Wednesday, January 29, 2014

Muscle Car Movement Far From Dead - Mecum Auction Fetches $300,000 for Hemi Under Glass

by

Just as Mopar celebrates 50 years of the 426 Hemi engine, and the great Plymouth Barracuda of the mid to late 1960's, I've heard grumbles of concern that the recent muscle car comeback may be waning. Could the movement be backtracking once again?

It certainly would not seem to be the case after reviewing the results of this weekends Mecum Auction where Barracudas reined supreme!  One of the cars drawing great interest was one I wrote about in a November article where Guy Algar of Motorheads Performance was surprised when Mopar's four car collection known as the "Hemi Under Glass" funny cars failed to meet reserve.

The seller, collector Bill Sefton, was determined to sell the wheelstanding Mopars he had acquired after restoration at the right price. Following the prior failure to meet reserve on all four cars as a bundle, Saturday's sale of the "crown jewel" of the four cars, a 1967 Barracuda, sold for $300,000 on it's own. This, many industry followers believe, will pave the road for good auction prices on the remaining three cars which will be sold individually as well.

The Mecum Auction this past weekend was considered successful, and another Mopar making into the top 10 included a 1971 Plymouth Hemi "Cuda" which sold for a whopping $560,000 ...UNRESTORED! Granted, it had a numbers-matching drivetrain, and the mileage was an almost unbelievable 33,000 miles, but for an unrestored car to grab such a great selling price at auction would seem to indicate that muscle car buyers are still willing to shell out top dollars for the right car.

RESOURCES FOR MORE INFORMATION:
Hemmings - Original Hemi Under Glass Plymouth Barracuda sells for $300,000
Classic Car News - Recent Classic Car Auction Yields Disappointing Results - Is it a sign of trouble?

Friday, January 24, 2014

Tim Allen Shares A Ride In His 1968 COPO Camaro with Jay Leno

by Andrea L. Algar

Any serious motorheads knows that both Jay Leno and comedian Tim Allen are both classic car enthusiasts. Did I really say "enthusiasts"? Many might call them "classic car nuts", but they certainly qualify for the "real car guys" category.

Just have to share a video that just appeared on YouTube that shows the two taking a cruise in Allen's 1968 Camaro - a 427 COPO Camaro to be exact! What a nice ride. One of my favorites.



It's always nice to appreciate a classic car that is enjoyed being driven. Too many just don't take the time to get out on the road to truly enjoy their classic car or muscle car for what it was made for...being on the road. Nothing wrong with an occasional trailer ride to a show, but even a show car deserves to get on the road to breathe a little!

Hope you enjoy the video.  More than one person has commented on Allen's expression when doing the burnout....what do you think?  Scared or just hamming it up? 

RESOURCE

ABOUT THE AUTHOR:
Andrea L. Algar is co-owner of a classic car performance and restoration design shop in Leesville, Texas. Motorheads Performance specializes in repairs, maintenance, performance upgrades and restorative work on cars and trucks from the 1920's through 1970's. Her husband Guy L. Algar is a Mechanical Engineer with over 25 years experience. He holds 5 ASE Certifications from the National Institute for Automotive Service Excellence and has been working on old cars and trucks for over 37 years. Together they share their passion with other enthusiasts from around the country.

Wednesday, January 1, 2014

IRS Scrutiny Of Non-Profits Penalizes Classic Car Enthusiasts

You don't really expect that the scandals that have plagued the Obama administration will hit close to home. But that's exactly what has happened to the Horseless Carriage Club of America (HCCA).

In May of 2011, the HCCA received word that the IRS would be revoking the HCAA's 501(c)(3) non-profit status and would now consider it a for-profit organization. The non-profit club, which was founded in 1937, had spent much of it's time as a social club for vintage car enthusiasts. It had 501(c)(7) status for many years, until it switched to a 501(c)(3) in 2007. What this did for the organization was to enable donations to the club to become tax deductible. Club organizers hoped that this would lead to larger donations, helping the organization reach out to more enthusiasts around the country.

What they didn't realize was that it would lead to a two year battle with the Internal Revenue Service, who objected to the organizations change in non-profit designation. While they still are a non-profit, what was in question was how the IRS would view the $26,000 in donations. Under the newer non-profit filing, these donations would be non-taxable. The IRS apparently does not want to view them as such, and the HCCA has withdrawn their request to change to the 501(c)(3), and stay a 501(c)(7) non-profit.

According to an article in Hemmings News, "Richard Cutler, who served as president of the HCCA in 2011 and has since sparred with the IRS on the club's behalf, wrote on the club's website that he and other club officials decided that the club wouldn't just roll over and die. They responded to the revocation with a formal appeal and in the meantime came up with a fallback plan that included the formation earlier this year of two spinoff organizations: the Horseless Carriage Education Institution, a 501(c)(3) non-profit dedicated exclusively to educating the public about horseless carriages and early automotive history, and the Horseless Carriage Club of America, a 501(c)(7) non-profit that would assume the club's ongoing social activities - its tours, meets, and conventions."

Cutler wrote on their website, "It has been suggested by some that we continue to fight the ruling. All evidence indicates that this will only result in more expense with no change in status. It is time to get this behind us and move on."

Guy Algar states, "It is unfortunate that a club designed to be a source of community to vintage car owners and enthusiasts, offering a variety of events, tours, and educational materials would need to spend two valuable years fighting a costly battle because it wanted to improve the services it could offer." This is not a political organization that has come under scrutiny. Do you think the HCCA should be allowed to make changes that better reflect it's mission?

RESOURCES FOR MORE INFORMATION
HCCA - Horseless Carriage Club of America
Hemmings - Horseless Carriage Club Shifts Away From Non-Profit Status To Satisfy IRS

ABOUT THE AUTHOR
Andrea L. Algar is co-owner of a classic car performance and restoration design shop in Leesville, Texas. Motorheads Performance specializes in repairs, maintenance, performance upgrades and restorative work on cars and trucks from the 1920's through 1970's. Her husband, Guy L. Algar, is a mechanical engineer with over 25 years experience. He holds 5 ASE Certifications from the National Institute for Automotive Service Excellence and has been working on old cars and trucks for over 37 years. Together they share their passion for old cars and trucks with other enthusiasts from around the country.