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Tech & Science Classic Holdens 'to jump in value'

22:52  18 february  2020
22:52  18 february  2020 Source:   msn.com

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The demand for classic Holden cars is set to surge following General Motors' decision to shut down the brand by the end of the year, a leading auction house says.

Lloyds Auctions chief marketing officer Brett Mudie said inquiries about vintage and iconic models has jumped, literally overnight.

"The value of Holden classics has always been strong but this evidence that has come to us in the last day suggests that it is likely to create a booming market for them," Mr Mudie said.

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Among the most sought after Holdens are early Monaros, special edition HSV vehicles and certain versions of the A9X Torana.

Representational Image © Getty Representational Image Prices for the early production models such as the FJ will also jump.

But the loss of the iconic motoring brand in Australia is a double-edged sword with Holdens bought recently unlikely to retain their value in the short-term.

Holden says it still has thousands of cars available for sale, with many of those already in showrooms.

The company is expected to outline to its dealer network in the coming days what discounts can be offered to lure potential customers.

GM has pledged to continue to support the brand in terms of spare parts and warranties for at least 10 years and will retain about 200 staff in Australia to that end.

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It will also offer compensation to dealers to transition into other brands or to close down their operations.

It's unclear how many jobs will be lost across the dealer network with industry analysts suggesting many would have "seen the writing on the wall" and already begun preparing for life without Holden, especially those that also sell other brands.

The company currently has 185 dealers in Australia with less than 20 of those believed to be stand-alone Holden operations.

In pictures: The history of Holden

a car parked on the side of a road: The General Motors-owned company gave Australia its first home-grown car in 1948. But domestic production ended in 2017, and on Monday GM announced that the brand itself – now relying on rebadged imports - will be axed in 2021. GM executive Julian Blissett said that the investment needed to become competitive outweighed the likely return. The company promises a ‘dignified wind-down.’It will mark a sad end for the 156-year-old company. Here, then, is the history of the company in pictures, with its greatest cars highlighted:

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