Stock cars come under the hammer for UAE racing fans

Race fans dreaming of owning their own 620 horsepower stock car have a chance to fulfil their fantasy.

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Last Updated: May 15, 2011

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All the equipment from the defunct Speedcar racing series, an attempt to bring Nascar-style racing to Dubai's Autodrome, are on the auction block. The sale includes spare engines, tools, telemetry systems and shipping containers, in addition to 27 cars capable of speeds of about 225km an hour.

Liquidators have been trying to sell the equipment as one lot for the past year, with an asking price of $1.5 million (Dh5.5m).

"We got some very strong interest, but they were not in a position to finalise," said Will Hancock of GoIndustry DoveBid, the UK auction house handling the sale.

Now shoppers will be able to bid on specific items, including the individual cars used in the series.

The Speedcar series was organised in 2008 under the umbrella of a holding company created by Union Properties, the developer of the Autodrome and MotorCity. The series attracted such international drivers as Jean Alessi, Johnny Herbert, Heinz-Harald Frentzen and Jacques Villenueve, but ultimately lasted only two years.

When the series was liquidated after the 2009 season, the company listed Dh153 million in liabilities, primarily to Union Properties. Mr Herbert, the former Formula One driver who won the first season of the Speedcar series, is owed more than Dh620,000, according to court filings.

The Speedcar company was incorporated in the British Virgin Islands and the liquidation is following BVI procedures, which are less complex than those in Dubai, said Shabbar Dhalla of Griffins, the company handling the liquidation.

The cars and mechanical gear, which are stored in a MotorCity warehouse, are the main assets of the company, Mr Dhalla said. The liquidators still would like to sell all the gear in one lot, but they will entertain online bids for the equipment until June 1.

The auction house is not releasing a reserve price for the cars and tools, Mr Hancock said.

"It's not an easy thing to value," Mr Hancock said.

There are no racing series currently using the cars, which have been modified beyond Nascar standards.

A likely buyer might be someone interested in starting a new racing series, Mr Hancock said. Other possibilities include racing schools or companies offering people a chance to experience what it is like to drive a race car.

"The engines are 620 horsepower," Mr Hancock said. "When you crank them up they can be pretty quick."