Russo Steele auction closed due to weather......

[James OLC]

Originally Posted by Steve1968LS2

That sucks so bad.. so who's insurance pays? RS's or the car's owner?

what a mess...

...and would this be considered an act of God? That would be devastating.

I don't wish that kind of misfortune on anyone, hope it all works out.

[WILWAXU]

Damn.. that nearly brings a tear to my eye.

Hopefully not too many are damage badly.

[rwhite692]

Interview w/Drew Alcazar of Russo & Steele here:


http://www.autoweek.com/article/2010...NEWS/100129972

[chr2002ca]

Originally Posted by rwhite692

Interview w/Drew Alcazar of Russo & Steele here:


http://www.autoweek.com/article/2010...NEWS/100129972

"Safety is our main concern here...." "Let me reiterate that safety is our main concern"

Didn't seem like too much of a concern when extremely severe weather was headed your way and you continued to run the auction anyway. That weather was predicted, it was not a sudden surprise. I think the main concern is the other point he mentioned several times, "We just want to get things back online and get the auction back up and running." "And I'd also like to let everyone know that on Sunday we're having our first annual Scratch and Dent sale".

Seems like the police are not going to let owners back to their cars until tomorrow morning, so another night of exposure to weather(those poor convertibles and spyders). It's just really sad to think about what has happened over there, but at the same time, true perspective can be gained by taking a look at Haiti right now. I just hope everything gets worked out okay and nobody gets screwed on insurance.

[Garage Dog 65]

Originally Posted by chr2002ca

"Safety is our main concern here...." "Let me reiterate that safety is our main concern"

Didn't seem like too much of a concern when extremely severe weather was headed your way and you continued to run the auction anyway. That weather was predicted, it was not a sudden surprise.

I AGREE - this has happened before at other shows and everyone is in the 'The Show Must Go On' mode. If I were an insurance company - I'd have a hard time paying the tab for this. (ps, we have a car there - maroon 63 split window/LS2/TKO - still waiting to see if it's trashed)

http://www.russoandsteele.com/collec..._/42-6574.html

Jim

[NOT A TA]

Everyone with collector car policys may eventually be affected by this. There aren't that many companies that insure these types of cars. As with any insurance claim the companies will try to pay out as little as possible. The big difference might be that many of the owners of the cars that were damaged may have deeper pockets than the average guy and they may also have good lawyers to battle it out and get what they think they deserve.

If there are a lot of high value cars damaged and the companies have to make very big payouts, we may all share in the cost through higher collector car policy premiums eventually. If the damages at the auction cause the total of claims paid this year to be far above average you can be sure the insurance companys will get that money back. We will all pay.

[WSSix]

That's a good point John. Also something to think about is the sharp rise int he number of people that attend auctions today. Does anyone know how much Russo-Steel and BJ have grown over say the last 10 years? You may start finding clauses in collector car insurance that states the car will not be covered while on auction grounds since it's not a car show or whatever reason they want to give.

[FoxRod]

On speed they interviewed the guy who owns hagerty insurance. He said even if you have a policy with them and your car was sold at auction and it was damaged before delivery to the next customer. That hagerty would cover it. He said there was a car they were wanting to get to, because a water tower fell on a bunch of cars.

[xplantdad]

McKeel Hagerty was onsite for a symposium that we attended that morning!

[kp.touring]

Got word today on the cars we have at Russo. The COPO Camaro and the Hemi Roadrunner where untouched! The GTO 2 scratches on the driver's door, the Woodie damaged left rear fender, taillight and some small wood damage at the left rear corner. The Boss 302 and the 67 427 Vette recieved the most damage, both cars will need to be repainted the tent canvass rubbed hard on both cars, also the Vette rear window broke. All in all we where very lucky some cars are serverely damaged.
Looks like the Roadrunner and the Camaro will go over the block tomorrow when Russo fires back up.

Kevin