I noticed that Proteam is selling out. Having time and a calculator I added up all the year end sale prices. For the mear price of $15,652,983 you can purchase 189 cars on their web site. You could drive each car two days a year and then pick a new one to drive.
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Keith Burmeister -
Re: Proteam for sale
Citigroup could do that deal 3,000 times with the $45 billion they had handed to them this month (with no conditions, no begging, and no "hearings"), not counting the commitment to cover their $309 billion in bad loans.
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Re: Proteam for sale
What did they (CitiBank execs) do; take the commuter train from New York to D.C. (probably hid the Jets).
Any ideas why ProTeam is selling out? They looked pretty active in the televised Auctions this past year.
Stu FoxComment
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Re: Proteam for sale
Anybody know why they're selling out? Certainly Terry is not old enough to retire. Well, maybe he is. I guess he could end up with Kenny Chesney on Key West. Would think they would try to have the largest Corvette auction in the history of the world. This will be interesting to watch! For the number of vettes he has that are unique, it seems the price is right on if Obama brings the economy back as promised.Chuck Lyman
Kansas City ChapterComment
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Re: Proteam for sale
Terry has to be pushing 70. About time my friend retires as he spent 40 plus years in the business.Comment
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Re: Proteam for sale
I use to by parts from him in the early to mid '70's, before he was ProTeam. Still have a T-shirt I was given at the parts counter.DANComment
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Re: Proteam for sale
I too purchased a lot of parts from the man back in the mid 70's before his operation folded. I recall having many conversations with him on the phone then. Last year at the winter meet here in Florida, he stopped and was eying my son's P.C. where I was camped out and , as he was not engaged, I approached him to reminisce about the old days and received the coldest shoulder I've had since my girl friend left me in High School! I thought we had a sudden change in the weather! To give him the benefit of the doubt, I suppose he was deep in thought about getting out of this business.
Stu FoxComment
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Re: Proteam for sale
Pro Team has hired a business broker named McCann Rupp who offices in Kansas City and Toledo. All inquiries on Pro Team's website are directed to its broker. Seems like a serious push to sell out. Since Terry is such an indispensible part of the business, I don't see how a buyer could make it work--even with a consulting agreement and covenant not to compete. Timing couldn't be worse--more bad quarters ahead for the World economies.
Region VII Director (serving members in Arkansas, Kansas, Louisiana, Missouri, Oklahoma and Texas).
Original member of the Kansas City Chapter, est'd 07/11/1982.
Member: 1965 and 1966 National Judging Teams
Judging Chairman--Kansas City Chapter.
Co-Editor of the 1965 TIM and JG, 6th and 7th editions.
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Re: Proteam for sale
He's been through a number of iterations: Terry Michaelis Corvette, TCMS Corvette, Linda Layman Corvette, now Pro Team. Have I forgotten any? He started in the early 1970's in Napoleon Ohio, moved to Toledo for a while, then back to Napoleon. A checkered history with a well-earned mixed reputation across the hobby.Comment
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Re: Proteam for sale
I'm still waiting for the 63 FI air cleaner i paid for in Toledo back in the 70's,was supposed to ship in a week, must still be on back order, $300 was a bunch of money back then. oh wellComment
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Re: Proteam for sale
This is right off their site:
And speaking of opportunity... why not consider buying all ProTeam's Corvettes at cost and the engine (company) that has driven impressive cash flow and profits for over 20 years. Yep! That's right! Fred and I have been banging the sell idea around for several years and we feel confident that capable, informed and interested parties are right here in our database... well poised to acquire the ProTeam business and take it to the next level.
What's For Sale:
- InventoryPeople - Approximately 60,000 sq. ft. of storage buildings to house the inventory as well as the facilities, transportation and capital equipment required to restore, repair, service, maintain and display purchased Corvettes as they arrive.
1. Indication of Interest - Email David Rupp with your indication of interest at rupp@mccannrupp.com
2. Pre-Qualification - To pre-qualify, you must provide us with your credit references, your basic plan for funding a purchase of this magnitude, and your permission to discuss your funding capability with your banker or similar folks at the appropriate time.
3. Confidentiality AgreementInformation Packet & Bid Instructions - Subsequent to receiving your signed CA, we will send you a detailed information packet on the company as well as further instructions regarding the bid submission process.
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- InventoryPeople - Approximately 60,000 sq. ft. of storage buildings to house the inventory as well as the facilities, transportation and capital equipment required to restore, repair, service, maintain and display purchased Corvettes as they arrive.
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Re: Proteam for sale
"SOME" of Terry's past is reported in the NCRS Driveline issue #26 july-august 1982.Comment
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