White Paper - Spring 2018 - Honoris Cars
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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
0.0
110.0 80.0
Mar-08
Mar-15
Jan-07
May-09
Jan-14
May-16
Feb-11
Sep-11
Dec-09
Jul-10
Dec-16
Jul-17
Apr-12
Aug-07
Nov-12
Oct-08
Jun-13
Aug-14
Oct-15
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
May-08
Jan-09
May-10
Jan-11
May-12
Jan-13
May-14
Jan-15
May-16
Jan-17
Sep-07
Sep-09
Sep-11
Sep-13
Sep-15
Sep-17
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
Jan-08
May-08
Jan-09
May-09
Jan-10
May-10
Jan-11
May-11
Jan-12
May-12
Jan-13
May-13
Jan-14
May-14
Jan-15
May-15
Jan-16
May-16
Jan-17
May-17
Jan-18
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
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
180
350
160
140 250
120
150
100
50
80
60 -50
40
MSCI Hedged World USD Index (LHS) Global Aggregate (LHS) HFRI (LHS) Hagerty Blue Chip (RHS) -150
20
0 -250
Jan-07
May-07
Jan-08
May-08
Jan-09
May-09
Jan-10
May-10
Jan-11
May-11
Jan-12
May-12
Jan-13
May-13
Jan-14
May-14
Jan-15
May-15
Jan-16
May-16
Jan-17
May-17
Jan-18
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
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
May-…
May-…
May-…
May-…
May-…
May-…
May-…
May-…
May-…
May-…
May-…
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
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-You can also read
