Follow
Foundation to establish classification guidelines
Parma Heights, Ohio (16 May 2011) – 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 updated annually, and published every February 1 by the Quarter Mile Foundation.