What's the Value of Heritage?

[vandornjim]

It’s no secret that things are tight at GM and most other corporations right now. The big secret is how they got this way. Just last summer GM was crushing brand new stainless steel benches with forklifts. The employees pleaded with GM to allow them to be purchased, put to good use. The answer was that GM needed the "tax write off." Now, just a few months later, GM threatens to close its doors and put a strangle hold on the US economy. Could no one see outside their office windows in downtown Detroit?
So I guess it should come as no secret that now in hard times, GM has decided to get rid of a huge portion of their old project cars from the past. At this year’s Barrett Jackson auction there will be a vast collection from GM’s inner chambers offered for public sale. They call it the "GM Heritage Collection".
You know, I remember just a few years ago…OK, maybe 20 or so when GM was a completely different company. I remember when GM had creative people who dreamed, invented and made automotive history, all the while creating excitement and fame for GM. I remember those days and wonder if GM will be remembered for those contributions to automotive history, or as a company whose vision was obscured through the delaminated windshields of years gone by….
A long time ago, I went for a visit to my Dad’s work. In their main lobby were displays of years gone by, important icons which developed that company, gave it an identity, made its workforce proud to be a part of its history. It was the company’s heritage right there under glass and behind partitions. It was the weirdest looking aircraft I ever saw, and one that should never have been able to fly. But it did. It was called the Flying Wing and it was built by the Northrop Corporation way back in the 1940’s.
Jack Northrop was very much like many of those creative people at GM. He dreamed and tried new things and was years ahead of his time. He inspired his workers through his personal actions and beliefs. Jack’s first priority was to protect his workers and he had one of the most protected and fully funded retirement programs in the industry. He also didn’t ask the government for bailouts or loans. In fact, despite his advisor's wishes, Jack wouldn’t even take development money but rather, would absorb the huge costs of developing new technology rather than allow ignorant government officials to be involved and hinder progress. Because of this, Northrop was overlooked repeatedly by the Air Force and others were chosen who played the government game. Jack Northrop’s "Flying Wing" was determined to be too drastic from conventional design and ignored for future consideration.
Jack was on his death bed in the early 80’s when his executives arranged clearance for a special event. His sight, nearly gone, and laying on a hospital bed when the Northrop/Air Force team came into the room with a small covered tray. They put his hand under the cover and allowed him to feel the ever so secret contents. Rumor has it that a tear ran down Jack’s cheek and he faded off to sleep. Some 50 years after its original concept, Northrop Corporation was awarded one of the largest defense contracts in history. Based on the Flying Wing concept plane of some 50 years earlier, the B-2 "Spirit" bomber remains the most advanced bomber in the world today and has revolutionized even the most recent aircraft designs. I stood in that lobby and took it all in. What heritage!!
The Corvette has long been the icon for development within GM. I wonder when GM sells off its "heritage" how long it will take before all of those who made it great will be forgotten. Duntov and Cole, Earl and Mitchell. Perkins, McClellan, and all of those groups who invented and revolutionized. Those world records and the racing heritage. All the individuals who came together to bring the most exciting launch of a vehicle in the history of the automobile. The ZR-1 Corvette.
So GM is now cleaning out the garages of the past and rather than place these vehicles on display at various organizations representing the heritage which kept them as the leader for some 100 years, GM will sell them at public sale, to be lost forever. I looked over the list of treasures which included many Corvettes. Funny thing. I didn’t see any Allantes, Azteks, Equinox’s or Torrents on the list.
Last time I went to Detroit I took a day to visit the Henry Ford Museum, an experience I highly recommend to anyone. I was amazed at the wealth of exhibits and information of a car company so rich in American history. They’ve done a good job explaining and displaying the great heritage of the Ford. Made me proud. And when I began to make the next day’s agenda, I looked at the phone book but somehow I couldn’t find the General Motors Museum…:dontknow:
Jim

[bobbyhi]

Jim,

Very well written. It is a sad story but oh so true. IMHO selling off the "Heritage" of GM is really a bad mistake. Thanks again for the article.:handshak:

[GOLDCYLON]

Its sad really. well written response to the overall situation.

[cuisinartvette]

Guessing it may be a requirement in order for them to receive bailout money.

[Z Factor]

Thanks for the thoughtful article you posted. You are not alone in being dismayed at this proposed move by GM.

[xlr8nflorida]

Thanks for the thoughtful article you posted. You are not alone in being dismayed at this proposed move by GM.

Are they getting auctioned at the BJ auction this month or some of the later shows?

[vandornjim]

Are they getting auctioned at the BJ auction this month or some of the later shows?

Well, the exact time/date and actual cars being offered are being kept quiet as usual but they are supposed to be in this nexty week's auction.

Ive been trying to put together a bulk purchase behind the scenes so that we can keep some of the more important icons within the community. Trying to reach Jim Perkins at Hendricks but not haveing much luck as of yet getting an email address.
Any help would be most appreciated.

These cars are very important to the Corvettes heritage and need to be at the NCM if/when it is ready for such displays. Too bad a fund couldn't be maintained at the NCM for just such opportunities.

[95 LT5]

Hi,
Yes, it is not to pleasing for me to see them go off into the sunset, with so much history behind these cars. They really do need to be displayed in a "Public Place" where future generations of corvette owners can see where the corvette came from, and the evolution of a great car.

These cars will most likely be bought up by collectors and will never see the light of day again, not by people looking to preserve the tradition behind the corvette.

Its not just about the a car, but the people, and friends that are made by something we have all grown to love.

Yes, very sad day when they will be sold....
And to answer your question....PRICELESS.......

Good post, sad topic.
:handshak:

[Gary Yarbrough]

I agree that it is sad to think these cars could go off the radar. Ever since I was in JR high and someone drove a stingray at every homecoming, I have been a corvette fan. Although I'm fairly new to the corvette scene as an owner, my dad bought me a GMC truck when I was 14. I still drive that truck 270K miles and 15 years later. That truck made me a GM supporter! I wish my son (now three) could see some of these cars. With the changes in technology that I imagine coming by the time he is driving, they will be even more special.

[tomtom72]

Thank you for sharing your thoughts on GM's issues. :thumbsup: Jim! You're some wordsmith! Great point about the most dreaded words that an American businessman can ever hear..."Hi, I'm from the government, and we're here to help.":rolleyes:

It's kind of like watching a friend have bad times & the mood is very glum. I feel for the people at GM. This has got to be depressing. I do really wonder if some one made GM sell the cars, or is it that they just figured a quick way to get cash?

[bb62]

I’m going to disagree with the thoughts here that this collection should not be sold. If anything, most of these vehicles should have been sold a long time ago. Consider the following:


If visibility is a priority in maintaining customer interest in the brand, then this heritage collection is a failure in that it was rarely seen by the public. Even a recent article by AutoBlog titled their piece, “General Motors Heritage Collection: An amazing collection few will ever see! (http://www.autoblog.com/2007/03/15/general-motors-heritage-collection-an-amazing-collection-few-w/)” Putting these cars out in the public eye will like bring more visibility than where they currently reside.
For the fear that these cars will disappear by being hidden in private collections, this fear is overblown. Most of the famous GM vehicles out in public ownership actually vie for time in the public eye rather than escape from it. These owners want the vehicles to be known, if anything to enhance the value of their investment.
Continuing on the prior line of thought, the most famous and valuable of Corvettes are already “in the public domain” so to speak. All five of the 1963 Grand Sports (easily worth about $5 million EACH) are privately owned. The oldest Corvette 1953 “0003” is privately owned as is the original prototype. The 1967 L88 LeMans Corvette is privately owned. This could be the most valuable production Corvette of all. The 1969 ZL-1 Corvettes are privately owned.
Of the Corvettes to be sold, they seem to fall in the following categories:

Pace Cars
Engineering exercises
Styling exercises
First Builds

Thus, of those being sold, many are ordinary cars while those that have the potential to be considered special (and I say potential because the fact that they have been locked up out of the public eye has LESSENED their historical value by not being well known) will be enhanced by increased visability.

[8upZR1]

I think bb62 is right on the money. Public circulation of these automobiles will have a positive effect on their value and recognition. Even if the only view the public gets is to see them change hand at auction for prices that are out of reach for most. Besides, its not like they are selling the original master drawings or rights to control their name or anything truely valuable.

I would think the #1 reason for GM to sell would be to alleviate the burden of storing and maintaining these cars as well as insuring them. I suppose they are insured, just in case. It costs $$ to keep a collection of that caliber in the condition its in & I dont think GM can afford that any more than they could afford to let the cars get dirty and fall into disrepair. Selling is probably the only option.

[Nick]

Thoughtful post, Jim. I've been to the Henry Ford museum in Detroit. It was some years ago now, but it was just as you describe. I really enjoyed it. Thank goodness we at LEAST have the Corvette museum. :thumbsup:

[ZR1Vette]

Qui alieno suum history haud non suum posterus

[Z Factor]

For those with a differing opinion that is fine, but consider for example what it would be like without the Corvette museum. How many of us would ever get the chance to see such a collection if all those cars were in private collectors storage facilities?

Like Ford, GM should have a museum for enthusiasts to visit in my view.

:cheers:

[IowaZR-1]

Whatever the value is......Craig Jackson is going to get 20% of it(10% buyer AND sellers premium)!:mad:

[bb62]

For those with a differing opinion that is fine, but consider for example what it would be like without the Corvette museum. How many of us would ever get the chance to see such a collection if all those cars were in private collectors storage facilities?

Like Ford, GM should have a museum for enthusiasts to visit in my view.

:cheers:

I’m going to have to disagree here too. Here my perspective:




While it’s all well and good to have a Corvette museum, there are many events throughout the year where you can see as many if not more than what you could ever see at the museum. Look at the photos (link below) of last year’s NCRS Michigan Regional held at GM’s test track as an example. Every generation (lined up by generations) and you even had a chance to drive on the track.
The Corvette museum, as a museum, owns few of the cars displayed, and those that it does permanently display are not particularly rare. Much of the museum displays privately owned cars loaned by their owners – perhaps proof that these cars don’t get hidden away in storage facilities.
Also consider that the Museum is a static display. Which is more impressive, seeing a P47 hung up by guide wires in the National Air and Space Museum or going to an air show to actually see the warbird in flight and to hear that Pratt & Whitney R-2800 roar? I think the same thing is true for Corvettes. Just like in the aforementioned NCRS event, you could see them AND you could hear them roar.
Note that Ford does not have a museum. The Henry Ford museum is not legally linked to Ford Motor Company and displays more than just Ford vehicles. While the museum clearly was founded by Henry Ford it is not devoted entirely to that produced by the company he started.

http://www.michiganncrs.org/page0/page0.html

[vandornjim]

Well, we haven't given up yet.
One of our old Pirate supporters sent me an email and said he was very interested in this issue and volunteered to become part of a groujp of investors. He mentioned how we started Pirate Racing back in 1997 was the same way. We went 5 years with that one.!

Well, I was also contacted by several Corvette Hall of Fame members who mentioned the same idea. So, I have put together a proposal and sent it to a well known Corvettte enthusiast who happens to own a variety of auto related businesses. I've asked them if they are interested in helping us pull some of these off the block and paying GM directly, or buying them at auction and keeping them in as collection for possible future purchase by the NCM when things loosen up a bit for them. I don't think we need a special paint job or a "first build" but we certainly need the Active car, the Snake Skinner, the Spyder, DR1, and a few others if they are affordable.

Time is critical, but they acknowledged receipt this morning!
We'll see!!

[ZZZZZR1]

:cheers:Well, we haven't given up yet.
One of our old Pirate supporters sent me an email and said he was very interested in this issue and volunteered to become part of a groujp of investors. He mentioned how we started Pirate Racing back in 1997 was the same way. We went 5 years with that one.!

Well, I was also contacted by several Corvette Hall of Fame members who mentioned the same idea. So, I have put together a proposal and sent it to a well known Corvettte enthusiast who happens to own a variety of auto related businesses. I've asked them if they are interested in helping us pull some of these off the block and paying GM directly, or buying them at auction and keeping them in as collection for possible future purchase by the NCM when things loosen up a bit for them. I don't think we need a special paint job or a "first build" but we certainly need the Active car, the Snake Skinner, the Spyder, DR1, and a few others if they are affordable.

Time is critical, but they acknowledged receipt this morning!
We'll see!!

Class Jim!

Hope we will be able to see these Z's in the future!!!!!

:cheers:

[vandornjim]

Note that Ford does not have a museum. The Henry Ford museum is not legally linked to Ford Motor Company and displays more than just Ford vehicles. While the museum clearly was founded by Henry Ford it is not devoted entirely to that produced by the company he started.

Therefore, there IS a Ford museum, isn't there.

Museums of any type must diversify their exhibits. Privately owned pieces are the majority by far but that leaves huge spaces in day to day chronology. I'd like to see the NCM not only receive vehicle donations, but also purchase icon vehicles when possible. Wouldn't it be nice to have one of every model always on display?

Speaking of private owners. Where are the four CERV's today? (Chevrolet Experimental Racing Vehicle).

[FU]

"GM Heritage Collection spokesman Greg Wallace says it's more a "thinning of the warehouse." He says it costs the company roughly $2,000 a year per car to maintain, store and transport each"

2000.00 per year to store a piece of history ? :icon_scra What the heck are these guys thinking ? That is probably a the cost of a GM board member's lunch. Apparently the GM Heritage collection isn't worth much to the General. SHAME SHAME on the General
They all (the decision makers) should go out and get a high colonic to help them think a bit better.

Link : http://www.msnbc.msn.com/id/28581960

[ZR1Vette]

Something I posted over on the 'other forum'>>
Absolutely is sad... collection would be broken up and end up in private hands with 90% not to be seen again or on a very limited bases. Many of us think the motivation for this 'fire sale' is not money (what will get a auction will be a spit into the wind for GM financial needs) but rather a PR stunt to satisfy certain Congressmen...disgusting. Here is an interesting twist on the sale...

To quote:
Of interest to some bargain-hunting curiosity seekers, too, are some examples of GM design failures. As one GM executive told me off the record, "These are mostly cars that current management [probably product boss Bob Lutz and design chief Ed Welburn] don't much care for."
The real family jewels aren't going anywhere, even if one, like the first off-the-line 1966 Oldsmobile Toronado
How about the on-the-auction block of several rare 1989 ZR-1s?? Just really sad...

[HIZNHRZ]

"...As one GM executive told me off the record, "These are mostly cars that current management [probably product boss Bob Lutz and design chief Ed Welburn] don't much care for."
The real family jewels aren't going anywhere..."

Good post Michael, thanks. The C4 ZR1 always has been, always will be an orphan child. The bottom line is "that's okay". We now have a great club bound together by a great car.

[scottfab]

I am always discouraged to see so many words to read so early in the morning but I did it and it was worth it. Putting the browser window in about an eight word width mode helped. Then it reads like a news paper article.
Anyway, no GM museum exsits is true. But then Ford was not gathered from the fragments of other car manufactures over time. Ford was this one guy who implemented a few novel things including the moving assembly line and vertical manufacturing. In their day highly innovative (somewhat obsolete today). So I guess what I am saying is maybe GM has not put an effort into a museum because it did not have that single focal point person?
Even if GM crushes work benches instead of selling to interested parties it does not mean they're all incompetent. Some I am sure have the drive and vision it would take to lead a comeback a la Northrop stile. Could the Hy-wire care be it? Dunno.
Depends on a lot of things beyond the technology and engineering excellence. Things like acceptance over foreign managed company’s offerings.
Question: Is GM selling off it’s heritage to pay executive’s salaries for a bit longer?
I mean sure it may also help Joe on the line but given GM floats a bit longer, that would be 4mos of Joes salary/wage vs 4mos of executive salary. Hmmmm who get’s more of the proceeds?

[PhillipsLT5]

Aprox 200 Heritage cars will be sold out of the aprox 800 total for the week

[evl_twn]

Speaking of private owners. Where are the four CERV's today? (Chevrolet Experimental Racing Vehicle).

Mike Yager has CERV I in Effingham, IL as well as the XP819 concept. He's also got an '89 ZR-1:

http://www.mygaragemuseum.com/galleryindex.htm

[vandornjim]

"GM Heritage Collection spokesman Greg Wallace says it's more a "thinning of the warehouse." He says it costs the company roughly $2,000 a year per car to maintain, store and transport each"

I don't believe the NCM charges to store and exhibit special cars such as these?? I wonder what the term "roughly" means anyway? Maybe it cost GM "roughly" $80K to fly to Congress in the jet, not knowing how much they wanted and for what? Roughly?

OK Gang, GREAT NEWS!
As of "roughly" 2200 hrs (10pm) last night, I received a response to the proposal I sent to a certain ex-GM VIP. After days of researching my ideas, they have decided to be at the BJ Auction and will be buying important icon cars from the GM Lack of Heritage Collection. They wish to discuss further thoughts. I have not revealed their names because it might effect the auctions outcome if they are identified. You might, however, see them and recognize them if they choose not to use an unknown bidder. They are a very special group and all of you know of them.

In any case, I want to thank all of you who spoke in support of keeping these special Corvettes in-house. Many of your comments were read and appreciated by all parties involved.

Now if we can just get some exhibit space to put them!!
jim

[tomtom72]

That's great news! You should be proud of your efforts!

I wish you and those VIP's good fortune.:thumbsup:

:cheers:

[Z Factor]

Thanks for your efforts and to those who are stepping up to the plate. :thumbsup:

Keep us informed.

:cheers: