Russo and Steele Disaster

[LS1Hawk]

Cue the crying.

Video: http://www.youtube.com/watch?v=KqAnXEOSLHw

400+ pics: http://picasaweb.google.com/tjmyers769/RussoAndSteele2010Damages# and http://picasaweb.google.com/kingsfp/RussosteelAuction110?authkey=Gv1sRgCNGlh-XG2vSxrQE&feat=email#

http://lh3.ggpht.com/_Y6tUqgqFWDo/S1tSYmNZkQI/AAAAAAAAC2A/cdZogp_N7AU/s800/DSC06984.JPG

[BigAls87Z28]

Hoooooooooly crap

[WildBillyT]

Surprisingly the damage claim is only $1.5 Million. I was a little surprised at that.

[EchoMirage]

theres obviously something wrong with that figure. the convertible hemi cuda alone can get 1.5 million at the auction. something is wrong or fishy with that number, if indeed that is the official claim.

[WildBillyT]

theres obviously something wrong with that figure. the convertible hemi cuda alone can get 1.5 million at the auction. something is wrong or fishy with that number, if indeed that is the official claim.

Yeah, I don't know if anything was a total loss, or if the really valuable stuff ended up OK.

[Lt1_8U]

omg thats insane, all of those cars

[chrisfrom nj]

that sucks

[edpontiac91]

Surprisingly the damage claim is only $1.5 Million. I was a little surprised at that.

To keep the SHOCK number low they gave that estimate, but they had the decimal point in the wrong place. I would think $15 million is still low. I can't imagine the sick feeling that these owners had when looking at their cars. I get a headache if I notice a door ding in my 'Bird. Some of these cars will require months and years of work to restore and how many people will trust their cars to just anyone. These guys cannot be rushed and a LOT of these classic cars will require a huge amount of restoration! :shock:

[r0nin89]

Gotta be alot of happy car owners that are gonna get some money back out of restos they cant get anywhere near full value for with the economy.

[Tru2Chevy]

Not only will many of those cars require a ton of additional restoration type work - but what about all of the "survivor" types? They either lose that status, or get sold broken, and neither is good for the value.

- Justin

[WildBillyT]

To keep the SHOCK number low they gave that estimate, but they had the decimal point in the wrong place. I would think $15 million is still low. I can't imagine the sick feeling that these owners had when looking at their cars. I get a headache if I notice a door ding in my 'Bird. Some of these cars will require months and years of work to restore and how many people will trust their cars to just anyone. These guys cannot be rushed and a LOT of these classic cars will require a huge amount of restoration! :shock:

Yeah, I'm not sure. Hard to tell without knowing if some of the stuff is real or not. Pillar or roof damage is brutal.

[BigRocsFirebird]

oh my god. that is horrible hah the roadrunner/cuda/trans am/camaro and eleanor. i would be crying if i had cars like that and that happend

[B4C]

Yeah the figure cant be right...someone is getting sued thats for shure. I would be super pissed if say I owned an emmaculate unrestored original car and that happened beyond pissed

[T69SS]

wow, talk about a disaster...

[GrandmasterCow]

wow

[Knipps]

Yeah the figure cant be right...someone is getting sued thats for shure. I would be super pissed if say I owned an emmaculate unrestored original car and that happened beyond pissed

Sued for what? all the owners knew the risks of storing their cars in an open lot for inspection before the auction.

[DaSkinnyGuy]

Gotta be alot of happy car owners that are gonna get some money back out of restos they cant get anywhere near full value for with the economy.

do you do drugs?

[maroman88]

there was some special edition fox body with 11 (eleven) miles on it with some pretty good damage

[BigAls87Z28]

there was some special edition fox body with 11 (eleven) miles on it with some pretty good damage

The cost of that repair will easily reach in the tens of dollars.

[WildBillyT]

Gotta be alot of happy car owners that are gonna get some money back out of restos they cant get anywhere near full value for with the economy.

do you do drugs?

They will only get money out of it if it's a total loss- which most of these aren't. IMO the only cars that will be damaged by this overall are the ones who were listed as original/survivor or the ones that can't find replacement parts.


there was some special edition fox body with 11 (eleven) miles on it with some pretty good damage

Yeah, it has the rare unpainted cowl hood delete. That's a real collector's item!

[NastyEllEssWon]

The cost of that repair will easily reach in the tens of dollars.





yeah you stole that from the haiti thread.

[JL8Jeff]

Insurance will cover the cost to repair the car, not the total value of the car which is subjective anyway. I doubt any of the cars will be "totalled" but most of the owners will probably not want to deal with the repairs and take the insurance money and sell the cars as is. The original/survivor cars will take the biggest hit in value since they won't be survivors once they get the damage repaired. Insurance won't cover that.

[r0nin89]

do you do drugs?


Ugh no I'm not. Do you have any idea what the state of the classic car market is in vs 3 years ago? People are loosing money left and right on restoration jobs. Yes survivors are a different story but anyone that got total loss in that accident has to be happy as a pig in ****.

[WildBillyT]

Ugh no I'm not. Do you have any idea what the state of the classic car market is in vs 3 years ago? People are loosing money left and right on restoration jobs. Yes survivors are a different story but anyone that got total loss in that accident has to be happy as a pig in ****.

But you are looking at this like these cars have regular insurance. They don't. You can over-insure a car at will (within reason, of course) with collector's companies. Some people may actually end up ahead of the game if they are going to get better quality repairs than their resto.

[sweetbmxrider]

wait what happened?

[WildBillyT]

wait what happened?

Tents came down on collector cars in a storm. Or are you being sarcastic?

[edpontiac91]

Not only will many of those cars require a ton of additional restoration type work - but what about all of the "survivor" types? They either lose that status, or get sold broken, and neither is good for the value.

- Justin

In regard to the survivor stats on some of these cars. Yes I can see that some people can appreciate an older car that has not been restored and then I have to wonder. It can only be original once, but a case in point is that I was watching Barrett-Jackson the other day and there was a 1973 Trans Am owned by Bill Mitchell with the Black and Gold theme. It is the first one built. The auction price went up to $95,000. Sounds like a good deal, but looking at the car, ALL the clearcoat was checked cracked BADLY, the engine compartment was full of rust, the tan interior was several different colors due to fading and more. The buyer may have a piece of history, but if you didn't know better, you would say it looks like a beat-up 1973 Firebird. Just my :2cents:

[sweetbmxrider]

Tents came down on collector cars in a storm. Or are you being sarcastic?

no no i am very illiterate today. it looked like hail or some pissed off ex.

[Tru2Chevy]

no no i am very illiterate today. it looked like hail or some pissed off ex.

Heh....the pic in the first post is just one of hundreds of damaged cars.

- Justin

[1QWIKBIRD]

What happened is horrible and there is a lot of potential automotive history that is now either lost or at least tarnished, that's the sad part. I would think that most of those individual owners would carry enough insurance to cover their own car and Russo & Steele I am sure has some sort of umbrella of insurance to cover their end of such a deal. Lets just hope the insurance companies don't try and weasle out of cutting the check, that would be the real tragedy.

I know one thing. If I was in the market for a particular car, I'd be sure an keep a copy of that auction brochure so that in 2 or 3 years when some of these cars are fixed and up for auction again, at least I know what I am really bidding on. Like WildBillyT said, pillar/roof damage would be supremely difficult to get right. Would that information be disclosed once fixed?

Chris

[LS1Hawk]

no no i am very illiterate today. it looked like hail or some pissed off ex.

Heh....the pic in the first post is just one of hundreds of damaged cars.

- Justin

Not to mention the first link I posted is to video of the tent coming down...no need for illiteracy.

[LS1Hawk]

Lets just hope the insurance companies don't try and weasle out of cutting the check, that would be the real tragedy.

What would really suck is if insurance companies raise rates across the board
for collector cars as a result of this.

[WildBillyT]

What would really suck is if insurance companies raise rates across the board
for collector cars as a result of this.

I am very glad I re-upped my policy on the 10th of this month.

[Brendan713]

Yeah the figure cant be right...someone is getting sued thats for shure. I would be super pissed if say I owned an emmaculate unrestored original car and that happened beyond pissed

i'd be shooting people with a sawed off 12 gauge.

[WildBillyT]

i'd be shooting people with a sawed off 12 gauge.

Gonna rip a lot of shots at the sky then...

[sweetbmxrider]

Not to mention the first link I posted is to video of the tent coming down...no need for illiteracy.

fml :lol: