View Full Version : Velocity at Barrett Jackson
Some of you have heard me mention that we are taking Velocity to the Barrett Jackson auction in Scottsdale in January. Well, I have gotten my lot #...1278...Saturday night prime time!
http://www.ridetech.com/massmail/november2010/black-friday-2/
We are currently busy "restoring" Velocity for its new owner...whoever it may be. Fresh engine, complete disassembly and cleaning, complete paint touch up and polish...everything will be fresh and ready to drive and race again.
I hate to part with this car, but in reality Velocity has accomplished everything that we intended it to do...and then some. We built it to showcase our air suspension systems and to develop and debut our stainless TigerCage line. In the course of doing that we were priveliged to get coverage in 7 national magazines, on the cover of 4 of them, and compete successfully in literally hundreds of autocross and road course events.
Time to make room for the new project. [I'll bet you thought I was going to tell you what that is, didn't you!]
As we get closer I'll have even more information about the car on our Velocity page on the website, and will obviously be happy to answer any questions about it here, by email, or by phone.
Look for us on Speed in January!
JEFFTATE
11-24-2010, 11:07 AM
Good luck Bret .
I hate to see velocity go.
I will miss it at the events.
David Pozzi
11-24-2010, 11:14 AM
Oh No! I just know Mary is going to bid on that car!:pat:
MonzaRacer
11-24-2010, 11:16 AM
Hey just think, when Bret sells a great car he gets to build another even greater car!
Oh No! I just know Mary is going to bid on that car!:pat:
She likes the Chevelle better anyhow:)
James OLC
11-24-2010, 02:20 PM
Good luck Bret!
dropit69
11-24-2010, 02:23 PM
Good luck Bret this is one of my favorite cars..and the Nova you guys gave away..
MikeDVC
11-24-2010, 04:07 PM
My favorite 1st gen; good luck with the sale.
Velocity for sale!!! :crying: I hope the next owner I hope the next owner treats her properly, by racing the snot out of her, and doesn't hide it away
Yelcamino
11-24-2010, 08:52 PM
Good luck Bret! Hopefully there will be a few people with money to spend and an equal desire to own Velocity!
RS_Customs
11-24-2010, 09:50 PM
That is an amazing car! It was great to see it run the cones at rtth last year. It really shows what great products you have developed.
Good luck on the sale.
Robert
Vinz68
11-26-2010, 01:47 PM
Good luck with the sale! Hope you get what you want for it. Great car and tons of accomplishments !! Can't wait to see what's next.....
Ishmael
11-26-2010, 02:24 PM
Velocity for sale!!! :crying: I hope the next owner I hope the next owner treats her properly, by racing the snot out of her, and doesn't hide it away
Agreed, I also hope he gets what its worth. I remember another beautiful car from here that got hooped by rushing it through the block.
I know its a marketing tool but I don't know if I could ever let go of a car like that.
tommycomfort
11-27-2010, 05:58 PM
I remember the first time we saw Velocity was at Goodguys Columbus 2008 then I was a spectator at the 2009 Motorstate Challenge and was blown away to see it thrashed on. One of the big reasons we really got serious to finish our Chevelle build with the intent of running the pro-touring "circuit". Hate to see her leave the ridetech stables, but thanks to Bret and Velocity for inspiration!
Tom
parsonsj
11-27-2010, 06:35 PM
Good luck sir!!!
jp
Modo Innovations
11-28-2010, 06:25 AM
Good luck on the sale Bret. I got to ride with you at Texas......fast car.
Good luck on the sale Bret. I got to ride with you at Texas......fast car.
It's all in the pedals! :) http://www.modoinnovations.com/
I've had a lot of questions about how much it will bring. The obvious truth is I don't know. I know there are several thousand hours of labor in the build and several thousand more in the tuning, maintainence, and promotion of Velocity...so you can insert your own math there. As a business model, there is no way that I will come out on it financially, except for the fact that it has been a massive amount of fun. Since money is for nothing but food, shelter, and entertainment, [and I have certainly been entertained] I can theroretically take a 33% hit on the cost and still be even! [Try explaining that to an accountant!]
Ron.in.SoCal
11-29-2010, 08:40 AM
^ I think Velocity will do very well Brett. Anyone in the market for a PT first gen car will know of her and she's been marketed very well. Add to that the build/parts quality (a vendor's personal car), level of fit/finish and the freshening up and I think it'll shine at the podium.
Final thoughts - good luck to you and I'm sorry to see her go! To me, that's like selling Penny...
Steve1968LS2
11-29-2010, 03:15 PM
It's all in the pedals! :) http://www.modoinnovations.com/
I've had a lot of questions about how much it will bring. The obvious truth is I don't know. I know there are several thousand hours of labor in the build and several thousand more in the tuning, maintainence, and promotion of Velocity...so you can insert your own math there. As a business model, there is no way that I will come out on it financially, except for the fact that it has been a massive amount of fun. Since money is for nothing but food, shelter, and entertainment, [and I have certainly been entertained] I can theroretically take a 33% hit on the cost and still be even! [Try explaining that to an accountant!]
Well, from a business standpoint you got a ton of press on that car and that's like free advertising. Taking that into account I think that no matter what building the car was a great idea. The car is very tasefully done and has a high build standard, it should do well at BJ and I might have to go out there to cheer you on.
I was recently tempted to sell Penny.. even had an interested buyer but in the end I just couldn't do it. I have plans to burn through some tires this season.. lol
See ya in Scottsdale
72nova
11-29-2010, 04:06 PM
First time I saw the car was at the Street Rod Nationals in Louisville. The car is simply amazing. I bet I went back and looked at it three or four times. Then I saw it in action at LSFest, running the autocross then over to the dragstrip, and ringing it out on both. So much fun to watch. I would have loved to ridden in it, I found out to late that you would give rides. Good luck with the sale. If I win the lottery I will come out and buy it.
66 mustang
11-29-2010, 11:05 PM
One of my favourite camaros.... I got to go for a ride at the March Arizona G.G., Bret definitely doesn't hold back.....
Awesome car... good luck on the sale.
rockytopper
11-30-2010, 05:11 AM
Good luck Bret. If it runs even half as good as the chevelle you took me around the cones in the new owner is going to have one hack of a ride!
oestek
11-30-2010, 10:58 AM
I really like that car, and I'm a sucker for a good auction guessing game, so we posted a little fun contest on our forum. Winner guesses the closest high bid on the car and gets some stuff from our prize closet. Good luck with the sale Bret, and we can't wait to see the next project get the snot beat out of it!
http://www.v8tvshow.com/forum/index.php/topic,10561.0.html
Danny Thomas
11-30-2010, 07:38 PM
WOW..seems some iconic cars going to be at Barrett. Hope the economy doesn't do them injustice..Good luck Brett and happy holidays
DriverzInc
12-01-2010, 02:58 PM
Good luck Brett, the car is awesome, styling and stance are on the money, let's hope it brings it too! This will be a good bench mark of what cars like yours are going for...
I really like that car, and I'm a sucker for a good auction guessing game, so we posted a little fun contest on our forum. Winner guesses the closest high bid on the car and gets some stuff from our prize closet. Good luck with the sale Bret, and we can't wait to see the next project get the snot beat out of it!
http://www.v8tvshow.com/forum/index.php/topic,10561.0.html
Do I get to guess?:)
-The Stig-
12-03-2010, 04:17 PM
Velocity... that car has a special meaning for me and my buddy Jon.
He couldn't stop talking about it one drunken night while surfing the web... "dude, you don't understand... this thing... is like... serious."
It's a celebrity amongst cars.
ROBS6T8
12-04-2010, 02:14 PM
I too will be bidding on it if I win the lottery. Beautiful car.
Well...I am sitting here getting ready to take off for Scottsdale...Velocity left on Wednesday and is already there. Everything is in place...now I get to go and play the game for a week. I didn't even drive the car myself after we got it back together...just couldnt quite do it. Greg put about 100 miles on it to make sure everything was good. The next time [and last time, likely] I'll drive it will be going up on Stage next Saturday evening. For those who haven't been to that event...it's definately surreal, a very intense event overall and, if you're on stage...x10.
I am going ot attempt tomake some posts during the week from my iphone and ipad...we'll see how that goes. I have been very impressed at the number of emails and calls I have gotten wishing us well...sure seems like a lot of people are watching! Thanks to you all!
For you guys who are going to the auction, we have a display booth in addition to the Velocity display...make sure to stop in and say hello.
I have included my info package here for anyone who ois looking for more info on the car...the website links have even more.
Hello All… It’s Barrett Jackson time again! This is a special year for the RideTech crew as we will be selling our Velocity Camaro on Saturday evening in primetime on Speed Network. Look for Lot #1278. For those who can’t make it to Scottsdale in person be sure to catch the action on Speed Network.
The Barrett Jackson crew has really gotten behind Velocity by placing it in a primetime Saturday evening time slot and featuring it on pages 228-229 of their auction program.http://www.barrett-jackson.com/eventprogram/index.html
Trouble viewing this email? Click Here to view in your browser
Velocity at Barrett Jackson
Selling on Saturday evening, Jan. 22. Lot# 1278
Televised on Speed Network!
Velocity Media
Overview Video
Hero Card
Velocity Book
Full Size Pictures
+ See All
Magazine Articles
• Click Here to see Velocity in Chevy High Performance
• Click Here To see Velocity in Camaro Performers
• Click Here To See Velocity in Muscle Car Power
• Click Here To See Velocity as a HotRod Feature Car
The Buildup
This car started off as an incredibly straight survivor car. The six cylinder has been replaced by a new LS2 engine that is dyno proven for 650HP.
It has a set of newly developed 2" tube headers from Dynatech and the just released Front Runner drive system from Vintage Air. The fuel, ignition, and transmission electronics are controlled by a Big Stuff 3 EFI system and MSD electronic ignition.
The transmission is a ZF 6 Speed. Read More...
RideTech
Phone: 812.481.4787
350 S. St. Charles St
Jasper, Indiana 47546
Copyright (C) 2011 RideTech All rights reserved.
Follow Us On:
Well...it looks like none of the links work...and I'm too dumb to fix them before I leave. Here is a link to our website that might work:
http://www.ridetech.com/garage/2010/11/velocity-at-barrett-jackson/
RS_Customs
01-15-2011, 11:55 AM
This is the same link as you have on your ride tech site, not sure if thats what you were trying to post.
Good luck on the sale!
Velocity on Barrett Jackson site (http://www.barrett-jackson.com/application/onlinesubmission/lotdetails.aspx?aid=403&ln=1278&pop=0&it=1)
Robert
YancyJohns
01-15-2011, 02:34 PM
Good Luck Bret!!! I hope you get a huge check!! I only wish I got to drive Velocity!!!
Bill Howell
01-15-2011, 04:38 PM
Good Luck Bret!!! I hope you get a huge check!! I only wish I got to drive Velocity!!!
You still can big boy, just step up! I know you can, seen you do it before....:hah: :hah:
mpozzi
01-15-2011, 05:34 PM
I ... Am ... So ... Bummed!!! If I hadn't shelled out the majority of my bank account on another orange Camaro, Velocity would be very tempting.
Good luck, Bret. And thanks for letting me take a couple of turns behind the wheel.
Cheers and hope Dave doesnt see this,
Mary P.
ModernMuseum
01-16-2011, 05:37 AM
Congrats. That video was awesome. Good luck with the sale!
MonzaRacer
01-16-2011, 06:07 AM
I ... Am ... So ... Bummed!!! If I hadn't shelled out the majority of my bank account on another orange Camaro, Velocity would be very tempting.
Good luck, Bret. And thanks for letting me take a couple of turns behind the wheel.
Cheers and hope Dave doesnt see this,
Mary P.
Mary, if you bought Velocity then you might just have a hit put out on you as you would have two of the fastest and best looking basher cars on the forum.
I say this as you have intimidated, beaten and thoroughly made many a PT driver hang head in shame, then go build a dream driver racer, then if you got this one you would have others fantasy car.
People might just get jealous of you.
Besides from your sig you have too many fast toys anyway.
I am thinking I may need some magic Mary traction stickers when my cars get done,,,,,,hmmmm.
Oh and Dave might not let YOU sleep inside if you TRIED to buy Velocity haha. But then you do live in Cali so you might not freeze.
And besides if someone buys it and races you you might get some better competition,,,,,,,!
Got to Scottsdale yesterday around noon. As usual, lots of cool stuff! The Roadster shop has redone their green 70 Chevelle in black now...I would damn near trade him Velocity for that car! They also brought their grey 70 challenger as well.
lots of corvettes this year again...especially modified corvettes. And several Boss 429 Mustangs...I always notice those cars!
Today is final setup and the kickoff gala tonite. I' try to get some pictures to post today. Till then!
Mr.VENGEANCE
01-17-2011, 08:12 AM
talk about a well sorted car for sale... i dont think a Barrett Jackass would really understand that.
Juniorr
01-17-2011, 08:24 AM
good luck with the sale Mr. Voelkel! I had the privilege to ride in velocity at the Del Mar Goodguys autocross with Greg and man i gotta say i've never been in a car that handled so well, went like a champ, and looked like a million bucks inside and out. I will always remember that car. Cant wait to see what you come up with next.
strtlegal
01-17-2011, 09:36 AM
Can not wait to go to this years events...looking forward to seeing this car in person, I wish you the best on the sale.
Steve68
01-18-2011, 02:56 AM
I cant wait till they start announcing it as "this is a Camaro restomod, where the old car gets a new engine!" WTH, GLWS I think,
RS_Customs
01-18-2011, 10:25 PM
Spotted you and the car on tonights coverage of Barrett while they were interviewing the president of Barrett-Jackson by Bret Michaels 69 silver camaro. I think I saw Albert standing with you by the back of the car also.
Hope you having a good time! Seen some good looking car go across so far.
Robert
Yep...albert and i were hanging yesterday. Got a chance to talk to steve davis right after that interview...really great guy. His blood pressure must go 4 digits this week!
I am impressed and encouraged by the attendance and the prices. It feels like 2006 again. The quality is up amd the prices reflect that (so far). Top seller yesterday was a 68 camaro with an ls and a automatic at 75,000. The modified cars are doing well. Hope the bidders don't run out of money by Saturday!
Bryce
01-19-2011, 06:38 AM
Good luck bret!
parsonsj
01-19-2011, 06:51 AM
x100 on the good luck! I'm thinking of you every day!
jp
JEFFTATE
01-19-2011, 07:06 AM
Good luck Bret , I'll be watching !!
I will miss Velocity ....never got to drive it ........
MikeDVC
01-19-2011, 07:51 AM
I saw Velocity last night, as they did a shot of the "holding area". With the hood up, the orange / silver stripes stood out in the crowd.
trapin
01-19-2011, 08:04 AM
Top seller yesterday was a 68 camaro with an ls and a automatic at 75,000.
Really?
Hmm........
:)
mpozzi
01-19-2011, 11:09 AM
I think the bidders are saving their coin for Velocity ... so wish I was there with Lotto winnings in hand.
That reminds me ... <must play Lotto>
Cheers and hope you see some high numbers Bret,
Mary Pozzi
MarkM66
01-19-2011, 01:44 PM
Lot #80 Camaro, $75k with drum rear brakes and Coy wheels. Wowzers. :confused:
They really sardine the cars in at this event. I guess if you're interested in a car, you have to jump the chains to look it.
Bill Howell
01-19-2011, 04:35 PM
Lot #80 Camaro, $75k with drum rear brakes and Coy wheels. Wowzers. :confused:
They really sardine the cars in at this event. I guess if you're interested in a car, you have to jump the chains to look it.
Not really. The cars are all in a corral of 5 or 6 huge tents. You can check out a car pretty good there while under no pressure to make a quick decision on stage. A lot of times the seller is close by too to answer any questions. Now, you are probably talking about the ones inside that you keep seeing on TV. Yes, there are chains, but if you are really interested, the owners are always close to those and want you to bid so will talk about their car in length. All cars inside paid good money to have a spot there so the sellers are really working them.
bdahlg68
01-22-2011, 11:41 AM
Just curious if anyone prefers the ZF S6-40 over the T56? Anyone driven this car and a T56 car?
RS_Customs
01-22-2011, 02:25 PM
Getting closer to that time!
Robert
Van B
01-22-2011, 02:26 PM
Anybody want to bet they go to commercial when it comes up? They did it last night when the Strope car came up.
MikeDVC
01-22-2011, 02:35 PM
what time is it going on the block?
absintheisfun
01-22-2011, 03:42 PM
today sometime....Barrett Jackson is on speed right now(5-7CST). I'm DVRing it so my wife doesn't have to sit through it and give me grief.
rtwind02
01-22-2011, 03:49 PM
Wish I Was there! I love the detail work on the interior.
Dreamin69
01-22-2011, 05:03 PM
It goes up real soon! They are on 1275.1. I am watching it live on the net.
garickman
01-22-2011, 05:17 PM
Do you have a link on how you can watch it live on the net?
Ishmael
01-22-2011, 05:23 PM
You just know this ambulance is going to take at least a half hour. Good grief.
Dreamin69
01-22-2011, 05:32 PM
I went to the Speed TV website. Then click on the Barrett Jackson site. Then hit the watch it live button.
Ishmael
01-22-2011, 05:40 PM
$165
Man it looks good - called it pro-touring, just caught it after the commercial.
spacepirate
01-22-2011, 05:41 PM
Holy crap 155k!!!!!
buickfunnycar.com
01-22-2011, 05:41 PM
For $155K!!!
Congrats Bret,beautiful car..!:1st:
bdahlg68
01-22-2011, 05:41 PM
can imagine this was an expensive build, but gotta be pretty happy with 155
colt zantop
01-22-2011, 05:41 PM
155k..... AWESOME!
Dreamin69
01-22-2011, 05:41 PM
$155,000.
RS_Customs
01-22-2011, 05:43 PM
Congrats Bret!
Robert
ROBS6T8
01-22-2011, 05:44 PM
Congratulations!! Beautiful car... worth every penny. :cheers:
SicMonte
01-22-2011, 05:44 PM
Congrats bret!!!!!!!!!!!!!!!!!!!!!!
YancyJohns
01-22-2011, 05:49 PM
Fantastic Bret!!!!!!! Well Deserved!!!!!!
DFRESH
01-22-2011, 05:55 PM
Holy Moly---that is great!!
Motown 454
01-22-2011, 06:00 PM
Congratulation Bret, They got a beautiful car.
Yelcamino
01-22-2011, 06:01 PM
Congrats Bret! Now that you have some extra spending money, what's next on the build list?
James OLC
01-22-2011, 06:06 PM
Congratulations Bret! Car looked great and you did a stellar job promoting it!
absintheisfun
01-22-2011, 06:06 PM
Very nice! I hate that they interrupted the auction on TV with a Brett Michael's interview. They guy was cool and relevant in the 80's, but let it go already! He's like a bad case of athlete's foot. It just won't go away!
Congrats on the great sale--2nded the question though--What's next???
Vinz68
01-22-2011, 06:13 PM
Congrats!!!
JEFFTATE
01-22-2011, 06:16 PM
Congrats Bret ,
155K !!
GRNOVA
01-22-2011, 06:29 PM
That guy looks like the same guy who bought II Much last year.
Congratulations Brett!!
tommycomfort
01-22-2011, 06:30 PM
Congrats! I know the time and money invested is untold, but it sure has been a blast to watch it run at all our favorite events!
Tom
cmraman
01-22-2011, 09:03 PM
Congrats Bret!!
Steve1968LS2
01-22-2011, 10:06 PM
That's great money.. might have to take my car next year.
Congrats Bret.. now you can relax a bit.
67 ls1 vert
01-22-2011, 10:23 PM
might have to take my car next year.
I dare ya! LOL
dropit69
01-22-2011, 10:36 PM
That guy looks like the same guy who bought II Much last year.
Congratulations Brett!!
i do believe you are right ..howd ya like to walk into that garage everyday..lol...Congrats Bret !!!!!!!!!
Steve1968LS2
01-22-2011, 10:41 PM
I dare ya! LOL
Well, I want to drive her a lot this season, so I might be ready to move on at that point. It's nerve racking to do, and you get 1099'd to the IRS, but it would be a fun experience (assuming the price isn't tank city.. doh!)
dropit69
01-22-2011, 10:54 PM
145k for the roadster shop Chevelle....at 11pm at night..
Van B
01-22-2011, 10:57 PM
Aren't they on Mountain time? If so, midnight there.
SicMonte
01-22-2011, 11:35 PM
that's great money.. Might have to take my car next year.
Congrats bret.. Now you can relax a bit.
nnnnooooooooo...not penny!!!!!!!!!!!!!
Steve Chryssos
01-23-2011, 01:17 AM
Congratulations Bret. The car looked beautiful on the tele
Ron S
01-23-2011, 04:44 AM
I really hate to see Velocity go,seeing it at the events was one of my favorite parts. Glad you to see you made out alright Brett. Can't wait to see what replaces it. Ron
ProBell
01-23-2011, 05:42 AM
145k for the roadster shop Chevelle....at 11pm at night..
Is this the car that was at Motor State Challenge the last 2 years?
Congats Bret
buickfunnycar.com
01-23-2011, 07:31 AM
145k for the roadster shop Chevelle....at 11pm at night..
That sucks...car should have brought so much more...especially in black!
ProdigyCustoms
01-23-2011, 07:42 AM
That was indeed Milton that bought Velocity, same guy that bought II Much. Guess we will just call him direct and cut out the middle man when were done with Unfair, LOL!
Congratulations Bret.
daredvl22
01-23-2011, 08:01 AM
Congrats Brett! I saw Velocity at SEMA in 2010, and it is a beautiful car. I couldn't get over the raw metal stripes,...so cool. Now build another for all of us to drool over!
protour73
01-23-2011, 08:18 AM
Congrats on the sale Bret. I've seen Velocity at Chicago's Good Guys show and was just amazed!!
Now it's time for the next stellar build!!
dropit69
01-23-2011, 08:49 AM
yeah that was Mountain time when the chevelle sold so was 1 am in midwest where i am..i think AZ is 2 hours ahead..if not it was 12 am and speed was done covering it i had to go to BJ and watch the crappy live feed..
srh3trinity
01-23-2011, 09:07 AM
That is pretty good money, even though, as mentioned the investment was probably much higher, but surely you have seen some return on that investment as that car has been a great business card for ridetech.
Jim Nilsen
01-23-2011, 10:12 AM
Ya gotta love it !!!
Congratulations Bret
This is from my phone, so it's short...very tired, very happy, I'll have much more tomorrow. Thank you ALL for the support!
HotRod47
01-23-2011, 10:28 AM
Congrats Bret!!
Steve1968LS2
01-23-2011, 10:46 AM
That sucks...car should have brought so much more...especially in black!
I don't think black is a great "resale" color.. as many people don't want to deal with it's upkeep. The green with toned down wheels might have done better, but we'll never know.
Steve1968LS2
01-23-2011, 10:47 AM
That was indeed Milton that bought Velocity, same guy that bought II Much. Guess we will just call him direct and cut out the middle man when were done with Unfair, LOL!
Congratulations Bret.
Yea, he seems to be compiling a nice PT collection..
barraza
01-24-2011, 07:33 AM
and you get 1099'd to the IRS,
An important point to remember if you ever consider selling at an auction. You will need to be able to prove expenses if you get audited, and a big income with no paid taxes will stick out on a 1040.
Buyer and seller fees, transport to the auction, income taxes, and sales taxes can take huge chunks of money. Good deals can turn into average money and not so good deals can turn into bloodbaths.
buickfunnycar.com
01-24-2011, 12:48 PM
I don't think black is a great "resale" color.. as many people don't want to deal with it's upkeep. The green with toned down wheels might have done better, but we'll never know.
Would respectfully disagree Steve...anyone with the means to buy that car isn't worried about upkeep and you and I both know black done right is absolutely killer.
strtlegal
01-24-2011, 01:12 PM
An important point to remember if you ever consider selling at an auction. You will need to be able to prove expenses if you get audited, and a big income with no paid taxes will stick out on a 1040.
Buyer and seller fees, transport to the auction, income taxes, and sales taxes can take huge chunks of money. Good deals can turn into average money and not so good deals can turn into bloodbaths.
Intresting...So if one were to get a car passed down to them then what?
Tony_SS
01-24-2011, 01:27 PM
That guy looks like the same guy who bought II Much last year.
Congratulations Brett!!
That was indeed Milton that bought Velocity, same guy that bought II Much. Guess we will just call him direct and cut out the middle man when were done with Unfair, LOL!
Congratulations Bret.
that's what I thought too... the man knows his stuff!
BuzzKillian
01-24-2011, 03:44 PM
Intresting...So if one were to get a car passed down to them then what?
I received a car from the estate of a great uncle amd didn't have to pay taxes. ('70 mercury montego LOL) My thinking is the junkyard didn't want it either...
barraza
01-24-2011, 05:41 PM
Intresting...So if one were to get a car passed down to them then what?
Anything inherited is passed at the amount it is worth at the time you get it, ie you will owe no taxes. If the auction company gives you a 1099, you are supposed to pay taxes on the amount of your gain, ie sales amount minus your invested amount. Just like any other investment except houses under certain conditions.
Ishmael
01-24-2011, 06:51 PM
So what happened there? I watched it hammer at $155 and they slapped the sold sticker on it then the bidding started back up as they rolled it out the door and speed had it up to $165. Why did they go back to $155?
strtlegal
01-24-2011, 10:13 PM
Anything inherited is passed at the amount it is worth at the time you get it, ie you will owe no taxes. If the auction company gives you a 1099, you are supposed to pay taxes on the amount of your gain, ie sales amount minus your invested amount. Just like any other investment except houses under certain conditions.
So any gross amount earned from said inherited porduct..
Can there be losses to file from a build?
MarkM66
01-25-2011, 03:39 AM
So what happened there? I watched it hammer at $155 and they slapped the sold sticker on it then the bidding started back up as they rolled it out the door and speed had it up to $165. Why did they go back to $155?
Speed sometimes looses track of the actual bid price.
barraza
01-25-2011, 07:46 AM
Can there be losses to file from a build?
Take anything I say with a grain of salt, because I'm not an accountant, I'm an engineer with a business.
Generally there is no way to deduct losses unless you are a business. Even then, a business must be able to PROVE the amounts to the IRS. A dealer who buys and sells or builds and sells, is treated very different from an individual who builds, and uses, then sells.
After being on my feet for 90 hours last week, I flew back home on Sunday [right during the Steelers-Jets game] and basically collapsed until this morning. Several of you may have gotten my daily updates from Barrett: http://www.ridetech.com/info/2011/01/barrett-jackson-update-final-update/
Here are a few more thoughts on the whole experience:
* With a few notable exception in both directions, nice car = good money, and vice versa
* The buyers are much more educated and less spontaneous
* The original restorations are still very soft. Apparantly all the guys who paid $250k for a Hemi Cuda 5 years ago have had a chance to drive them. The upgraded cars like all of ours are the hot deal.
* The Barrett organization is a deadly effecient marketing and event production machine. I am in awe, even after selling 5 cars there in the past few years.
*Again, with exception, no amount of promotion, pedigree, or pontification will wring good results from a bad car [Kennedy ambulance] . However, it is possible to shortchange a good car by lack of such things {the 62 Impala with the BMW drivetrain].
For RideTech, the Velocity project is now complete. On to the 48 Hour Camaro!
*
trapin
01-25-2011, 09:29 AM
Congrats Brett.
That Milton guy has done well for himself since his Initech days....
https://static1.pt-content.com/images/noimg.gif
RS_Customs
01-25-2011, 10:08 AM
Glad to see you got a good number for Velocity and had a great experience at Barrett!
Any chance you have a link to the video they showed at the begging of your auction? We only got to hear the audio, lol.
Robert
Glad to see you got a good number for Velocity and had a great experience at Barrett!
Any chance you have a link to the video they showed at the begging of your auction? We only got to hear the audio, lol.
Robert
I do not yet...I heard the full video appeared on the live webfeed...I'll see if that is available. If not, I do have the original video I gave to Barrett to air on Speed. Unfortunately, when they told Speed to cut to "Bret's video"...they got the wrong Bret. ...OK, I made that part up!
I hope I can find it...Steve Davis made us out to be real hero's!
RS_Customs
01-26-2011, 01:35 PM
I do not yet...I heard the full video appeared on the live webfeed...I'll see if that is available. If not, I do have the original video I gave to Barrett to air on Speed. Unfortunately, when they told Speed to cut to "Bret's video"...they got the wrong Bret. ...OK, I made that part up!
I hope I can find it...Steve Davis made us out to be real hero's!
Cool! Would be nice to see. There were several of us in the chat room when the car went up, we were yelling at speed about showing the wrong Bret :pat:. Most were streaming the feed. Some of us had both lol. I was watching the feed from Barrett's site and dvr recording the speed coverage, but didn't see it on either, did hear some of the audio from the video on the Barrett feed.
Robert
Here is a link to the Velocity video that we were showing in a loop all week at Barrett. We did a 1 minute version of this for their big screen [was supposed to air on Speed as well but got pre-emted by Bret Michaels interview].
http://www.youtube.com/watch?v=ZhbK24n9Dk0[/video
ZhbK24n9Dk0
RS_Customs
01-27-2011, 09:27 AM
Very cool Bret! Nicely done video! I got sucked into the other videos of velocity once I was on YouTube lol.
Robert
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