Classic Car Trust & Estate/Wealth Advisory
Due to the significant increase in classic and collector car values in recent years, and the impact on asset portfolios, there is a compelling need for expertise in this nuanced field. Our best practice approach as relates to these assets is required in order to achieve optimal results.
Whatever the short, medium, or long term goals may be, Chrome Strategies Management can be a critical resource in developing and executing a strategic plan.
Vintage Car Appraisals and Valuations
Chrome Strategies Management classic car appraisals are compliant with USPAP standards (Uniform Standards of Professional Appraisal Practice). Our appraisals are routinely used for insurance, financing, estate, probate, purchase, sale, matrimonial, donation, fiduciary and legal/litigation purposes.
Assessing a Collection for Financing
Collector, classic, and vintage cars are viewed by an increasing number of banks and other financial institutions as an asset against which they are willing to lend. This enables the asset owner to unlock embedded values of a collection in part or in whole. Chrome Strategies Management provides current and historical classic car value data, and other research, to wealth advisors, family offices and estate and trust planners to enable them to engage in this process.
Market and Portfolio Analysis
The macroeconomic setting of the collector car market as well as the microeconomic characteristics of the individual classic car portfolio establish the basis for Chrome Strategies Management’s customized analysis. This can be utilized by the client, their estate and trust, tax, and wealth advisors to inform individualized objectives, and can be the basis for Family Office or beneficiary decision-making as well.
Cataloging of the Collection
Cataloging is a critical component of managing classic, collector, or vintage automobile portfolios, no matter if it contains one car or one hundred. Understanding, developing and recording the documentation and history of the assets is the foundation on which a range of decisions, strategies and actions can be put in place. These may include tax planning, estate planning, purchase and sales, donations, lending, and rebalancings. On its own, cataloging will help establish collection valuations for a succession of owners.
Monetization of Assets/Maximizing Returns
Whether selling one vintage car or a collection, Chrome Strategies Management develops and implements a global strategy, utilizing its classic and collectible automobile expertise, depth of relationships, and market knowledge in this highly specialized and nuanced field to achieve optimum results. The strategy can be part of estate planning, activities within an active trust, or for individuals.
Chrome Strategies Management provides advisory services to tax and legal professionals, wealth advisors and those with fiduciary responsibilities as they incorporate classic car collections within the estate planning discipline.
The compilation of a specific collector cars’ history, inclusive of critical elements such as production records, title history, and show/award/registry history is of paramount importance whether assessing a value to a vintage car, or a collection. Chrome Strategies Management works with marque specific experts to provide authentication services. A collector cars’ provenance may be enhanced by external factors such as inclusion in a well-known collection.
Physical Management of Classic Car Collections
Chrome Strategies Management applies best practice approach to storage, insurance, maintenance, upkeep, transportation and security of antique, classic and collectible cars. This may include relocation of a collection on an as-needed basis.
Managed Portfolio Option
Existing antique, classic and collectible car collections may be incorporated into Chrome Strategies Management’s Private Managed Portfolio program which focuses on attaining attractive returns through active management.