May 24, 2024

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$2.4M raised for Northwood University through classic car auction

$2.4M raised for Northwood University through classic car auction

MIDLAND, MI — In December, Northwood College declared an auction of the traditional cars from a assortment assembled over quite a few a long time by Michael and Dianne Morey, founders of Bandit Industries, best identified for its woodchippers.

According to a launch from Northwood College officers, Bandit built and introduced the world’s 1st self-propelled keep track of total tree chipper in 1990 and proceeds to direct the market with a community of additional than 180 supplier places worldwide with 725 personnel.

In 2018, the Moreys bought the firm to their employee team, fairly than accepting two offers to offer from non-public companies.

The collection was donated by the Moreys to Northwood College to aid elevate an approximated $2 milion, a aim surpassed by $371,000.

The 35 pledged vehicles were auctioned off at Mecum Auctions in Kissimmee, Florida on Friday, Jan. 6.

University President Kent MacDonald in a statement expressed his gratitude for the donation.

“The Moreys are stellar illustrations of how ingenuity, persistence and determination pave the way for results in a free-marketplace modern society,” Justin Marshall, main advancement and engagement officer for Northwood College, explained in a statement. “Each motor vehicle the Morey household donated was aspect of their loved ones tale, and the tale now evolves with Northwood University inspiring the desires of youthful business people from in the course of the environment.”

Northwood University

In an image supplied with authorization by Northwood University, audiences get in the course of a Northwood University typical vehicle auction.

At the end of Friday’s auction, Mecum Auctions declared that two of the Morey cars were being the leading two automotive income of the day.

A breakdown of the most valuable autos offered features:

  • A 1967 Shelby GT500 Fastback, providing for $330,000,
  • A 1970 Plymouth Hemi Cuda, marketing for $275,000,
  • A 1981 Teledyne Continental Cheetah, offering for $65,000

Auctioneers reported the 1981 Cheetah sale was the most shocking mainly because it sold very well past its appraised value.

Northwood University will make use of up to $1 million of the cash proceeds to increase the campus practical experience, officials claimed. The remaining proceeds will be employed to develop the university’s endowment to make new scholarship alternatives for Northwood pupils.

Money raised by the vehicle auction will go toward a $1 million college improvement hard work, officers mentioned. The remainder will aid each a new endowment to build college student scholarships and allocation to The Northwood Thought, a guidance procedure aimed at encouraging the school’s value established and founding ideologies.

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