Press Sighting: BusinessWeek
January 4, 2008
BusinessWeek had a nice little blurb about us in their January 14th issue: "The rich in America can afford to buy super-luxury autos—and many do. But car connoisseurs increasingly are purchasing time shares in fancy cars..." Read on for the full piece.
My Lamborghini—Today, Anyway
The rich in America can afford to buy super-luxury autos—and many do. But car connoisseurs increasingly are purchasing time shares in fancy cars. Over the past year, George Johnson, owner of a New Jersey construction company, has spent about $30,000 for a total of 90 days' drive time in a Lamborghini (VLKAY) Murcielago and a Bentley Continental GT, among other pricey rides. "It's not worth it to buy one of these cars when you have to fix them," says Johnson, a customer of Gotham Dream Cars, which sells fractional shares in trophy cars in New York and Miami (minimum package: 20 days, about $9,000). Gotham President Noah Lehmann-Haupt says the costs and hassles of insuring and garaging exotic cars driven just now and then, and the rise in U.S. millionaires since 2000, are feeding his business. Similar car agencies have popped up to meet demand, such as San Francisco's Club Sportiva. Gotham's newest target market: companies that reward good managers with time at the ultra-luxe wheel of, say, a $350,000 Lambo.
