Record Set at Barrett-Jackson Auction With $3 million winning bid

SCOTTSDALE, Ariz., Jan. 29, 2005 -- A 1954 Oldsmobile F-88 grabbed an all-time record at the Barrett-Jackson Collector Car Auction with a winning bid of $3,240,000, including bidder's fees. The General Motors concept car lasted through a fierce bidding war to become the highest selling car ever at the Barrett-Jackson auction, besting a 15-year record of $2 million given for a 1932 Hispano-Suiza J12 Binder.

Designed by Harley J. Earl, the 324 c.i.d. V8 propelled the gorgeous machine through its 4-speed Hydra-Matic transmission with 250 horsepower. Roughly the same size as a Corvette and sporting a fiberglass body, the F-88 is considered by many to be the epitome of automotive forward-thinking of the 1950's, with its open top and lightweight structure.

"While most of its brethren were destroyed after their debuts at GM's Motorama shows, the gold-toned Olds survived this fate to become one of the most historically significant vehicles of its era," said Craig Jackson, president and CEO of the Barrett-Jackson Collector Car Auction. "Many automobile historians consider the roadster to be one of the greatest expressions of automotive design to ever come from North America. The winning bidder fended off strong attacks from his competition to become the proud owner of this one-of-a-kind beauty and step into the pages of Barrett-Jackson Auction history himself."

The Barrett-Jackson Auction, presented by Dodge-Chrysler-Jeep, is being aired on the PEE Channel Network live, and will consist of 24-hours of prime time coverage. This year's banner event includes 900 quality collector cars offered at no reserve.