Champ Car assets to be auctioned off

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Champ Car assets to be auctioned off

Postby Pepper » Sat 17 May, 2008 3:40 pm

Assets of the former Champ Car World Series are set to be auctioned off June 3 in Indianapolis.

Gallivan Auctioneers will conduct the sale of equipment, cars, trucks and memorabilia of the former open-wheel series.

Among the items up for grabs include pace and safety cars including two 1996 Dodge Vipers, three 1980s Chevrolet Camaros, three 1990s Ford Mustangs and a 2007 MazdaSpeed 6. Eight transport trailers, Holmatro safety vehicles, one red Lola race car as well as lots of shop equipment and spare parts.

For collectors, there is a number of racing suits, helmets, framed artwork, autographed books and other racing memorabilia.

Anyone interested can get a closer look at the inventory at the Gallivan Auctioneers website.

The Champ Car World Series filed for bankruptcy following their merger with the IndyCar Series in February.


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Re: Champ Car assets to be auctioned off

Postby CrazyChick » Sat 17 May, 2008 3:51 pm

There must be enough old equipment being auctioned off to start up a new team relatively cheaply.
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Re: Champ Car assets to be auctioned off

Postby Pepper » Sat 07 Jun, 2008 8:10 pm

The auction of assets of the former Champ Car World Series raised $1.2-million on Tuesday.

Chief financial officer Gene Cottingham says that money will now be turned over to the U.S. bankruptcy court where it will be distributed to creditors of the defunct racing series.

Champ Car filed for bankruptcy back on March 6 following unification with the IRL series. It listed debts of almost $10-million with Cosworth Inc. the largest creditor, owed more than $1.8-million. Cosworth is owned by former Champ Car co-owners Kevin Kalkhoven and Gerald Forsythe.

The auction, which included everything from helmets and stickers to full fledged racing cars and transporters, drew a larger than expected crowd of fans, collectors and racers.

Among those on hand was Ben Johnston, a collector from Atlanta, who purchased four of the five racing cars which were available - one of which he spent $47,000 to buy. Johnston, who owns some 20 chassis, says he plans to use them in a series starting in 2010.

Chuck Haines, who runs Can-Am Cars Ltd., a collecting and restoring business in the St. Louis area, called the auction a unique, once in a lifetime opportunity. While he did bid on one of the race cars, he left empty handed, saying the prices were being driven up by sentimental fans.

"I knew they'd be high, but I didn't expect it to this extent," he said. "I thought certain things would go high. Things just got out of hand."

Even current racing teams found the bidding to be too much for their liking.

John O'Gara, the IndyCar team manager for Sarah Fisher Racing, tried to buy a transporter but stopped when the bidding topped $91,000. The trailer eventually sold for $92,000 to Champ Car Atlantic team owner Eddie Wachs, whose initial estimate was that the trailer wouldn't go for more than $50,000.

"We're trying to get our race team built up," O'Gara said. "We knew what we could afford."

(Files from the Associated Press were used in this report)


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