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Michigan floods from breached dams consume Pontiac Fiero collection

“WeÂ’ve never had an event like this,” Michigan's city manager Brad Kaye said in a Detroit News story. "What we're looking at is an event that is the equivalent of a 500-year flood." Kaye is referencing the catastrophic flood that occurred in central Michigan this week after heavy rainfall was compounded by two breached dams on the Tittabawassee River. Reports say the flooding forced evacuation of up to 10,000 residents, swallowed entire towns, and destroyed thousands of properties. No casualties have been reported, according to the Detroit Free Press, but car enthusiasts will be sad to learn a Pontiac Fiero shop and collection called Forever Fieros was decimated by the natural disaster. The Tittabawassee River is located about two hours, or roughly 140 miles, north of Detroit. It starts 20-30 miles further north and flows southeast as a tributary to the Saginaw Bay Watershed. Along the way, the Tittabawassee is held up by several dams, including the Edenville dam that failed and the Sanford dam that was breached during torrential downpours. According to NPR, the federal government took away the Edenville dam's license in 2018 and suggested it could not last through a major flood. Unfortunately, that prediction was proven accurate.  Forever Fieros is located in Sanford, Michigan, which is just below Sanford Lake, which is created by the Sanford dam. So when the Edenville dam north of Sanford broke, water from Wixom Lake flooded Sanford Lake, and a berm next to the Sanford dam was overwhelmed, according to MLive. Technically the dam did not fail, but the end result was the same: an entire town underwater. The Tittabawassee reportedly crested at 35 feet, or 10 feet above flood level and 1.1 feet higher than the previous record set in 1986. According to The Drive, the man in charge of Forever Fieros, Tim Evans, had time to attempt to save his vehicles from floodwater. He reportedly moved about 12 cars to a street that doesn't typically flood, but the water level was simply too high for that to matter. A floating pole barn also reportedly struck and damaged the  Forever Fieros building.  Worsening the situation is the fact that Evans was planning to hold an auction to sell many of the Fieros. As seen on Industrial Bid, he planned to sell 12 Fieros, Fiero GTs and a Fiero Formula, ranging from 1984 through 1988. The lots included a 1984 pace car, a Lamborghini Countach kit car, and a Fiero Cosworth Pontiac Super Duty 16-valve DOHC engine.

'We're not a hedge fund': Porsche plans to curtail speculators and flippers

A sizable number of speculators view cars as an investment. Rare or unusual models are quickly snapped up and either parked for years or flipped for a profit. Cars from automakers like Porsche and Ferrari are more prone than others, and at least some people behind these models are getting a bit tired of it. While it's difficult to police what goes on after you sell a car, Porsche has some plans that might curtail the problem before it starts. Andreas Preuninger, the head of GT road-car development and the man behind the new 911 GT3, spoke to Car and Driver at a recent event. "I personally like to see my cars being used," he said. "That's what we build them for. They are just too good to be left to stand and collect dust." One recent example of this rampant speculation is the 911 R. While the special manual-only model sold for $185,950 when new, used versions were selling for nearly $1.3 million just months after it went on sale. While the car is a masterpiece and an instant classic, a good number will be parked and simply used as art and not the rolling testaments to the man/machine interface they were intended to be. The concern over valuations has become so fierce that some owners are upset that Porsche is offering the new 911 GT3 with a manual transmission, fearing that it may hurt the value of the 911 R. "When I said we're not a hedge fund, I'm talking to those people who are yelling at us for offering the manual transmission similar to the R," Preuninger said. "But if there are people wanting to buy cars like that, then as a company we should try to fulfill that, to meet that demand." It seems Porsche is keeping a close eye on who is flipping cars. Since there is often far more demand than supply with certain models, the German automaker has a name for every car before it's built. Buyers with bad reputations might not even make the wait list. Related Video:

The last Pontiac Fiero sold for $90,000 at auction

On August 16, 1988 the last Pontiac Fiero, a red GT model, rolled off the assembly line at GM's Pontiac Assembly plant located in Pontiac, Michigan. It wasn't just the final Fiero, but the final car to be built at that site. The car was raffled off to one of 1,400 plant employees that would soon have to find jobs elsewhere. Whoever that employee was, they remained faithful to the Fiero and kept it in mint condition for 32 years. Last month, it was finally time to move on. It crossed the block at GAA Auctions in Greensboro, North Carolina where it sold for an astounding $90,000. According to the auction house, that's a new world record. The price no doubt reflected the car's place in history as the last example of GM's 1980s mid-engined sports car. However, it was also showroom-new, with just 582 miles clocked on its 2.8-liter V6. 1988 models were also fitted with an upgraded, Lotus-esque suspension produced for just that one year. In addition, this car, serial number 226402, came with its original build sheet, photos from the assembly line, and a collection of news articles and books. It still wore its pre-delivery plastic on the interior and was fully loaded with automatic transmission. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The car's custodian for the past 32 years must be pleased. Bidding started at $25,000 but soon rocketed past the $65,000 reserve. You can see the action starting at the 2:50:13 mark in the video above. The Fiero was symbolic of the 1980s and stood out from the standard GM passenger car fare for its mid-engine layout and plastic body panels. In an era when GM often rebadged cars with minimal differences, the Fiero rode on its own unique chassis. It was positioned as one of the defining products for Pontiac, GM's "excitement" brand, but actual performance never quite lived up to its striking looks.  Nevertheless, it garnered a cult following. It's often the basis for (questionable) custom builds mimicking more exotic models like Ferraris and Lamborghinis, thanks to a steel space-frame design that allows body panels to be easily removed. Thankfully, this significant example escaped such a fate and will live on as a reminder of an interesting chapter of automotive history.