Latest / Bloomberg Intelligence / Mecum's Murtaugh on Harrisburg Auction of Muscle Cars (Audio)

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Mecum's Murtaugh on Harrisburg Auction of Muscle Cars (Audio) · Bloomberg Intelligence

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  Speaker 1: and three swimming cool Well I got that. Bloomberg taking
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  Speaker 1: stock the lux life on Bloomberg Radio. Interested in perhaps
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  Speaker 1: a luxury automobile or perhaps a muscle car that comes
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  Speaker 1: with a luxury price tag will make them Meekom Harrisburg rather.
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  Speaker 1: It continues today through Saturday at the Pennsylvania Farm Show
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  Speaker 1: Complex in Harrisburg. It will feature nearly one thousand American
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  Speaker 1: muscle cars classics, as well as corvettes, hot rods and
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  Speaker 1: so on. And here to tell us more, Sam Murta.
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  Speaker 1: He is a vice president of Meekom Auctions. Sam, thanks
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  Speaker 1: very much for joining us. Now I understand that there's
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  Speaker 1: obviously Meekom has been focused on the muscle car market
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  Speaker 1: for what about three decades, that's right, We've been in
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  Speaker 1: business for just about just short of thirty years now,
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  Speaker 1: and you know we've always our bread and butter or
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  Speaker 1: our foundation has been built upon the American muscle car,
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  Speaker 1: and that's what we've become most known for here if
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  Speaker 1: as we continue to grow our company. All right, so
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  Speaker 1: now muscle cars, let's just stick with that for a second.
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  Speaker 1: Muscle cars from the nineteen six to the nineteen seventies,
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  Speaker 1: there has that had an effect on new automobiles like
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  Speaker 1: the Dodge. Uh well, of course the hell Cat, the
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  Speaker 1: SRT hell Cat, sure absolutely, you know, the there's very
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  Speaker 1: much the centered upon the nostalgia of the of the
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  Speaker 1: American and the classic American muscle car, which was obviously
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  Speaker 1: birth in the mid to late sixties and through the
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  Speaker 1: early seventies, and uh so much of the excitement about
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  Speaker 1: around those cars was you know, those that can look
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  Speaker 1: back and remember when they were sixteen years old in
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  Speaker 1: the in the cars they dreamt of owning, and they
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  Speaker 1: would go to the car lots and see them but
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  Speaker 1: maybe couldn't get their hands on them. Well, now those
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  Speaker 1: those same sixteen year olds are now, you know, all
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  Speaker 1: growing up and and and more, many of them well
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  Speaker 1: to do and can can afford them, which is which
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  Speaker 1: is driving the marketplace. And and folks are going back
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  Speaker 1: and getting their dream that they wished they would have
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  Speaker 1: had that when they were sixteen, um, you know, the
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  Speaker 1: poster cars that they would dream about. Now they can
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  Speaker 1: get their hands on them, and and it's become quite
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  Speaker 1: the marketplace, all right. Well, just to give the details,
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  Speaker 1: for example, that the Dodge Challenger SRT Hellcat, we're talking
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  Speaker 1: about seven hundred seven horsepower. I don't think they all
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  Speaker 1: have seven hundred seven horse power. But let's let's talk
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  Speaker 1: about some of the cars that are up for auction.
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  Speaker 1: I want to I want to get your thoughts on
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  Speaker 1: what is estimated to be the top seller. This is
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  Speaker 1: the two thousand five Ford GT. Yeah two g T.
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  Speaker 1: Back in two five and two dozen six, Ford brought
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  Speaker 1: back um you know it was again. This is a
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  Speaker 1: nostalgic build. It was built to uh in UH to
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  Speaker 1: commemorate the g T forty back in their mid sixties,
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  Speaker 1: which is a full blown race car that Ford UM
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  Speaker 1: campaigned and they brought that back. It's got a very
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  Speaker 1: very much of the nostalgic styling similar to that of
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  Speaker 1: the mid sixties, but with all the modern horsepower associated
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  Speaker 1: with it. And there was a very limited production. Um
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  Speaker 1: that Ford produced the two thousand five and two thousand six.
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  Speaker 1: And those cars have they spent after they were new,
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  Speaker 1: They spent a little bit of time, you know, I
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  Speaker 1: would call flat. They were just became kind of used
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  Speaker 1: cars for for a few years. And probably in the
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  Speaker 1: last two I would say two to two and a
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  Speaker 1: half years, the value of the market of those cars
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  Speaker 1: has really risen, probably close to from two and a
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  Speaker 1: half to three years ago. So what's the estimate for
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  Speaker 1: this two Uh, this car here could go from anywhere
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  Speaker 1: from three hundred to four hundred thousand dollars. It's a
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  Speaker 1: real it's a one owner car, I meaning it's been
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  Speaker 1: baby by one guy since new. It's only got one thousand,
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  Speaker 1: two hundred and fifty nine miles on it, so it's
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  Speaker 1: essentially a brand new car even though it's you know,
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  Speaker 1: over ten years old. UM. But again, the market is
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  Speaker 1: is so hot on these things. The value that the
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  Speaker 1: car sold new for about a hundred and sixty grand
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  Speaker 1: ten years ago, and now that's going to sell for
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  Speaker 1: anywhere between three and four hundred thousand dollars. All right,
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  Speaker 1: tell me about Chevrolet chevel the SS convertible with the
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  Speaker 1: big block. Yeah. So this is sort of the you know,
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  Speaker 1: very popular car are back in nineteen seventy and continues
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  Speaker 1: to be today. The Chevelle. You know that they produced
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  Speaker 1: hundreds of thousands of these cars, but the rare ones
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  Speaker 1: are the ones with the big motors. Uh. And everybody
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  Speaker 1: loves a four speed manual transmission of really control how
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  Speaker 1: they drive these cars. And this one here is just
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  Speaker 1: just a sweet looking blue white white top of the
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  Speaker 1: white interior. The color combination is gorgeous, um, and it's
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  Speaker 1: you know, it's got all the right stuff. Estimated price
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  Speaker 1: probably somewhere in the neighborhood of fifty to seventy five
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  Speaker 1: dollars for about four grand. Right that that'll that'll show
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  Speaker 1: you show you how things have moved. I want to
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  Speaker 1: get through a couple o of these nineteen seventy Plymouth
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  Speaker 1: Hemy road Runner. Ah. Yeah. So the Hemy road Runner, um,
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  Speaker 1: you know, competitor to the Chevelle back in that time
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  Speaker 1: on that era. Um, this is you know, the biggest,
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  Speaker 1: the biggest horse power you could get back then four
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  Speaker 1: horse power you know, about half of what that hell
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  Speaker 1: cat putting out these days. But at the time, you know,
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  Speaker 1: that was the the king of the king of the
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  Speaker 1: muscle cars. But hemy in which you know, the Hemi
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  Speaker 1: Moniker is what Dodge has really been hanging their hats
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  Speaker 1: on them in the newer the newer cars with the
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  Speaker 1: uh the challengers and chargers of today. Um, you know
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  Speaker 1: again going back to that nostalgia and bringing that back
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  Speaker 1: and and and you know, really promoting that that hemmy
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  Speaker 1: name and that hemmy brand for Dodge. It's been real
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  Speaker 1: successful and it was successful then and it's extremely successful today. Again.
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  Speaker 1: All right, I'm only going to give you about fifteen
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  Speaker 1: seconds here N seventy Cougar boss Rio to Eliminator. That
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  Speaker 1: would would be one that they would refer to more
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  Speaker 1: as a pony car in the in the muscle car world,
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  Speaker 1: but it was, you know, um, similar to a Camaro
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  Speaker 1: or a Mustang. The Cougar came from the Mercury brand
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  Speaker 1: and you know, just another a cute little muscle car.
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  Speaker 1: It's got a whole lot of horse power. Thanks very
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  Speaker 1: much for joining us. Sam Murta. He is the vice
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  Speaker 1: president of Make them auctions taking place at the Pennsylvania
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  Speaker 1: Farm Show Complex in Harrisburg, Pennsylvania. This is Bloomberg coming
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  Speaker 1: up on taking stock. Will be speaking with Joe maclindon.
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  Speaker 1: He is the founder and the chairman of Macillindon Research
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  Speaker 1: Partners and Catalpa Capital Advisers. He's going to tell us
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