City of Detroit May Need To Sell Car Collection to Pay Debt

mustangCONCEPT

It’s no secret that the City of Detroit is in horrible financial shape. They’ve struggled with very high unemployment rates for some time now and recently experienced a pretty incredible mass exodus. Anyone who could leave has. So it’s no surprise that this city has huge debt and needs to do some something to generate some cash.

There have been reports that Emergency Manager Kevyn Orr is considering the sale of the city’s little-known collection of classic cars to raise some dough.

The collection ranges from a 1905 Cadillac Osceola once owned by Cadillac founder Henry Leland to a 1984 Dodge Caravan and documents the automobile’s long history in the city.

A handful of the vehicles are on display at the society’s Detroit Historical Museum or on loan to other institutions, but most sit in climate-controlled plastic bubbles in a warehouse along the Detroit River.

Orr, a restructuring lawyer appointed by Republican Governor Rick Snyder to turn around Detroit’s finances, said last week that the city would stop making payments on some of its nearly $18.5 billion debt.

He also asked creditors to accept pennies on the dollar to help the city avoid the largest municipal bankruptcy in U.S. history.

The collection was valued at more than $12 million, according to the New York Times, which reported on the potential sale.

The collection may not be the most valuable in the world, but it is unique, said William Chapin, president of the Automotive Hall of Fame in suburban Detroit.

The staff at eimports4Less is following this story closely and we’ll have updates on our blog as we get new info. Stay tuned, we may see a fire sale on one of the most important collections of vehicle on Earth.

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