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Quarter Mile Foundation Offers Restoration Guidelines
In
mid-March, the Board of Directors of the Quarter Mile Foundation was
approached by Jon Lundberg of Southwest Valuations, LLC, himself a board
member, with the concept of the Foundation being the vehicle which
would help establish guideline criteria for the growing restoration of
vintage/nostalgia drag racing cars.
Lundberg
felt, as a drag racing historian and an Accredited Senior Appraiser by
the American Society of Appraisers, the need to establish criteria which
would define various types of restoration/recreation of any such
vehicle, which would help establish its value and validity.
He
had been a part of an on-line discussion with the members of the highly
respected “Standard 1320” group regarding categorization of various
types of restorations and recreations which had occurred over the years.
He told the group he would develop a set of criteria, based upon points
raised in that discussion.
He
then contacted several other individuals who had deep roots in the
vintage/nostalgia drag racing vehicle world – Greg Sharp (curator of the
NHRA-Wally Parks Motor Sports Museum), Bill Pitts (restorer of the
famed “Magicar” front engine top fuel dragster), Carl Olson (former NHRA
Vice President and restorer of sprint cars and drag racing cars) and
Steve Gibbs (former NHRA Vice President - Competition, Board member of
the NHRA-Wally Parks Motor Sports Museum, co-founder of the California
and National Hot Rod Reunion events). Gibbs and Sharp also co-created
the “Cacklefest” concept. All shared concerns about the current state of
the restoration/recreation market environment.
Steve
Gibbs authored the designations while the group supplied project
suggestions and proof-reading. Then he and Olson proposed the Quarter
Mile Foundation be utilized to distribute the Guideline White Paper to
those who are participating as restorers/recreators, event promoters and
automotive vehicle appraisers. Gibbs and Olson are also board members
of the Quarter Mile Foundation.
Why use The Quarter Mile Foundation?
Lundberg
said, “The Quarter Mile Foundation is already capturing the oral
histories of the surviving legends of the sport and the aftermarket
industry for the PROJECT 1320 film documentary series.
“Our
small group who are involved with the vintage/nostalgia restoration
market felt the Foundation is an ideal vehicle to use for distribution
of these criteria. Since the Foundation is independent, unbiased and
objective, it does not have a position other than that of protecting
another key facet of the sport – in this case, the cars and their
technological progress across the decades.”
Traci
Hrudka, Quarter Mile Foundation chairman commented, saying, “Our board
members, following the input of Jon (plus Carl and Steve), agreed this
would be a logical forward extension of the Foundation’s goals. There is
a need for the Foundation to look past the completion of the PROJECT
1320 documentary. By providing a service to the vehicle restoration and
recreation market to define and protect the integrity of these historic
race cars, we continue to fulfill our goal of preserving the sport’s
history.”
What about the valuation of these cars?
According
to Lundberg, the criteria may add to and protect the value of these
cars. “I have seen cars which have been misrepresented sell for far more
than they were actually worth, and then seen the devaluation when the
new owner had the car appraised,” he said. “There is a need to protect
both buyer and seller. There is also a critical need to establish a
stable value with supporting documentation for insurance purposes.
“The
business of appraising race cars is a very narrow field, and one which
must recognize that a brand new race car undergoes continual change from
the time the original paint dries in the quest to remain competitive.
The important thing the restorer/recreator must do is identify the
specific time, and bring the car back to that point. Additionally, there
must be as large a data base as possible using photos, moving pictures,
interviews with builders, owners, team members, etc. to give the
historic perspective and provenance to the effort.
“With
those pieces in place, the credentialed appraiser can evaluate; and
with knowledge of the sales values – plus both historic and current
genre awareness – for similar vehicles restored or recreated, place a
value on that specific car.”
Lundberg
also points out that these criteria have received concept approval by
the Automotive Services Group of the American Society of Appraisers
(ASA). The accompanying White Paper will be formally presented to the
Personal Property Committee of the ASA for approval.
Use by nostalgia drag race event promoters
These
guidelines
will go into effect on June 1, 2011, and will be first used to
designate vintage/nostalgia drag racing cars participating at the NHRA
California Hot Rod Reunion at Auto Club Famoso Raceway in Bakersfield,
Calif. on October 21-23, 2011. The criteria will be updated annually,
and published every February 1 by the Quarter Mile Foundation.
More Info: VINTAGE DRAG RACE VEHICLE DESIGNATION
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