At Speed Motors, which works with an international clientele to help purchase and sell high-end automotive brands, has moved from Millersville and signed a lease with Hill Management Services for space in Baltimore-Washington Commerce Park in Elkridge.
The company recently relocated its showroom and offices to 7389 Washington Boulevard in a 28,800-square-foot warehouse/industrial building. At Speed Motors focuses on the Porsche brand, but also works with Ferrari and McLaren vehicles.
“I was recently speaking before a business group and asked the audience how much fun they are having with their IRA portfolio and suggested they try our products,” said Bob Miller who, together with Rich Siegman, co-own At Speed Motors. “The vehicle brands we work with typically appreciate by a rate of 12 percent -15 percent annually and I explain that this is an excellent way to diversify a portfolio. An individual can also have a lot of enjoyment driving the car during the investment period.”
Miller said the inventory is priced beginning in the $10,000 to $15,000 range, with the median cost hovering around $75,000. He has also sold vehicles worth several million dollars.
“The pricing in many respects is based on the quantity of cars originally manufactured,” Miller said, “with, for instance, approximately 5000 Porsche model 944 vehicles produced, as compared to 250,000 for a traditional brand like a Chevy Nova. We currently stock one car in which only 22 have ever been made, as well as one vehicle in which only four exist in the entire world.”