Collector Car Market Experiences Billion Dollar Growth over last 10 years
Choosing the Right Legal Counsel Makes All the Difference
The collector car insurance company Hagerty Insurance is reporting that the collector car auction business in the United States is now a billion dollar business. Reports suggest that the total gross auction sales in 2013 eclipsed $1,300,000,000.00 ($1.3 Billion) according to Hagerty. Hagerty comparatively notes that in 2004 the figure was around $282,000,000.00 ($282 Million). This is a billion dollar growth in the United States collector car auction market in ten short years! As Hagerty and other news outlets note, this growth is not simply confined to the United States, but the world-wide collector car market has soared similarly over the same time-period.
With this type of unprecedented growth within the collector car market, hobbyists, collectors and car investors need to be more vigilant than ever to protect their investments and their collections. The market is ripe for fraud, misrepresentations and other nefarious actions, including ownership disputes and estate or probate litigation. If you, unfortunately, find yourself on the cusp of a dispute or hauled into court or other legal tribunal over the title, ownership, pedigree, provenance or history of an antique or classic car or collectible, you must be prepared to present your side of the story in an intelligible, persuasive and cogent manner. You would be best served by employing an attorney who fully understands the issues you face and the collector car market and car auction industry.
The handling of a legal matter concerning an antique or collector car is markedly different than other types of legal matters. In the collector car hobby there are “terms of art” (i.e. trim tag, restamp, NOS, NOM, matching numbers, etc.) that must be defined for the Court in order for your position to be argued effectively. Furthermore, many times it will not simply be enough to define the term, but rather the term itself and its application to the facts of the case are what the case’s ultimate determination may turn upon. This is where it pays to hire an attorney who not only “speaks your language” but also knows how the frauds are perpetrated and how to persuasively represent your position to the Court or Jury.
Ultimately, collectors must be hypervigilant in the current market and careful to employ the right legal counsel and other professionals with respect to their dealings, collections, and businesses. The market is constantly changing, not only in its growth but also in its technicalities and breadth, a collector’s diligence is of paramount importance.
Bryan W. Shook, Esquire is an attorney in Camp Hill, Pennsylvania whose practice areas include vehicle fraud, dealership fraud, VIN matters, title fraud, VIN error, estate ownership questions and general collector car problem resolution. Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market and protect their automotive investments.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market and protect their automotive investments. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients throughout the world. Although Bryan Shook is headquartered in Camp Hill, Pennsylvania (close proximity to Carlisle and Hershey), Attorney Bryan Shook is available anywhere for consultation, advice, and information, most times, on as short as a day’s notice. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com or by phone at 717-884-9010. More information can be found at Http://www.vintagecarlaw.com.
