Start your bids, racing car fans told

Motorsport fans dreaming of owning their own 620 horsepower stock car have a chance to fulfil their fantasy. Last Updated: May 16, 2011 Sales drop at Emaar a year after Burj triumph Emaar reported a 79 per cent drop in home sales in the first quarter. Read article Du set to maintain its pace with subscribers Du, the second telecoms operator in the country, is expected to continue gaining mobile subscribers from Etisalat which should bode well for revenues, Dubai-based Al Mal Capital said. Read article Buddha Bar is in talks to open a hotel in Abu Dhabi Buddha Bar, the luxury bar and restaurant company, is in talks to open a hotel under its brand in Abu Dhabi. Read article A day in the life of a Dubai trader Industry Insights // An insight into the volatility and trading on the regional bourses, following Marwan Shurrab, the chief trader at Dubai-based Gulfmena Investments. Read article Bahrain moves to repair the damage Bahrain's state of emergency will end a fortnight earlier than planned but industry experts are still unconvinced that the Gulf's smallest economy will regain investors' confidence. Read article All the equipment from the defunct Speedcar racing series, an attempt to bring Nascar-style racing to Dubai's Autodrome, are on the auction block. The sale includes spare engines, tools, telemetry systems and shipping containers, in addition to 27 cars capable of speeds of about 225kph. Liquidators have been trying to sell the equipment as one lot for the past year, with an asking price of US$1.5 million (Dh5.5m). "We got some very strong interest but they were not in a position to finalise," said Will Hancock, the head of operations for GoIndustry DoveBid, the UK auction house handling the sale. Now buyers will be able to bid on specific items, including individual cars. The Speedcar series was organised in 2008 under the umbrella of a holding company created by Union Properties , the developer of the Autodrome and MotorCity. The series attracted former Formula One drivers such as Jean Alessi, Johnny Herbert, Heinz-Harald Frentzen and Jacques Villenueve, but lasted only two years. When the series was liquidated after the 2009 season, the company listed Dh153m in liabilities, primarily to Union Properties. Herbert, who won the first season of the Speedcar series, is owed more than Dh620,000, according to court filings. The Speedcar company was incorporated in the British Virgin Islands and the liquidation is following the islands' procedures, which are less complex than those in Dubai, said Shabbar Dhalla of Griffins, the company handling the liquidation. The cars and mechanical gear, which are stored in a MotorCity warehouse, are the main assets of the company, Mr Dhalla said. The liquidators would like to sell all the gear in one lot, but they will entertain online bids for the equipment until June 1. The auction house is not releasing a reserve price for the cars and tools, Mr Hancock said. "It's not an easy thing to value," he said. There are no race series currently using the cars, which have been modified beyond Nascar standards. Last Updated: May 16, 2011 What's hot in property Read our Crane Country blog for a comprehensive picture of the property sector in the UAE and the wider Gulf region. Read blog A likely buyer might be someone interested in starting a new series, Mr Hancock said. Other possibilities include racing schools or companies offering people a chance to experience what it is like to drive a race car. "The engines are 620 horsepower," Mr Hancock said. "When you crank them up they can be pretty quick."

Start your bids, racing car fans told

Stock cars used in the defunct Speedcar racing series in Dubai are hitting the auction block - with video.