RM Classic Cars and Symbolic Motor Car Company Announce Joint Venture

31 March 2000
RM Classic Cars and Symbolic Motor Car Company Announce Joint Venture

    LA JOLLA, Calif., March 30 RM Classic Cars Inc. and
Symbolic Motor Car Company announced today they are forming a new joint
venture company called RM Auctions, Inc. which will own and operate RM's
existing catalog collector car auctions.  Company officials stated the
company's mandate will include expanding the current roster of sales to become
the dominant player in a rapidly expanding market.  Symbolic and RM will each
have a substantial interest in the new company.
    Michael Fairbairn -- one of the principals of RM Classic Cars -- was
chosen to head the new company as its president.  According to Fairbairn, RM
Auctions' partners provide strategic capabilities in the marketplace.
"Symbolic is North America's most prominent dealer for significant sports cars
and their contacts will bring buyers and sellers to the table.  Conversely, RM
has long been the strongest player in the pre-war classic car market.
Combined, the segments represent major opportunities for the new company."
    Symbolic Motor Car Company founder, Bernie Chase and RM Classic Cars, Inc.
founder, Rob Myers both agree the move is strategic. "High end auction sales,"
Chase said, "are quickly becoming the most effective way to sell a car because
competition between bidders often generates higher sale prices."  Myers said
today's buyer is successful and busy, "a catalog auction gives him or her more
information about the car and an easy and safe way to complete the
transaction."
    The new company has already made several strategic alliances, including
one with Antiquorum Auctioneers of Geneva, which conducts exclusive wristwatch
and timepiece auctions in conjunction with RM's collector car auctions.
Several notable successes have been already been achieved, including the sale
of a Patek Phillipe watch at RM's most recent Amelia Island sale which was
purchased for $103,500.
    RM Auctions, Inc. is North America's largest catalog auction house, with
sales projected to exceed $50 million in 2000. The company's signature event,
the Monterey Sports Car Auction, is the largest sports car sale in the world.
In addition, RM's auction calendar includes upscale events at the Arizona
Biltmore in January, on Florida's Amelia Island in March, and at Meadow Brook
Hall, on the grounds of Michigan's Oakland University. Two additional venues
will be added this year at undisclosed locations.