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Oldest Corvette to be Auctioned at Barrett-Jackson

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#003, the oldest 1953 Corvette in existence, is expected to drive across the auction block at the Barrett-Jackson Auction in Scottsdale, Arizona during their “World’s Greatest Collector Car Event” January 14-22nd. The #003 convertible wears VIN plate number #E53F001003. As #001 and #002 were assembled and delivered to the Chevrolet Engineering Center for testing, #003 took a different path which is how it escaped the fate of the first two Corvettes. #001 and #002 served as test cars for the engineering center and were eventually destroyed. #003 also served as an engineering car for a shot time but was sold in the fall of 1953. Eventually it turned up at an auction in 1987 unpainted and not running where two collectors noticed many of the characteristics of an early production car including the hand-made ignition shielding and center grille bar. As the oldest survivor of the early production Corvettes, #003 underwent a meticulous and well documented 2-and-a-half year restoration. Completed in 1990, Corvette #003 earned Bloomington Gold, Corvette Hall of Fame and NCRS Duntov awards. It was last displayed at the National Corvette Museum in Bowling Green, KY. As part of the Barrett-Jackson auction, the #003 Corvette will be joined by approximately 100 of the rarest Corvettes in what the company calls the Most Comprehensive collection of Corvettes to be offered at a major auction at No Reserve. “It is hard to find a better selection of ‘America’s Sports Car’ than at America’s collector car auction this year,” said Craig Jackson, president of The Barrett-Jackson Auction Company. “We’re proud to celebrate our 35th anniversary with an unprecedented collection of Corvettes that symbolize this country’s automotive heritage. The collection ranges from the affordable, as represented by a 1977 T-Top Coupe, to the most desirable, like the 1969 L-88 Coupe and 1963 Z06.” Other Corvettes include: A NCRS Top Flight, award-winning original 1969 L-88 Coupe will also be sold. One of only 116, the numbers matching Corvette is among the top 1969 L-88s in condition, restoration and provenance. The one original owner, numbers matching, 1963 Z06 Coupe is a fuel-injected stunner that is one of only 199 Z06’s built. Restored in 1980 using original parts, it has won many awards including the NCRS Top Flight and NCRS Duntov award. Click here for a partial listing of Corvettes to be auctioned at the Barrett-Jackson Scottsdale event.

Corvette Values: 1972 Convertible

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Neal B. sent us the following email: Hi, I am in the process of restoring a 72 convert. The car came with a m21 close ratio 4sp and no other options. It is steel Cities Gray. Is the tranny rare for a 1972 and is the steel cities gray rare. The reason I ask is, I don’t particularly like the color (blue is my color). However, I may sell it when it is finished and I want to get the most out of it. Thanks Neal Our Response: There were three transmission options available in 1972: the base wide ratio 4-speed, the Turbo Hydra-Matic Automatic and the M21 Close Ratio 4-Speed. The M21 was installed in just 1,638 Corvettes out of a total production of 27,004 making it an option in just 6% of the Corvettes produced in 1972. There were 10 exterior colors available in ’72 and the steel cities gray was selected in 2,346 Corvettes or just over 8% of total production. Because there so many colors offered in 1972, this doesn’t add any real value to your Corvette. If your ’72 is numbers matching but the exterior color is different than original, you may take a slight hit in the value of the Corvette. You can minimize that hit by going with a color from the same year. If you decide to repaint it blue, go with Bryar Blue, offered only in 1972 on 1,617 total Corvettes: http://www.corvetteimages.com/index.cfm?fuseaction=image&id=14946 Our current price guide shows an average 72 Convertible valued at $21,600 with a one year appreciation of 12%. The 68-72 models have been showing tremendous value over the last few years and that trend will probably continue.

Red Tagged Corvettes?

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Faced with slowing sales and growing inventories, GM is launching yet another incentive plan combining the two elements car shoppers like the most – one price shopping and employee pricing. Called the Year End Red Tag sale, the incentive runs from Nov 13 through Jan 3rd. It’s not quite employee pricing – but close. The GM Red Tag Sale is offering the “What you see is what you pay” on MOST 2005 and 2006 Chevrolet, GMC, Buick and Pontiac models and the price is based on GM Supplier (GMS) discounts which are generally 2% above the GM employee price. Once again, the offer doesn’t extend to Corvette. Funny how the two elements that consumers love: one price shopping and employee discounts are the two elements that keep Corvettes from being including in these type of promotions. Manufacturers/dealers won’t discount the car that makes them money whatever the price and why offer flat rate pricing when you have the ability to negotiate pricing based on availability.

Power and Responsibility

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Reporter Paula Simons from the Edmonton Journal details the unfortunate death of a pedestrian killed by the irresponsible actions of someone driving a Corvette. While the death is unfortunate and justice awaits for the driver, Paula takes the argument farther:

“But the crime Ricky Richardson committed didn’t begin that terrible August night when he punched the accelerator. The chain of events that led to Irene Nicholson’s death began when Richardson decided to buy a Corvette with a special super-charger that gave the already-powerful car a 500-horsepower engine.”
In the reporter’s perfect world, we would all be driving small cars with the horsepower of a lawnmower. She does concede that the pedestrian could have died had the out of control driver been in a “nice little Smart Car or Prius”. However she continues with how no one “needs” a Corvette or a Hummer or Escalade (Is she anti GM?), fashion choices to parade your wealth and power…making the driver to feel more viral and fleet and powerful. Her article finally comes back to reality as she weighs in how the Corvette driver made a bad choice and must deal with the consequences. With power comes responsibility, and that should be the lesson of this story.

Auburn November Classic Auction Results

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Kruse International posted the results of the November Classic auction held November 4-6 in Auburn, Indiana. The November Classic Auction is in its third year and is one of the smaller auctions with around 300 cars expected to cross the auction block. 15 Corvettes were represented and only three sold making this auction a disappointment for buyers and sellers alike. Of the three that sold, two of those were in the $5,000’s and the high was a 72 Coupe which sold for $12,500. Let’s be clear that while a couple of the midyears were modified racers, there was also a tri-power ’67 that hit a final bid at $90,000. While that amount is akin to a bargain, it appears that at all these auctions we are only seeing Condition 1 Corvettes with numbers-matching and Bloomington certifications. Are we seeing a trend here? The last few Auction results from this fall have featured a significant portion of Corvettes receiving high bids but were no sales. My belief is still that the market is strong and that Corvette sellers are holding out for the top dollar pricing they can receive at either the larger, Corvette dominated auctions or through direct selling efforts.

Year/ModelPriceBid Type
1959 Convertible$50,000Final Bid
1961 Convertible$58,000Final Bid
1964 Grand Sport Roadster$32,000Final Bid
1965 Race Car Roadster$21,000Final Bid
1967 Coupe$80,000Final Bid
1967 Coupe$90,000Final Bid
1968 Coupe$12,000Final Bid
1970 Coupe$25,000Final Bid
1971 Coupe$5,300Sold
1972 Coupe$12,500Sold
1978 Coupe$7,500Final Bid
1979 Coupe$8,600Final Bid
1979 Coupe$5,600Sold
1987 Callaway Convertible$35,000Final Bid
1989 Coupe$7,000Final Bid
Click here for full auction results

American Muscle Comparison

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Finally someone put the three American muscle cars together for a little compare and contrast article and perhaps bragging rights as America’s best sports car. And while I admit that I am not the most impartial observer to this contest, I got to say Automobile Magazine’s review of the Z06 in comparison to the Dodge Viper and Ford GT is about the best I’ve read to date.

“The Corvette is just awesome. It is the lightest of our three cars by more than 300 pounds, and that shows on acceleration down the short straightaways and on braking into the tightest corners. Man, this thing is fast. And it sounds fast, too. “
The cruise starts in western Pennsylvania, but due to the remnants of Hurricane Katrina, the drivers are forced to head west to Michigan on the rain soaked highways of Ohio and Indiana:
“The Corvette leads the way. As if 505 hp and 470 lb-ft of torque in these conditions weren’t enough of a handful, we turn off all of the electronic aids. (OK, we’re a little bit crazy.) This is what we discover: The Corvette is sensational on these roads, whether we’re sliding around second-gear hairpins or blasting through fourth-gear sweepers. “
All three cars performed well on their 1200 mile journey and the reviewers themselves call them the best of the American auto industry. Although none was chosen as the best sports car, the Corvette Z06 appeared to garner the most favorable reviews of the three in this outstanding review of American Muscle. Read the entire article at Automobile Magazine and make sure you check out the video of the three cars at the track!

No Rebates for Corvette

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GM is following Chrysler and Ford by introducing new rebates designed to increase sales. The moves comes as GM reported a drop of nearly 20 percent in October sales. GM added $1000 rebates through Nov 13 on remaining 2005’s but the offer doesn’t extend to Corvette. The lack of rebates for Corvette is a good sign though as 2005 inventories are low enough as to not worry the GM bean-counters. No word yet if any rebates will be extended to 2006 models.

Michigan Fall Classic Auction Results

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RM Auctions posted the results of the Michigan International Fall Classic Car Auction held September 22nd-25th at the Michigan State Fairgrounds. Of the 23 Corvettes listed, only 10 were sold.

Year/ModelPriceBid Type
1956 Convertible$48,500Final Bid
1960 Convertible$53,000Final Bid
1960 Convertible (custom)$39,590SOLD
1964 Coupe$27,000Final Bid
1967 Coupe$37,500Final Bid
1968 Coupe$14,900Final Bid
1968 Convertible$18,511SOLD
1970 Convertible$28,355SOLD
1971 Coupe$17,644SOLD
1972 Coupe$17,900Final Bid
1974 Coupe$8,880SOLD
1975 Coupe (L82)$12,500Final Bid
1977 Coupe$12,840SOLD
1978 Coupe$5,564SOLD
1978 25th Anv Coupe$26,000Final Bid
1979 Coupe$5,750Final Bid
1979 Coupe$5,300Final Bid
1980 Coupe$8,560SOLD
1982 Coupe$13,750Final Bid
1994 Convertible$11,503SOLD
1995 Convertible$17,655SOLD
1999 Coupe$37,500Final Bid
2005 Coupe$39,000Final Bid
Click Here for Full Auction Results

My Thoughts on Dave Hill

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Autoblog has a post entitled “What Dave Hill Meant to the Corvette.” I thought I’d post my two cents. Dave Hill was essential to the success of the C5 and C6 Corvettes. Nearly every major decision he made during the development of these two generations was made not only with the thought of how it would impact current and future Corvette owners, but also how it would conform to the history of this great car. Not an easy feat on either account. Corvette owners embraced him as one of their own. He attended the major Corvette shows and was always accessible to both Corvette enthusiasts and the Corvette media. On the forum sites you hear story after story about someone meeting Dave and they all say the same thing: He was always gracious and he cared about what I had to say about Corvettes. While I never had the opportunity to meet Dave, I can imagine that my experience would have been the same. In an industry that doesn’t always listen to consumers, Dave not only broke the mold, he shattered it. He will surely be missed.

Chief Engineer Hill to Retire

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DETROIT – General Motors Corp. announced today that David Hill, currently vehicle chief engineer (VCE) of the Chevrolet Corvette and vehicle line executive (VLE) of performance cars, will retire effective Jan. 1, 2006 after more than 41 years of dedicated service. Tom Wallace will replace Hill as vehicle line executive of performance cars and vehicle chief engineer of the Corvette. Additionally, he will assume responsibilities for compact rear-wheel-drive performance cars including Pontiac Solstice and Saturn Sky. Wallace currently is VLE of small and midsize trucks. Lori Queen, currently VLE of compact cars and the Pontiac Solstice and Saturn Sky, is appointed VLE of small and midsize trucks, replacing Tom Wallace. The North America compact car team will now report to Peter Mertens, vehicle line executive of global compact cars. Mertens is currently leading the Global Compact Car Development Team located in Germany. “Dave Hill has taken the Corvette to heights that few of us can imagine. In terms of performance, refinement and value, he has truly helped to make Corvette second to none. He is a true car guy who will take his rightful place among the legends of Corvette lore,” said Bob Lutz, General Motors vice chairman, global product development. “What do you do to replace a guy like Dave? You do your best to get another one. Tom Wallace also is a car guy and racer who will make a perfect choice to lead the Corvette and Performance team. Besides, Tom was Dave’s choice too. That should tell you all you need to know,” Lutz concluded. Hill has a rich history with GM since joining Cadillac Motor Car Division in 1964. He moved through various engineering positions and was named an executive in 1979. In 1982, he was named chief engineer of the Cadillac Allante. Following the introduction of the Northstar engine in 1992 in the two seat luxury roadster, Hill assumed chief engineer responsibilities for the Cadillac Deville and Concours. Hill was named chief engineer of the Chevrolet Corvette in 1993, only the third chief engineer for the sports car in the vehicle’s 53-year history. In 1995, Hill was named vehicle line executive of performance cars and led the development of the fifth-generation Corvette and the introduction of the Cadillac XLR. Last year, Hill launched the sixth-generation Corvette followed by the introduction of the new 505 bhp Corvette Z06 for 2006. Hill holds a bachelor’s degree in mechanical engineering from Michigan Technological University and a master’s degree in mechanical engineering from the University of Michigan. Wallace has been with GM since 1966 when he joined Buick Motor Division in Flint, Mich. He was named to an executive engineering position in 1980 while still with Buick and was later named to the GM Truck Group in 1995. Wallace holds a bachelor’s in mechanical engineering from Kettering University (formerly GMI), and was a Sloan Fellow, earning a master’s in business administration from Stanford University. Wallace and his team were responsible for the development and launch of Chevrolet TrailBlazer, GMC Envoy, Buick Rainier, Chevrolet Colorado, GMC Canyon and Chevrolet SSR. Additionally, he led the highly successful launch of the Saab 9-7X and the HUMMER H3. An avid performance car enthusiast, Wallace has enjoyed competing in both amateur and professional road racing, rally car and drag racing. He started racing with the Sports Car Club of America (SCCA) more than 30 years ago and has raced in a variety of Sedan and GT classes with race-prepped Oldsmobile, Buick and Chevrolet models. Queen received a bachelor’s degree in electrical engineering from Kettering University (formerly GMI). She recently led the launches of some of GM’s most successful products currently in the market: Chevrolet Cobalt and HHR, Saturn ION, the Pontiac Solstice and the soon to be released Saturn Sky. Queen has been with GM since 1974 and has held numerous Engineering positions, including vehicle chief and VLE assignments for both cars and trucks.