Recent news about counterfeiter scams in the classic car world has again brought to light the seriousness of the issue, and how as a car hobbyist you can protect yourself from being scammed. The latest news involved singer Adam Levine and his purchase of a 1971 Maserati.
As the Los Angeles Times reported: “Singer Adam Levine says his 1971 Maserati is not the 1971 Maserati he thought he was getting when he traded two classic Ferraris for it in late 2020. Now he is suing to undo the $950,000 deal — or get paid enough damages to make it right.
The lawsuit, filed Friday in the U.S. District Court for the Central District of California by the Adam Levine Living Trust, alleges that classic car dealer Rick Cole or his agents faked documentation and chassis and engine authentication marks on what was represented as one of only 25 or so 1971 Maserati Ghibli 4.9 Liter Spyders ever manufactured.
“Cole purported to have found an authentic Maserati Ghibli 4.9 Liter Spyder that he described as being ‘as good’ as an authentic Maserati Ghibli 4.9 Liter Spyder with a clear and indisputable identity that a representative of the Trust had seen and drove in Monterey a year or so earlier, and which was valued at over $1 million,” the lawsuit says.”
Why Counterfeiter Scams?
Whether your object of desire is a 1971 Maserati Ghibli 4.9 Liter Spyder or a 1970 Plymouth Hemi Cuda, classic car enthusiasts and investors are increasingly willing to pay staggering sums at the auction house and through private sales to take home the vintage rides of their dreams. But danger lurks in the hot market for antique vehicles as sophisticated counterfeiters cobble together fake cars that pass for the real thing and sell for tens or hundreds of thousands, or even millions of dollars. Here are how the scammers do it, and how classic car buyers can protect themselves, and their investment.
More Examples of Buyers Who Have Been Scammed
After spending $97,000 to purchase a 1967 Corvette 427, and another $20 large on restoration and detailing, the day arrived for the proud owner to exhibit his baby at a prestigious, national Corvette meet in the Midwest. His pride quickly turned to embarrassment, however, when he was asked by the event’s judge to remove the vehicle from competition. It was a counterfeit, revealed only by a bogus vehicle information plate.
In another instance, the owner of a 1969 Camaro Z28 learned how quickly his vehicle could go from being a $100,000 car to a $30,000 one instead. While making repairs after a minor accident, it was discovered that the firewall number did not match the rest of the vehicle, and further investigation uncovered still more suspect parts.
1958 Porsche 356 A 1500 GS/GT Carrera Speedster from the Jerry Seinfeld Collection | Gooding & Company
Even sophisticated investors and aficionados are not immune to being duped when it comes to their collectible car’s authenticity. Comedian and actor Jerry Seinfeld was sued by the buyer of his $1.54 million 1958 Porsche after the vehicle turned out to be less than authentic. Seinfeld, in turn, countersued the seller he had purchased the Porsche from.
Counterfeiters Use Sophisticated Tactics to Pass Off Fake Cars as Real
Technology, restoration products, and oftentimes eager, excited buyers who have not done their due diligence, are helping scam artists misrepresent and sometimes even clone vehicles.
Affordable, increasingly advanced color printers and copiers are making it easier than ever for fraudsters to create or alter a vehicle’s paperwork. Examples have been uncovered where a vehicle’s warranty and maintenance book were reprinted to look like the original, and the book’s stamps and signatures, and service dates altered to match the vehicle’s fake history. Original sales invoices have also been recreated using computer technology, printed on inexpensive color printers, and then subjected to aging and wear techniques so that they look, feel, and even smell like old, original paperwork should.
Spotting a Fake
Whether it is by hiring a professional vehicle appraiser and researcher, contacting the vehicle’s purported former owners, or conducting online research, it is possible to unmask a counterfeit vehicle’s real identity, and stop elation from turning instead into costly regrets and buyer’s remorse. Here are some tactics classic car buyers can use to help ensure a vehicle’s authenticity, and to protect themselves and their investment.
- Do not be impulsive. Do your research and do not let your excitement cause you to buy a vehicle that hasn’t been vetted thoroughly.
- Gaps in a vehicle’s history are red flags. Where has the vehicle been during those gaps, and why doesn’t anyone seem to know the answer?
- If it sounds too good to be true, it probably is. This adage applies to both price and a vehicle’s history.
- Talk to an expert. Whether it is car club members, an attorney or appraiser specializing in vintage vehicles, or a fellow collector, enlist the experience and experience of someone who can identify a misplaced part – indicating a potential fraud – just by looking at it.
- Track down and talk with the vehicle’s former owners. Oftentimes, this information can be obtained from any original paperwork – such as maintenance records or sales invoices – that accompanies the vehicle. Previous owners can tell you things about the vehicle that may not be readily apparent, such as if it was originally a different color or had been in an accident.
- Do your research and become an expert vehicle historian. Thinking about purchasing a classic Corvette? If you are, then you should know that the VIN plates on ’53 – ’59 ‘Vettes were affixed using Phillips head screws, while late ’60 – ’64 models used spot welds, and ’65 – ’72 production years used rosette rivets instead. Spot a 1963 Corvette with a screwed-on VIN plate, and you know you just uncovered a major problem. The same can be said for nearly every vehicle model and vintage as most have unique, little-known identifiers that can help authenticate any potential investment.
- Visit www.vehiclehistory.gov. The National Motor Vehicle Title Information System (NMVTIS) helps protect consumers by providing access to a vehicle’s history and identifying stolen or salvaged vehicles.
- Access vehicle registries. There are many organizations and registries – such as the Shelby Unified Registry or the Pontiac Historical Society – that can provide verifiable data as to a vehicle’s history.
- Buy from a dealer with a good reputation. The best way to avoid scams is to deal with a reputable dealer. Dealers who sell classic cars can usually tell you everything you need to know about the car and its history because they have had it on their lot for some time, so they are familiar with every nook and cranny. Plus, dealers have their own inspection process that includes a thorough inspection, not just a visual check under the hood (which may still reveal some problems).
Dealers also provide service histories for their vehicles, which is helpful if something goes wrong down the road. They might even offer warranties on certain aspects of your car—all good things for any buyer!
Finally
Think of it this way. You probably would not purchase a house, or make a sizable investment in a company, without first investigating exactly what it is you were buying, and identifying any potential problems that might exist. With the rising cost of classic cars today, and the fact that they ae being used increasingly as investments, you should not invest in a vehicle – no matter how badly you want it – without first learning all you can about its history to ensure it is authentic.
Greedy counterfeiters are hoping that you do not.
