Classic car owners have a new day to celebrate

It is estimated that there are at least 5 million classic and collector cars in the U.S., and that doesn’t include the modern collector cars like Ford Mustangs, Chevrolet Corvettes and Camaros and Dodge Challenger and Chargers.

SEMA, (the Specialty Equipment Market Association) which specializes in vehicle aftermarket products, and the hot rodders say that it is time to highlight how important collector cars and their restoration are to the economy. This is the eighth year that they have picked a day to celebrate the classics nationwide. They are also lobbying congress to establish a resolution officially highlighting the day.

Classic cars and their owners are believed to pump millions of dollars into the economy every year. Professional vehicle restoration requires highly skilled workers and the fabrication of specialized parts. Cruises and car shows generate millions for the communities that host them.

For example, economists in Michigan estimate that the Woodward Dream Cruise, which draws about 1.5 million people and 40,000 classic cars to the Metro Detroit area, brings in approximately $75 million for businesses in the area. That figure includes hotels, restaurants and other tourist spending in the week leading up to the annual event. Billed as the largest one-day car event in the country, the cruise fills hotel rooms and restaurants for several days in the area.

SEMA and the Hot Rod Association are encouraging car clubs and cities to host events honoring the classics and their importance to society on the July 14th date.

You only have to watch a Barrett-Jackson or Mecum auction once to understand the money surrounding collector and classic vehicles. SEMA and the Hot Rod Association say it is an industry that should be celebrated nationwide.