Why Do Owners Risk Racing Their 7- and 8-Figure Collectible Sports Cars?

 Why Do Owners Risk Racing Their 7- and 8-Figure Collectible Sports Cars?

On the weekend of November 11-14, the first annual Velocity Invitational will take place at the Laguna Seca racetrack in northern California. This site also hosts the Rolex Motorsports Reunion during Monterey Car Week, and this new, more lifestyle-focused event follows a similar formula: assemble as many compelling and intensely valuable vintage racing cars as possible, and pit them against each other. Why Do Owners Risk Racing Their 7- and 8-Figure Collectible Sports Cars?

Which begs a somewhat obvious question. When you own a seven- or eight-figure collectible vehicle, why would you put it at this kind of absurd risk?

“I think it’s important that these cars get shown to spectators as they would have been driven in the period,” says Jeff O’Neill, the event’s founder, who will be running a 1962 Ferrari GTO, a 1960 Maserati Birdcage, and a 2016 Ford GT Le Mans during the weekend. “I mean, I love static museums. But there’s nothing that compares to seeing these cars at speed.”Why Do Owners Risk Racing Their 7- and 8-Figure Collectible Sports Cars?

There are several mitigating factors protecting the cars. The drivers in these races are generally vetted, people who are known and trusted within the world of vintage racing. “The majority of the owners are pretty competent at driving,” says Bruce Canepa, who will be driving a Group C Porsche 962, and both of his 917s during the weekend. He names a group of former and current pro racers who participate in these races including Derek Bell, Hurley Haywood, Bobby Rahal, and Patrick Long. Why Do Owners Risk Racing Their 7- and 8-Figure Collectible Sports Cars?

In addition, there are strict rules and conditions for driver behavior during classic races in the United States. “If you hit someone, you’re out. You don’t get to finish the race, and you’re out for thirteen months—you miss the whole next year too,” Canepa explains. “And if it happens again, then you’re banned for life from historic racing.”

According to Canepa, this creates an atmosphere of mutual respect and thoughtfulness on the track. “It stops guys from doing stupid things—I think I can beat him into the corner. I think I can get around him—when you really just need to use good judgment,” he says. “Everybody understands that the cars are valuable, and it’s not good history to add to them if you hit one now. That’s a minus.”

It is also important to take into account the human tendency toward self-preservation. “I want to say, these cars are not safe,” says Canepa. “My 917 is the perfect example. The frame is made of the equivalent of 90-wall aluminum tubing. It’s a motorized lawn chair. My feet, when I’m driving, are in front of the front wheel, but with that frame, it wouldn’t matter if you were six feet behind the wheel because there’s no protection. And you’ve got fuel on either side of you, 65-70 gallons and you’re sitting in the middle of it.”

So Why Do Owners Risk Racing Their 7- and 8-Figure Collectible Sports Cars?

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