Are you interested in investing, but find tracking your 401k as emotional as enjoying a glass of hot milk while compiling the ultimate Kenny G playlist? Planning to read the fine print on a one-way certificate of deposit flyer to Yawnsville? Next, we suggest you check out Rally Rd., An app that allows enthusiasts to invest in rare and vintage classic cars for as little as $ 40 per share. Does this sound complicated to you? It’s not.
Basically it works like this: You download the Rally Rd. App, currently only available for iOS devices, provides enough information to verify your identity and establish your source of funds (note, since this is a stock purchase app, you need to provide your social security number before you can access all of the features), then scroll through the current collection of cars by swiping, Tinder style. Before you know it, you own the car, uh, uh, the investment of your dreams.
The app searches for the best investment cars in its class
To select the cars that make up its roster, the Rally Rd. App explains, it takes into consideration the rarity, importance, history, originality, value, condition and additional factors related to vehicle data. potential investment. Naturally, the creators of the app look for the best vehicles in their class and check whether they have been properly maintained or restored. Unfortunately, there is no timeshare provision for driving time in cars you add to your portfolio, although there are plans for a program that allows investors to drive “like” cars.
To give the proceedings a more human touch, co-founders Rob Petrozzo, Christopher Bruno and Max Niederste-Ostholt opened a 1,500 square foot store at 250 Lafayette Street in Manhattan’s trendy SoHo neighborhood this past weekend. The showroom is intended only as an eye-catching outpost, as many vehicles are stored in a secure, air-conditioned warehouse in an undisclosed location. Route of the rally. says the showroom will be open to the public on Saturdays and that a small amount of merchandise, including clothing, is available for sale there. This may play a role in the company’s larger goal of providing privileged access to super rare car IPOs and broad business opportunities, potentially including the outright purchase of the car.
To investigate the functionality of the app, we did a rally Rd. Recording, which only took a few minutes. The first car offered in the queue was a 1988 BMW M3 which is currently valued at $ 141,000. Listed as an initial offer, the shares are priced at $ 47; currently 55% funded by 348 investors, the offer ends February 11. Additional details can be accessed by swiping up, which reveals a comparable asset chart, full pictures, and a detailed timeline of the specific car. At this point, the purchase is just a click away.
Additional vehicles at the top of the queue included a 1980 Lamborghini Countach valued at $ 635,000, currently priced at $ 127 per share; this offer had reached full valuation, the buy-in is therefore closed. A dozen additional large-scale vehicles were also listed. Investments of this type are generally referred to as alternative assets; like art or wine, they can be more volatile than CDs or traditional low-risk bonds. While Rally Road. is not the first initiative to trade alternative vehicle assets – the Classic Car Fund works the same – it is certainly the first that directly targets the wealthy under 40.
Route of the rally. points out that vintage cars as a category have returned 288% over the past decade, more than double the S&P 500. Its securities are regulated by the United States Securities and Exchange Commission and offered for sale through a registered broker and member of FINRA and SIPC who is licensed in 32 US states (they plan to add more, according to the company). There are no commissions or management fees, and to make sure it also has some skin in the game, the company itself takes a position in each vehicle (up to 10 percent of shares) at the same price and class of shares as individual investors.
With that said, it’s important to remember that, as with any investment, you are simply buying stocks that you speculate will increase in value before you sell. Should Rally Rd. Need to liquidate, the proceeds will flow to shareholders in the same manner as a business sale on a typical stock exchange. The risk is real, values fluctuate and if you decide to sell, Rally Rd. Does not guarantee a buyer for your share (s).
Even so, surely a big selling point is that talking about and researching vintage cars is infinitely more enjoyable and interesting for a large part of the population than looking at IBM’s portfolio. If you’re losing your proverbial ass, telling the story of losing money on a Lambo deal is a lot more entertaining for the person on the next bar stool than telling the heart-wrenching market race that was the big crash of the 1999 vanilla cake.
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