VALUATION CONCLUSION

 

Here follows the results of my research as to the estimate of the Actual Cash Value of the asset, which is the subject of this report.

Physical Inspection
On Friday, October 10, 2008, I conducted a physical inspection and cataloging session with the subject and took several photographs.

Our Inspection Revealed:
1. A re-created complete vehicle in show condition.
2. Overall appearance of the subject mirrors the original.
3. Though not actively raced, the vehicle's engine does start, run and the vehicle moves under its     own power so as to participate in nostalgia event fire-up exhibitions named "cacklefest".

     I researched vehicle market "offered for sale" websites, plus auctioneer internet websites offering sold vehicle price-realized results and other publications listing car values. From this group 4 examples were selected as offering those features most nearly compatible to the subject vehicle. I then made an upward adjustment based on the subject's uniqueness, condition and provenance. Price for these vehicles ranged from a low end of (omitted for privacy) to a high of (omitted for privacy). Based upon the present condition of the subject vehicle my professional opinion is that its Actual Cash Value exceeds the range of this spread.

Comparables: Discussion of four re-creations compared to the subject:

Auction Results: RM Auctions, Amelia Is., FL, March 2008, (omitted for privacy). This car: (omitted for privacy) Subject: Built on commission by owner in U.S., Red exterior paint, exact copy of original Net Result: Seller did not accept high bid of $160,000.
Auction Results: Barrett-Jackson, Scottsdale, AZ, Jan 2008, (omitted for privacy). This car: (omitted for privacy).
Subject: Commissioned by the owner as an exact duplicate of the original.
Net Result: The subject is a higher value car.

Comparables: Discussion of four re-creations compared to the subject:

Auction Results: Barrett-Jackson, Scottsdale, AZ, Jan 2008, (omitted for privacy).
This car: (omitted for privacy).
Subject: Commissioned by the owner as an exact duplicate of the original car.
Net Result: The subject is a higher value car.
Auction Results: RM Auctions, Joe's Garage, June 14, 2008; (omitted for privacy)
This car: (omitted for privacy) (see the first comparable).
The subject: Commissioned by the owner as a one-and-only exact duplicate of the original.
Net Result: The subject is a higher value car.

Thus: It is my professional opinion that the Actual Cash Value of the subject, as of October 10, 2008, is as follows:  $ (omitted for privacy)

 

Apprasial Sample 1 - COVER

Apprasial Sample 2 - PAGE 1 - TABLE OF CONTENTS

Apprasial Sample 3 - PAGE 2 - RACECAR GENESIS AND INHERENT MARKET VAGARIES

Apprasial Sample 4 - PAGES 4 & 5 - UNIQUE ATTRIBUTES

Apprasial Sample 6 - PAGE 19 - Curriculum Vitae of Jon W. Lundberg, Sr.

Apprasial Sample 7 - PAGE 24 - FINAL PAGE OF REPORT

 

This report in total and in part is restricted to use by the named client and/or the intended user(s) designated herein and may not be further distributed or employed for any purpose other than the intended use specified without the written approval of the appraiser.