White Paper - Spring 2018 - Honoris Cars

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White Paper - Spring 2018 - Honoris Cars
White Paper – Spring 2018
Introduction
With the growing uncertainty in financial markets               traps and mistakes takes time and experience. This
and decreasing absolute returns, investors have                 is where our support comes into play.
started looking at a wider range of real assets to
provide uncorrelated returns to their portfolios.               Investing in collector cars, aside from being
These real assets are less impacted by political                financially sound, has the added benefit of providing
intervention, central bank action and other events              the collector with the and pleasure of owning and
linked to financial markets. Therefore, including a             driving these classic automobiles. Like real estate
pocket of classic and collector cars in the context of          properties, classic cars are a tangible investment
building a portfolio can provide diversification                however, unlike a building, they can be driven — or
through uncorrelated returns.                                   even raced! Furthermore, these investments are far
                                                                less legally constraining than real estate and often
This market has seen steady and continued growth in             do not carry the same concentration risk. They are
value for well sought-out models. Limited stock and             investments you can make for the long run and enjoy
availability as well as history make for rarity, which          along the way.
will differentiate a model from others and will
provide a strong downside protection in value.                  Tangible — movable — non-perishable
However, finding such models as well as avoiding

The H-Spirit
       10 years’ experience in traditional finance, 15 years’ experience in car investment, 45 years of passion
        for cars and motorcycles across two generations: The H-Spirit.

       Our wide and trustworthy network allows us to benefit from the insights and skills of the best specialists
        in both the financial industry and the automobile/motorcycle world providing you with a broad and
        exclusive range of services.

Market

2017                                                            support reflecting investors’ doubts about the
                                                                future. Collector cars market prints slightly up and
The last year was supportive for financial markets,             demonstrates that this asset class can generate
especially on the back of Equities that were buoyed             uncorrelated returns as specialists continue looking
by synchronized global economic growth and modest               for prime condition models. Furthermore, a new
inflation. This translated into robust growth in                trend is emerging where buyers beginning to
corporate earnings and the year eventually ended                consider cars as an asset class amongst others and
with returns exceeding expectations set out at the              turn their attention to this segment to diversify their
start of the period. Looking at collector cars, the             return in this lackluster environment while over the
market turned back into positive territory (about 2%            last 30 years, collector cars’ purchases were rather
up for the Hagerty Blue Chip Index) after a 2016 year           driven by the “we earn money on financial markets –
which was still consolidating.                                  let’s buy cars” rationale. So cars have now also
                                                                become a way to increase capital rather than only to
2018                                                            spend it.

Investors’ mood radically changed since the end of              Our global market analysis
last year where the generally optimistic outlook
appeared to be the new paradigm. However, equity                The classic car market experienced a significant rally
markets declined in Q1 with participants unnerved by            over the 2012-2014 period to such an extent that
concerns about the rise in US interest rates and its            several experts started worrying          about the
consequence on trade. Inflation picked up which was             formation of a bubble similar to the early 90’s where
reflected in global bond markets. Volatility spiked             some people bought 2 or 3 Ferrari F40 specimens to
heavily in January and now seems to have found a

              Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -2-
speculate on the model price… At the beginning of                                                                                                                           some sort of predictive measure. However, while
2015, we then entered a “healthy correction” phase,                                                                                                                         normal investors seem to follow expert advice on the
                                                                                                                                                                            downside (“now the market bottomed, let’s buy
                                                                                                                                                                            back”), the former seem less keen to accept that the
based on both investors locking in some profits, and
                                                                                                                                                                            market begins to be overbought: almost three years
buyers focusing again on more sought-after models                                                                                                                           flew by between the moment when experts noticed
in optimal condition. For the very high-end pristine                                                                                                                        some heat and normal investors in turn decided that
quality models, this correction has not happened and                                                                                                                        the market was a little bit overbought and switched
buyers’ increasing capacity to wait for the right                                                                                                                           to defensive mode.
model to come to market means that when this does
                                                                                                                                                                            800.0
occur, there is enough capital to keep the prices                                                                                                                           700.0
                                                                                                                                                                                                           German Collectibles
rising steadily, while the price of an average                                                                                                                              600.0
                                                                                                                                                                                                           US Muscle Cars Collectibles
condition model and/or with an unclear history                                                                                                                              500.0
                                                                                                                                                                                                           British Cars Collectibles
decreased by 10%-20%.                                                                                                                                                                                      Ferrari Collectibles
                                                                                                                                                                            400.0
                                                                                                                                                                                                           Hagerty Blue Chips
                                                                                                                                                                            300.0
130.0                                                                                                                                                               120.0   200.0

120.0                                                                                                                                                               100.0   100.0
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110.0                                                                                                                                                               80.0

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100.0                                                                                                                                                               60.0

    90.0                                                                                                                                                            40.0    The above chart confirms what we already insisted
                                                                                               Hagerty Top Index (LHS)                                                      on: selecting the good car to invest in is like picking
    80.0                                                                                                                                                            20.0
                                                                                               Sentiment Index (RHS)                                                        the right stock. Take for instance the discrepancies
    70.0                                                                                                                                                            0.0     between the increase in value of collector Ferraris
                                                                                                                                                                            (+550%) and US Muscle cars (+20%) over the 07-2017
           Jan-07

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                                                                                                                                                                            period. Clearly the 2008 financial crisis had a bigger
The above chart shows the Hagerty Top Index (overall                                                                                                                        impact on the US market because every asset that
market activity, heat and momentum) plotted with                                                                                                                            could be sold to cover debts was liquidated at any
the Hagerty Sentiment Index (experts’ sentiment on                                                                                                                          cost thus driving down prices. One often hears “so if
the collector car market). It is interesting to observe                                                                                                                     I want to grow my capital, I have to buy cars?”. This
the lag between the bottom and the top of both                                                                                                                              rationale is a little like asking your banker if you
indices. There is about 1 year of lag between the time                                                                                                                      should buy Equities to improve your returns: if he is
when the Sentiment Index bottomed and the Top                                                                                                                               honest and doesn’t only earn money on your
index bottomed while it took about 3 years for the                                                                                                                          brokerage fees, he will tell you that it depends on the
Top index to hit its top level after the Sentiment                                                                                                                          equity you want to buy and the timing of your
Index did. It seems the experts’ sentiment acts as                                                                                                                          purchases. Selectivity is paramount.

Why cars are a key asset in a portfolio

A “good portfolio” is one which gives you an acceptable level of return for the level of risk you are able to bear and
live with. Theoretically the one that will sit on the efficient frontier1, meaning that he will give you the greater
return for a determined risk level (risk adjusted return or Sharpe ratio). The key point to understand with collector
cars as an asset class is that nobody has a crystal ball, and we, at Honoris Cars, definitely do not have one. While a
good car selection can provide you with good to tremendous returns, it offers you returns that are uncorrelated
(or let’s prudently say: less correlated) with classical asset returns (equities and bonds), which allows us to consider
this asset class as an alternative asset class by definition. Correlation also changes through time, and while as
mentioned before in the 2018 review, still a few decades ago investors bought cars mostly “when they earned
money on traditional market”, they now buy cars to diversify their investment in traditional market, and that is the
key difference that will definitely change the way investors consider collector cars.

On this graph you notice that the price of the Blue Chip Cars (very sought after models, see appendices) isn't
always correlated to car market activity, heat and momentum. Those blue chips prices increased in average during
the equity market turmoil back in 2008 when activity in the car market slowed down, and interestingly accelerated
between 2013 and 2015 where both car activity and equity market were in a rather stable positive trend to finally
stabilize before both other indices did so too.

1   https://www.investopedia.com/terms/e/efficientfrontier.asp

                                          Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -3-
160.0                                                                                                                                                                                                                                                                                                                                          400.0

140.0                                                                                                                                                                                                                                                                                                                                          300.0

120.0                                                                                                                                                                                                                                                                                                                                          200.0

100.0                                                                                                                                                                                                                                                                                                                                          100.0

                                                                                                                                                                                                                                                                     Hagerty Top Index (LHS)
 80.0                                                                                                                                                                                                                                                                                                                                          0.0
                                                                                                                                                                                                                                                                     MSCI World Hedged (LHS)
 60.0                                                                                                                                                                                                                                                                                                                                          -100.0
                                                                                                                                                                                                                                                                     Hagerty Blue Chips (RHS)

 40.0                                                                                                                                                                                                                                                                                                                                          -200.0
         Jan-07
                  May-07

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Those decorrelation patterns are even clearer when you plot the price of blue chips against the broad Equity and
Fixed Income markets as well as on the broad Alternative assets segment (HFRI).

200                                                                                                                                                                                                                                                                                                                                             450

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                                    MSCI Hedged World USD Index (LHS)                                                                            Global Aggregate (LHS)                                                                HFRI (LHS)                                   Hagerty Blue Chip (RHS)                                     -150
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  0                                                                                                                                                                                                                                                                                                                                             -250
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Over the January 2007 - December 2017 period, adding collector cars to a portfolio composed of 40% bonds and
60% equity improves Sharpe ratio from 0.7 to 1.2. While over this period the average return of the car collector
segment was stellar, enhancing the portfolio with collector cars annualized average return from 5.2% to 7.5%, it is
worth considering the volatility contribution, decreasing from 7.2% to 6.2% with the addition of cars and thus
having a material impact on the portfolio efficiency. Furthermore, the maximum drawdown over 2008 crisis is
reduced from -18.6% to -14.2%.

                                                                                                            Balanced Portfolio                                                                                                                                                                 Balanced Portfolio
                                                                                                                                                                                                                                   Balanced Portfolio
                                               Balanced Portfolio                                         40%Bonds /60%Equity                                      Balanced Portfolio                                                                                                        50%Bonds /60%Equity
                                                                                                                                                                                                                                 50%Bonds /50%Equity
                                             40%Bonds /60%Equity                                              + 15% Hagerty                                      50%Bonds /50%Equity                                                                                                             + 15% Hagerty
                                                                                                                                                                                                                                      + 15% HFRI
                                                                                                                 BlueChip                                                                                                                                                                           BlueChip
                  Vol                                              7.22%                                                    6.15%                                                    8.23%                                                          7.59%                                                      6.97%
               Annual                                              5.23%                                                    7.49%                                                    4.72%                                                          4.28%                                                      7.01%
               Sharpe                                               0.72                                                     1.22                                                      0.57                                                              0.56                                                  1.01

                                       Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -4-
180.00
                                                Balanced Pfo 40%B/60%E
                                                Balanced Pfo 40%B/60%E + 15% Hagerty BlueChip
    160.00
                                                Balanced Pfo 50%B/50%E
                                                Balanced Pfo 50%B/50%E + 15% Hagerty BlueChip
    140.00
                                                Balanced Pfo 50%B/50%E + 15% HFRI
    120.00

    100.00

     80.00

     60.00
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In practice

This market requires a good deal of research,                                                                                                                   Sports cars from the noughties arguably have the
discussion, connections as well as time spent with                                                                                                              best blend of reliability, usability, drivability, sex-
other car collectors and aficionados. A seemingly                                                                                                               appeal     and     political    (and      environmental)
anonymous model may suddenly earn status due to                                                                                                                 incorrectness of any sports car era. They are also
an appearance in a movie or in the hands of a famous                                                                                                            good value right now — so get in while you can. Think
collector. A less-performing car can see its value                                                                                                              of a manual Lamborghini Murcielago for a shade over
increasing based on racing pedigree which could also                                                                                                            $150,000 — or a manual Aston Martin V12 Vantage for
be down to the driver instead of being due to                                                                                                                   even less. Porsche 997 Turbos with the Metzger
mechanical superiority. These biases will remain                                                                                                                engine are also seem like a bargain. Forget about the
strong and may even grow in importance in the                                                                                                                   Ferrari 599 GTB equipped with a manual gearbox — if
future as these become more about collection and                                                                                                                you did the deal when we talked about it early in 2017,
symbolism and less about utility.                                                                                                                               you would have performed by almost 100% in one
Classics often appear in models that were significant                                                                                                           year. Do not miss the next one!
to the collector population at the time of their youth.                                                                                                         In 2018 we expect the sub-$150,000 marketplace to
This means that 30s and 40s classics have probably                                                                                                              be vibrant and we’re certain we’ll see some surprising
come near the end of their investment paths and                                                                                                                 auction results as buyers diversify and look for points
interest has moved to 50s and 60s models. Bearing                                                                                                               of differentiation. Opportunities abound in this
this in mind, it would be interesting to consider what                                                                                                          sector — our tip: ‘90s AMG models.
were the icons and dreams of future collectors in                                                                                                               Porsche will remain strong. Aston-Martin will
order to find good investments — certainly the Ferrari                                                                                                          continue to flourish. The best Ferraris will continue
F355 with a manual gear box fits in this category and                                                                                                           to thrive — the rest may well find themselves back
so does the less well-regarded Ferrari Mondiale T. A                                                                                                            home on the continent. We tipped Maserati to gain
Porsche 944 Turbo, an Aston Martin DB7 Vantage or                                                                                                               last year and we are still waiting for it to happen – buy
a Viper GTS also have keen fans that may well bring                                                                                                             a reliable, sublime and still affordable Maserati
those cars back to the forefront.                                                                                                                               4200GT with a manual gearbox. AMG Mercedes and
                                                                                                                                                                BMW M are increasing in popularity (and price) for
Modern classics have been one feature of the market                                                                                                             some specific 90’s/00’s cars
these last ten years — some of them so modern that                                                                                                              For the smaller tickets, there is also the possibility to
the term “classic” can’t even apply in the eyes of                                                                                                              find some recent Ferraris such as the 348 GTB/GTS
many. Low mileage, limited-edition manual                                                                                                                       which have been staying under the radar. A BMW M5
supercars are pick of the year, for instance cars like                                                                                                          E39 V8 in good mechanical condition is also a steal:
the Aston Martin DBS manual — which six years ago                                                                                                               considering what the 2002Ti has done, it may be
weren’t flavor of the month because of the stick                                                                                                                following the same upward trend from here.
shift.

Our offer in context

                         Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -5-
In the context of starting or growing a collection, our investment experience in both traditional financial assets
and cars puts us in an ideal position to advise and assist you in your investment process.
Our offer

Wealth management through collection cars

Our expertise lets you build a long-term passionate investment with solid downside resilience. We find under-
recognized opportunities that are also desirable in your eyes. We understand your needs and make sure that you
will enjoy these cars, while letting you control the balance between fun and financial performance. It links
mechanical passion with financial investment.
Existing collection: we provide valuations, advice on additions or sales based on market opportunities to optimize
value and returns, as well as support to maintain and manage an existing collection. Following the collector’s
guidelines, we will seek to manage and potentially expand a collection.
New collection: We provide the platform to create a collection in line with the wishes of the investor/collector.
Once the theme/type/specificities have been determined we will use our network and knowledge of the
automobile market to build a balanced portfolio with the long-term growth of the collection in mind. We will also
manage storage and maintenance with dedicated firms and specialists to provide you with an all-in-one solution.

Brokerage

Whether this is a high-end sedan, an SUV, a sports car, a race car or an “Oldtimer”, we will be at your disposal to
help you source and deliver the vehicle you choose, or to manage more complex restoration or modification
projects. Sometimes however, you may also need to make space in the garage. In this case we can also be of help
in selling your car in the best possible conditions.

Vehicles fleet management

Because cars also imply daily use, fleet maintenance and management, we are at your disposal to fully handle and
run your company’s vehicle fleet or your personal cars in order to let you only care about the purpose of your trips
and not the way you do them.

Events

Classic, sports, racing or Vintage cars all have something in common: they generate passion. And passion is
probably the best base to build long-lasting and trustworthy relationships with your clients, friends and
employees. Countryside rides with sports or racing cars, track days’ introduction on racing cars or gourmet rallies,
all sure to please the palate!

In a nutshell

Why

Today the market spectrum is wider than ever, from city electric to old racing cars. It will split in the future, with
shared vehicles seen as consumer goods picked from a smartphone to go from A to B at the one end, and collector,
racing and concours cars at the other end. This split will call for a growing desire in favor of cars, as is the case for
art.

In the world, there are about 50 million Millennials with $1mio+ of disposable assets. This number is expected to
grow by 30% until 2050. Collector cars are by definition not built anymore or in limited runs, meaning they will be
increasingly sought after over time.
Tangible – movable – non-perishable: while financial and legal environments may change considerably over time,
this asset class is, at least for the moment and unlike real estate, free from specific jurisdictions or evolving
regulations.

               Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -6-
How

       Building a diversified collection of cars (valorizations, types and uses that can be very heterogeneous)
        while maintaining focus on both growth in value through time and resilience to market fluctuations

This could be:
       Cars undervalued at a time T
       Cars with a value expected to grow according to an evaluation grid
       Cars with a value that could be grown “organically” through a restoration
       Maintaining focus is helped by our keeping ahead of collector car market trends by setting up criteria
        combining art and science to meet your expectations in term of pleasure and performance.

What

       Our own experience + the network that was built over the years:
       Close relationships with auctioneers trawling the world for those rare nuggets
       Likewise, with auto experts who value cars at their real actual value
       Great mechanics, coach-builders etc., able to increase cars’ intrinsic value through restoration
       Large network to sell cars after they appreciated

FAQ

Storage, Insurance, Maintenance costs?                          If you have closed garage space available this will be
                                                                the first option to store the vehicles, away from the
Obviously, holding a physical asset that requires               natural elements. If the number of vehicles is such
maintenance and storage involves different costs                that more space is needed, there are a number of
than simply holding an equity portfolio. Maintenance            locations where professional storage is possible and
and storage are certainly the most important. Cars              we do offer this service. These locations are often
are assets that keep their value by remaining in                operated by specialized firms and can also provide
pristine condition. To do so requires regular                   the regular running the car require.
maintenance as well as actual driving on a regular
basis to prevent the various engine parts and general           How much is a reasonable amount to start building
mechanics from deteriorating. Actual costs will of              a collection?
course depend on the use, the make, the model and
how many cars you own but an overall cost of about              In effect any amount that will allow you to buy a car is
2% to 6% of the collection’s value is a fair estimate.          enough to start. The amount will depend on the
                                                                specifics of the collection you are thinking of
Valuations?                                                     building. A classic Ferrari collection will be much
                                                                more onerous than a classic 80s hot hatch collection
We have partnered with independent valuation                    for example. Nonetheless both are viable collections
experts with over 20 years’ experience in the auction           and can provide the returns and diversification we
business valuing cars for sales and auction houses.             seek. There are as many collections as there are
These valuations complement comparable market                   collectors, and micro-collections might just be the
transactions where necessary.                                   next big thing.

Can I still drive these collector cars?                         Buying a salvaged car and restoring it

Not only can you drive them, you absolutely have to.            Buying a severely deteriorated vehicle is also a way
It is important to regularly run the cars to ensure the         of finding rare models at interesting prices. This
engine parts and general mechanics do not                       then requires a full restoration to return the car to
deteriorate. We can obviously offer you this service            working and even collector condition which means
if you perceive your collection as an investment only.          finding the parts and rebuilding what is missing. This
                                                                is one of the best ways to generate organic growth
Where to store my collection?                                   and is part of the services we provide you with.

              Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -7-
Conclusion

Grow your wealth and diversify your financial exposure through an asset class that can generate emotion and that
you can pass on to the next generation.

Expand your network, as behind every car aficionado there is someone with other interests and activities with
whom to connect and grow.

Do not spend time anymore buying/selling your cars or managing your vehicle fleet and rather focus and use your
time on what really matters to you.

       The H-Spirit: built with passion, to fuel passion and create value.

              Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -8-
Appendices

Hagerty Blue Chip

1967 Chevrolet Corvette                                         1957 Mercedes-Benz 300SL Gullwing
2dr Convertible 8-cyl. 427cid/435hp 3x2bbl L71                  2dr Coupe 6-cyl. 2996cc/240hp Bosch FI

1966 Shelby Cobra 427 (CSX3300 - CSX3360)                       1965 Shelby GT350
2dr Roadster 8-cyl. 427cid/425hp 2x4bbl                         2dr Fastback 8-cyl. 289cid/306hp 4bbl

1969 Toyota 2000GT                                              1959 Maserati 5000GT Frua
2dr Coupe 6-cyl. 1988cc/150hp 3x2bbl DOHC                       2dr Coupe 8-cyl. 4941cc/380hp 4x2bbl

1958 Ferrari 250 California LWB                                 1954 Lancia Aurelia B24
2dr Spider (closed headlight) 12-cyl. 2953.21cc/240hp 3 Weber   2dr Spider America 6-cyl. 2451cc/118hp 2bbl
Carbs

1972 Iso Grifo IR9 Can Am                                       1970 Plymouth Cuda
2dr Coupe 8-cyl. 6998cc/400hp 4bbl                              2dr Convertible 8-cyl. 426cid/425hp 2x4bbl Hemi

1958 Bentley S1 Continental Coachbuilt                          1964 Alfa Romeo TZ-2
2dr Drop Head Coupe 6-cyl. 4887cc/178hp 2x1bbl SU               2dr Coupe 4-cyl. 1570cc/112hp 2x2bbl

1963 Mercedes-Benz 300SL                                        1953 Chevrolet Corvette
2dr Roadster 6-cyl. 2996cc/250hp Bosch FI                       2dr Roadster 6-cyl. 235cid/150hp 3x1bbl

1965 Aston Martin DB5                                           1973 Porsche 911 Carrera RS 2.7
2dr Sedan 6-cyl. 3995cc/282hp 3x1bbl SU                         2dr Coupe 6-cyl. 2687cc/210hp Bosch FI

1948 Tucker 48                                                  1963 Shelby Cobra 289 R&P
4dr Sedan 6-cyl. 335cid/166hp 2bbl                              2dr Roadster 8-cyl. 289cid/271hp 4bbl

1954 Jaguar D-Type                                              1958 Porsche 356A 1600 Super
2dr Roadster 6-cyl. 3442cc/250hp 3x2bbl Weber                   2dr Speedster 4-cyl. 1582cc/88hp 2x1bbl

1963 Ferrari 250 California SWB                                 1957 Rolls-Royce Silver Cloud I HJ Mulliner
2dr Spider (closed headlight) 12-cyl. 2953.21cc/280hp 3 Weber   2dr Drop Head Coupe 6-cyl. 4887cc/NA hp 2x1bbl
Carbs

1968 Ferrari 275 GTB/4                                          1959 BMW 507
2dr Coupe 12-cyl. 3285.72cc/320hp 6 Weber Carbs                 2dr Roadster 8-cyl. 3168cc/150hp 2x2bbl

1971 Lamborghini Miura P400 SV
2dr Coupe 12-cyl. 3929cc/385hp 4x3bbl Weber

Hagerty Affordable Classics

1967 Volkswagen Beetle                                          1949 Buick Roadmaster Model 76S
2dr Sedan 4-cyl. 1493cc/53hp 1bbl                               2dr Sedanet 8-cyl. 320cid/150hp 2bbl

1967 Volkswagen Karmann Ghia                                    1972 Porsche 914 2.0
2dr Coupe 4-cyl. 1493cc/53hp 1bbl                               2dr Targa 4-cyl. 1971cc/91hp FI

1963 MG MGB Mk I                                                1971 Datsun 240Z
2dr Roadster 4-cyl. 1798cc/95hp 2x1bbl                          2dr Coupe 6-cyl. 2393cc/151hp 2x1bbl

1965 Chevrolet Corvair Monza                                    1965 Ford Mustang GT
2dr Convertible 6-cyl. 164cid/110hp 2x1bbl                      2dr Coupe 8-cyl. 289cid/225hp 4bbl

1972 Triumph TR6                                                1963 Studebaker Avanti
2dr Convertible 6-cyl. 2498cc/106hp 2x1bbl                      2dr Coupe 8-cyl. 289cid/240hp 4bbl

1962 Studebaker Lark Regal                                      1970 Chevrolet Camaro SS
2dr Convertible 6-cyl. 170cid/112hp 1bbl                        2dr Sport Coupe 8-cyl. 350cid/300hp 4bbl L48

                 Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -9-
Hagerty Ferrari

1966 Ferrari 330 GT SII                                         1957 Ferrari 410 Superamerica SIII
2dr Coupe 2+2 12-cyl. 3967.44cc/300hp 3 Weber Carbs             2dr Coupe (closed headlight) 12-cyl. 4962.96cc/340hp 3x2bbl Weber
                                                                Carbs

1963 Ferrari 250 LM                                             1968 Ferrari 330 GTC
2dr Coupe 12-cyl. 3285.72cc/320hp 6 Weber Carbs                 2dr Coupe 12-cyl. 3967.44cc/300hp 3 Weber Carbs

1958 Ferrari 250 California LWB                                 1972 Ferrari Dino 246 GTS
2dr Spider (closed headlight) 12-cyl. 2953.21cc/240hp 3 Weber   2dr Spider 6-cyl. 2419.20cc/195hp 3 Weber Carbs
Carbs

1972 Ferrari 365 GTB/4 Daytona                                  1963 Ferrari 250 GT Lusso
2dr Coupe 12-cyl. 4390.35cc/352hp 6 Weber Carbs                 2dr Coupe 12-cyl. 2953.21cc/240hp 3 Weber Carbs

1960 Ferrari 250 GT                                             1972 Ferrari 365 GTS/4 Daytona
2dr Coupe 12-cyl. 2953.21cc/240hp 3 Weber Carbs                 2dr Spider 12-cyl. 4390.35cc/352hp 6 Weber Carbs

1963 Ferrari 250 California SWB                                 1963 Ferrari 250 GT SWB
2dr Spider (closed headlight) 12-cyl. 2953.21cc/280hp 3 Weber   2dr Coupe 12-cyl. 2953.21cc/280hp 3 Weber Carbs
Carbs

1968 Ferrari 275 GTB/4
2dr Coupe 12-cyl. 3285.72cc/320hp 6 Weber Carbs

Hagerty German Collectibles

1957 Mercedes-Benz 300SL Gullwing                               1970 Mercedes-Benz 280SE 3.5
2dr Coupe 6-cyl. 2996cc/240hp Bosch FI                          2dr Cabriolet 8-cyl. 3499cc/230hp Bosch FI

1965 Porsche 356C 1600 SC                                       1962 Mercedes-Benz 190SL
2dr Coupe 4-cyl. 1582cc/95hp 2x2bbl                             2dr Convertible 4-cyl. 1897cc/120hp 2x2bbl Solex

1972 Porsche 911 S                                              1956 Porsche 356A 1500 GS Carrera
2dr Coupe 6-cyl. 2341cc/210hp FI                                2dr Speedster 4-cyl. 1498cc/128hp 2x1bbl

1959 Porsche 356A 1600 Super                                    1948 Porsche 356 Gmund
2dr Coupe 4-cyl. 1582cc/88hp 2x1bbl                             2dr Coupe 4-cyl. 1086cc/46hp 2x1bbl Solex

1971 Mercedes-Benz 280SL                                        1955 Mercedes-Benz 300Sc
2dr Convertible 6-cyl. 2778cc/180hp Bosch FI                    2dr Cabriolet 6-cyl. 2996cc/175hp Bosch FI

1962 Porsche 356B S90                                           1963 Mercedes-Benz 300SL
2dr Roadster 4-cyl. 1582cc/90hp 2x2bbl                          2dr Roadster 6-cyl. 2996cc/250hp Bosch FI

1973 BMW 3.0CSL Batmobile                                       1967 Porsche 911 S
2dr Coupe 6-cyl. 3003cc/200hp FI                                2dr Targa 6-cyl. 1991cc/180hp 2x1bbl

1979 BMW M1                                                     1973 Porsche 911 Carrera RS 2.7
2dr Coupe 6-cyl. 3453cc/277hp FI                                2dr Coupe 6-cyl. 2687cc/210hp Bosch FI

1979 Porsche 911 Carrera Turbo                                  1958 Porsche 356A 1600 Super
2dr Coupe 6-cyl. 3299cc/265hp FI                                2dr Speedster 4-cyl. 1582cc/88hp 2x1bbl

1973 BMW 2002tii                                                1970 Mercedes-Benz 600
2dr Sedan 4-cyl. 1990cc/130hp MFI                               4dr Sedan 8-cyl. 6329cc/300hp Bosch FI

                Honoris Cars SA  Rue Saint-Jean 4, CH-1260 Nyon  +41 22 55 22 911  www.honoris-cars.ch -10-
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