally Posted by vettestr
(Post 1021253)
Chuck Favour, Hagerty Insurance vice president of claims, said they had coverage on 125 cars or so of the 600 cars on sight. As many as half of those present may have some damage.
|
"...He estimated that as many as half the 600 cars on the lot were damaged with dents and scratches from tent poles and debris.
Among the cars that were stranded on the site Friday was a 1948 Tucker convertible that could draw bids of more than $1 million.
A 1913 White Gentleman's Roadster was struck by a pole and an uncovered 1916 Ford Model T Fire Chief car sat out in the rain after a flimsy tarp blew off of it.
Favour expected the claims would average about $5,000 per car.
That works out to claims approaching $1.5 million." |
| Excaliber |
01-22-2010 05:15 PM |
Ok, scratched fender. Does the insurance pay to match color the fender or pay to paint the whole car?
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| Scufty |
01-22-2010 07:11 PM |
The insurance company will do what is required to put the vehicle back into the condition it was in before the accident ...some insurance companies would paint the fender and some may paint the whole car...does said car have "replacement coverage"? that would be a different story. Better have good appraisals (which really aren't worth the paper they are written on) as an insurance company only uses that as a guideline. I have seen guys with a inflated appraisal and then they think that is what they will get if their car is written off. Wrong the will give said owner fair replacement value based on a number of criteria as I understand it ....Correct me if I'm wrong?
Its pretty rare that a owner walks away going "right on" that worked out sweet!
Just my 2 cents
There are going to be a lot of disappointed car owners I tell you that much
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| computerworks |
01-22-2010 07:32 PM |
Quote:
Dear Friends and valued Sellers,
As a result of the severe storm that hit Scottsdale on Thursday evening, the Russo and Steele Collector Automobile Auction has been temporarily closed due to sustained wind damage. I would first like to thank you for your kind patience as we work with the City of Scottsdale Officials to inspect the area and allow us to re-open. I clearly realize how difficult it has been to wait along with us to finally get on site. The safety of our clients is of utmost importance and we are working diligently to re-open and accommodate your needs. Our top priority is servicing you, the collector, and to ascertain the status of your collector cars that are on site in Scottsdale.
I would like to personally invite my Consignors to a Consignor Only breakfast briefing on Saturday, January 23 at 8 a.m. at the Russo and Steele Auction site at Scottsdale Rd. and Mayo Blvd. in Scottsdale, Arizona. Due to pending approvals by the Scottsdale Fire Marshall, this briefing will be open only to the Consignor of Record. No additional attendees or guests will be permitted and this briefing is not open to the public. Tomorrow is devoted exclusively our consignor clients. My entire staff and many contract resources will be on site to assist your needs, no auction will take place on Saturday.
Once we have determined the status of each vehicle, we will proceed with assembling our Sunday (and possibly Monday) Auction Program pending fire marshal approval. Please know how much Josephine and I appreciate your patience, understanding, and efforts to work together as we soldier forward. Again, please, ONE person per car(s) only, as this will expedite our consignors' personal service.
Sincerely,
Drew Alcazar Co-owner and CEO
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................... |
| PANAVIA |
01-22-2010 07:57 PM |
Sometimes you have to look at the silver lining;
I wonder how RM went -- looks like British night went OK.
"RM Auctions reported the highest sale of the week so far on Thursday night at the Arizona Biltmore. A 1963 Aston Martin DB4 sold for $1 million."
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| tkb289 |
01-22-2010 08:43 PM |
Well a sad story and a sad sight to be sure. Sounds like no one was injured, but it sure hurts to see those beautiful cars getting hammered by the elements. :(
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| Got the Bug |
01-22-2010 08:55 PM |
Quote:
Originally Posted by PANAVIA
(Post 1021320)
Sometimes you have to look at the silver lining;
I wonder how RM went -- looks like British night went OK.
"RM Auctions reported the highest sale of the week so far on Thursday night at the Arizona Biltmore. A 1963 Aston Martin DB4 sold for $1 million."
|
RM auction did pretty well today. ~90% sales rate.
http://www.sportscardigest.com/the-b...s-rm-auctions/
BTW - Love that picture of the 1962 Aston Martin DB4 Race Car that sold for $275K :) |
| cobraviper_99 |
01-22-2010 09:02 PM |
I was out there on Wednesday and Thursday shooting a new series for HD Theater at Gooding & Company. I flew back Thursday afternoon before the storm cranked up. There were severe weather warnings issued for Friday and it appears there wasn't much anyone could do to keep the tents anchored. This is an unprecedented disaster. Many of the cars which were damaged were original and unrestored. Their value is based in large part on that fact. Now, once they are repaired, they are no longer completely original. Cars which have always had their original sheet metal but were heavily damaged obviously can't be repaired without replacing body panels. Original paint jobs won't be original anymore after repairs are made. The overall value of hundreds of cars will now be affected and there isn't an insurance company in the world that can compensate for that.
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| mdross1 |
01-23-2010 02:23 AM |
Wow! We had a hail storm blow through last summer with golf ball size nuggets and the tension was incredible.These cars are certainly a part of the family.We understand the feelings some of the owners must have.
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| Got the Bug |
01-23-2010 07:51 AM |
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