Leave Review on Google Leave Review on Facebook Check out what our clients say

How much is a $500,000 gearbox/transmission worth?

Full story here: 

The world’s most expensive car is at the center of a High Court battle between a dealer and an American collector, as a judge must decide who is entitled to the $48 million vehicle’s gearbox.

Gregor Fisken, 55, a London classic supercar trader, bought the 1962 Ferrari 250 GTO in October 2017 on the understanding that its missing original gearbox would be sourced.

However, when the seller, Bernard Carl, a Washington lawyer, failed to hand over the part, Mr Fisken sued for breach of contract.

Mr. Carl, in turn, claims Mr. Fisken breached the terms of their contract by refusing to travel to California to collect the gearbox, meaning he no longer has any rights to it. He is demanding that Mr. Fisken pay $500,000 (£380,000) to cover his efforts in locating the “unique and special” gearbox, which is being held by a classic car dealer in the US.

Just 39 of the Ferraris were built between 1962 and 1964 and the model is considered the holy grail among collectors. The $44 million Mr. Fisken paid is the highest publicly verified sale price of a car.

The second GTO ever built, it has an illustrious history, having been driven to first in class and second overall at the 1962 “12 Hours of Sebring” endurance race in Florida.

After Mr. Fisken’s company GFL bought it in 2017, it was immediately sold on to an anonymous collector.

However, Mr Carl said the US dealer in possession of the gearbox wanted $25,000 to hand it over, the court heard. Tension grew when the two dealers tried to arrange its delivery to England, quarrelling over who should pay the release fee and shipping costs.

Mr. Carl claims Mr. Fisken refused to collect the gearbox from California and this “repudiated” the contract, so GFL no longer hold any title to it.

He also argues that GFL does not have any right to sue for breach of contract because Mr. Fisken sold the car straight away, so he was “merely acting as an agent for a principal”.

In the witness box, Mr. Carl said he had offered both the car and the gearbox to Mr. Fisken’s company, but at a higher price of $44.5 million. The extra $500,000 was due under the contract for his work in locating and obtaining the gearbox, he said.

William Hooper, for GFL, told the court: “Mr. Carl undertook to use his best efforts to recover and deliver up the gearbox, in consideration for Gregor Fisken Ltd accepting the GTO without it.” Mr. Carl claimed he had previously been willing to give Mr. Fisken the gearbox, telling the judge in evidence: “The gearbox and the GTO are worth more together than apart. It makes commercial sense [to unite them] and I never opposed the idea.”

Mr. Fisken argues that GFL would routinely need to have a buyer lined up before entering into an agreement such as the one with Mr. Carl, so this does not “repudiate” their contract.

Mr. Hooper said: “GFL is a high-end classic car dealer … as a dealer, GFL needed to have its own buyer lined up prior to entering into a contract with Mr. Carl. The gearbox was included in the price of the GTO … cash consideration for the gearbox was clearly paid as part of the price for the GTO.”

Mr. Fisken is insisting on being given the gearbox rather than cash in kind, as it will return the vehicle to its “original and complete state”.

Mr. Hooper said: “The gearbox is unique and special. Damages would be inadequate. The restoration of original parts  to cars of this nature is of great significance. This is not simply about the unique nature of the gearbox itself, but the restoration of the GTO’s provenance.” The hearing in London continues.


All blog car appraisal cars tires Auto insurance Safer driving Divorce appraisals Car consultant DiminishedValue Diminished Value VIN Vehicle Identification Number Collector Cars Appraisal Clause Pre purchase inspections Vehicle Inspections Charitable Donation Total loss Prior to loss Totaled car Wrecked car Modified vehicle Extended warranty Probate Estate settlement Boat appraisals Financing Stolen vehicle Auto theft Hyundai Restomod Amelia Island Auction Nissan Cadillac Auto accident Collector car math Porsche Stolen car Ferrari Agreed value insurance RM Sotheby Monterey Ford Thunderbird Pebble Beach McLaren Mercedes Austin Car Jokes Hurricane Dorian Flood Austin Healey BringATrailer Buick Audi R8 Motorcycle appraisal Lamborghini Most Expensive Car in the World Fair Market Value Datzun 240Z Barn find Ford Bronco South Florida Bullitt Mustang 1937 Cord Bugatti Chevy Tahoe Jaguar Rebuilt title car appraisal near me Boat appraisal Fair market value appraisal Triumph TR6 Auto Appraisal Tesla Florida Recreational vehicle Miura Pinto Veyron Yugo Trabant Koenigsegg collector motorcyle Bankruptcy Rolls Royce Charity Donations Polaris Slingshot Auto loan Merry Christmas Antiquecar Classiccar fordmustangfastback motorcargallery Alfa Romeo Chevrolet Tri-Five Race car Teen driving Excalibur Phaeton Fire total loss insurance settlements Ford Pinto Chevrolet Vega AMC Gremlin JDM Japanes Domestic Market Kuruma Imports Branded title Salvage title Dodge Durango SRT Hellcat NSX Ford Mustang Shelby Hurricane Ian Flood total loss Emission standards Citroen Peugeot Renault French cars Texas Ireland Joke Registration Dirtlegal Land-Rover Defender AMC Pacer southfloridacarappraisers BMW Depreciation Auto inpector car inspector Replica Tribute Clone Recreation Kit car Ford performance Prostate cancer Alvis Mens health Movember AACA Classic car financing 1959 Ford Fairlane insurance claim Car appraiser Car adjuster Repair shop Stated Value AppraisalClause AutoInsuranceSecret Classiccars Investments Astonmartin Volkswagen Harlequin Classic car color change

Facebook Feed

Are classic cars good investments? Are classic cars good investments?

Are classic cars good investments? Historic Automobile Group International (HAGI) Classic car market prices overall corrected during 2023. The HAGI Top Index lost 2.41% during December and 6.22% in 2023. Performance during 2023 should also be seen in context with financial asset allocation and performance. Despite several negative predictions from leading analysts, global stocks showed strong performance during 2023 with the S&P global 1200 up 20.68% in USD terms.

Which auto pre-purchase inspection should you choose? Which auto pre-purchase inspection should you choose?

If you do an internet search for ‘auto pre-purchase inspection’ almost certainly the first Sponsored listing will be Lemon Squad. Lemon Squad has great marketing! Dig a little deeper and search for Lemon Squad reviews and you might decide to keep searching. Whichever auto pre-purchase inspection company grabs your attention, before you hire them, do your due-diligence by reading through all the good, the bad and the ugly reviews online.

In which state should I register my collector car? In which state should I register my collector car?

In which state should you register your collector car? A great majority of the registrations for collector cars are split between three states: South Dakota, Arizona, and Montana. It can be a little confusing to know which one to choose , so here's a breakdown of each state to give you an idea of the one that’s right for you.

What's your definition of a collector vehicle? What's your definition of a collector vehicle?

When it comes to defining collector vehicles, apparently it's different strokes for different folks. Miura, Pinto, Veyron, Yugo, Agera, Trabant may indeed all qualify! What's the most uncollectible vehicle you have ever owned, that now is considered a collector? Regardless, Auto Appraisal Network of South Florida appraises them all!

Rebuilt or branded titles and financing Rebuilt or branded titles and financing

The upside of buying a vehicle with a rebuilt or branded title is that you can own and drive one for significantly less that the identical car with a clean title. The downside is that nagging question of whether it truly was repaired properly, and of course its subsequent resale value. Also, if you plan to finance the purchase the lending institute will almost certainly require a Fair Market Value appraisal. We can help! Call/text 786-853-0711

Buying a Classic Car online Buying a Classic Car online

This article is actually about selling a classic car online, but every seller needs a buyer! If you are buying online, and cannot get up close and personal to kick the tires, be sure to get a pre-purchase inspection from a local Auto Appraiser. In South Florida, we can help! https://www.yumpu.com/en/document/read/63623879/selling-your-classic-car-online

Buying a collector car from a collection, or the whole collection? Buying a collector car from a collection, or the whole collection?

Whether you are buying your first collector car, adding one to you collection, or purchasing the whole collection, we can help with a pre-purchase inspection (PPI) and Fair Market Value appraisal in South Florida.

21k-Mile 1971 Datsun 240Z Series 1 sells on BringATrailer for $310,000 21k-Mile 1971 Datsun 240Z Series 1 sells on BringATrailer for $310,000

What's your car worth? https://bringatrailer.com/listing/1971-datsun-240z-124/

Video of the Week: A Trio of Bugattis at Speed Video of the Week: A Trio of Bugattis at Speed


1937 Cord 812 and Its Political History 1937 Cord 812 and Its Political History

Sleek lines of a 1937 Cord 812 Beverly conceals its once hidden past when it comes up in auctions. Learn the controversial history behind this historic automobile. https://www.foxnews.com/auto/cursed-1937-cord-812-political-history

Auto Appraisal Network South Florida

Enter Your Zip Code

How much is a $500,000 gearbox/transmission worth?